Is Chase Sapphire Preferred free for the first year?

No, Chase Sapphire Preferred is not free for the first year anymore. The Chase Sapphire Preferred® Card’s annual fee is $95, and it is first charged when a new cardholder opens the account, then every 12 months after that. Unless you’re an eligible member of the U.S. military, it’s unlikely that Chase will waive the annual fee. Still, there’s no harm in calling customer service at 1 (800) 432-3117 to request an annual fee waiver or a discount.

Chase Sapphire Preferred waived its annual fee for the first year until 2019, when it discontinued the promotion and increased the card’s initial bonus. Chase Sapphire Preferred’s bonus is currently one of the best credit card bonuses on the market, offering 80,000 bonus points for spending $4,000 in the first 3 months.

Chase Sapphire Preferred’s annual fee is well above the $22 average for new credit card offers, according to WalletHub’s Credit Card Landscape Report. However, Chase Sapphire Preferred cardholders have plenty of opportunities to recoup the cost – particularly the hefty initial bonus, which will cover the fee several times over once you meet the spending requirement.