Tommy S Davidson, WalletHub Analyst
@tdvdson94
Chase Sapphire Preferred is worth its $95 annual fee for people with good credit who like to travel and typically spend enough to qualify for the card’s initial rewards bonus. That will make the Sapphire Preferred Card worth owning for years.
You get 60,000 points when you spend $4,000 during the first 3 months after you open your account. That’s a value of $750 when you redeem for travel through Chase Ultimate Rewards. (Points are worth 1 cent each, plus Chase Ultimate Rewards gives you an extra 25% redemption value.) The bonus alone will pay for 6+ years’ of membership dues.
The third type of bonus you can get is from referrals. You earn 15,000 points for every person who signs up for Chase Sapphire Preferred using your referral link, with a limit of 75,000 points per year. That means you can earn an extra $188-$938 in travel every year, more than enough to offset the annual fee. You can’t forget about the everyday rewards you’ll earn on purchases, either.
Plus, Chase Sapphire Preferred has more benefits than just reward points. There are no blackout dates or other travel restrictions. And you’ll get a number of other free perks like travel insurance, roadside assistance, and purchase protection. All of these things enhance the value of this card even more.
Therefore, while Chase Sapphire Preferred’s annual fee certainly is above average, the rest of the offer is, too. So as long as you have excellent credit and spend enough to qualify for the initial bonus, Chase Sapphire Preferred is well worth the price.
Chase Sapphire Preferred® Card
Tech Queen, Systems Engineer II
@techqn
Yes, especially if you travel. Even once a year. Chase has some of the best travel protections, not to mention the most valuable rewards program out there.
People also ask
What credit score do you need for the Chase Sapphire Preferred card?
Applicants for the Chase Sapphire Preferred card need a credit score of 700 or higher for good approval odds. This card requires at least good credit to qualify, and the higher your credit score is, the better your approval odds will be.
You can check your latest credit score for free on WalletHub to see where you stand.
It’s important to note that while your credit score is an important factor in determining whether or not you will be approved for...
read full answerWhat are the best Chase Sapphire Preferred benefits?
The Chase Sapphire Preferred benefits include high rewards on travel, plus thousands of dollars in travel insurance and coverage for damaged or stolen purchases. Chase Sapphire Preferred also offers one of the best initial rewards bonuses on the market. That’s a big reason why its among WalletHub’s choices for the year’s best rewards cards as well as the best credit card deals. The average person would earn more Preferred over the first two years of use than any other Chase credit card, according to...
read full answerWhat is the Chase Sapphire Preferred credit limit?
The Chase Sapphire Preferred credit limit is $5,000, at a minimum. But some cardholders can get a credit limit higher than that. Plenty of Chase Sapphire Preferred cardholders report limits of at least $10,000, and some say they have a limit of $20,000 or more. Chase doesn’t publicly disclose the Chase Sapphire Preferred maximum credit limit.
What you should know about the Chase Sapphire Preferred credit limit:
- The credit limit you get on your Chase Sapphire Preferred will depend mainly on your...
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