Are you shopping around for a new credit card? Credit Karma is here to help! Some members of our team are sharing their opinions on the cards in their wallets. In this edition of "Credit Karma Weighs In," one of our Mobile Engineers, Mandeep, shares his thoughts on the Chase Sapphire Preferred® Card.
The Chase Sapphire Preferred® Card can be a great card for big spenders, cautious shoppers and jetsetters. The card has a $95 annual fee, but it's waived your first year. Plus, it offers no foreign transaction fees, 24/7 live support, emergency card replacement and zero liability on unauthorized purchases. It also comes with an awesome rewards program and just looks cool -- because it's made of metal, it draws a lot of compliments.
Rewards:The Chase Sapphire Preferred® Card earns you two points for every dollar you spend on travel and dining and one point for everything else. In addition, when redeeming points through the Ultimate Rewards® portal, you can get 20 percent off airfare, hotels, car rentals and cruises. For example, a $500 flight would cost 40,000 points ($400) when booking through Ultimate Rewards®. Alternatively, you can transfer these points at their full value to participating travel partners, like Southwest Airlines, United Airlines and Hyatt Hotels.
Mandeep's rewards rating:
Customer service: I've only had to call Chase once to inquire about my bonus points, and I have to say, it was a pleasant experience. A human answered the phone right away, and there was almost no interaction with a robot, which can be hard to come by nowadays. The representative was very helpful and answered my questions quickly.
Mandeep's customer service rating:
Application process: You can apply for the Chase Sapphire Preferred® Card online or in person at a Chase bank. I applied online and didn't encounter any issues. I did incur a hard inquiry on my credit report, but that's standard practice when you apply for a credit card.
Mandeep's application process rating:
Tips and tricks
Track your spending if you're going after the sign-up bonus. The Chase Sapphire Preferred® Card offers a hefty sign-up bonus. Currently, you can get 50,000 points if you spend $4,000 within the first three months of having the card, which can be worth up to $625 when you redeem points using the Ultimate Rewards® portal. Unfortunately, when I got my card, I wasn't paying attention to my spending and fell short of the spending requirement, missing out entirely on the bonus points.
Earn more rewards by using Chase's online shopping portal. If you're a fan of online shopping, it can pay to check if a retailer is listed in Chase's shopping portal. If it is, and you shop through the portal, you could earn one percent cash back (or more), in addition to the cash back earned by using your Chase Sapphire Preferred® Card. Getting into the habit of shopping through the portal could help your rewards add up even faster.
Take advantage of buyer protections. I was blown away by the amount of protection that comes with purchases you make with your Chase Sapphire Preferred® Card. If you buy something and it gets lost, stolen or damaged within the first 120 days, Chase can reimburse you for the full amount (up to $500 per item and $50,000 per account). In addition, if the warranty of an item you purchase is three years or less, they can add on another year of warranty. Also, if you need to return a purchase but the store won't take it back, you can send it to Chase within 90 days of purchase and they can refund you the price of the item (up to $500 per item, $1,000 per year).
Use it when you travel. If you're traveling internationally, you can use the Chase Sapphire Preferred® Card without fear, as it does not charge foreign transaction fees. The card also comes with a whole host of perks that can relieve some of the stress that comes with traveling: trip cancellation/trip interruption insurance, lost luggage reimbursement, trip delay reimbursement, travel accident insurance and more.
For example, if your trip is delayed by more than 12 hours or the postponement requires you to stay overnight at an unplanned location, you and your family are covered up to $500 per ticket for things like lodging and meals. If your trip is cut short due to sickness or bad weather, on the other hand, you can be reimbursed up to $10,000 for non-refundable expenses including hotels, passenger fares and more. Or, in the unfortunate event that your checked-in luggage is lost or damaged, you and your immediate family members could be covered up to $3,000 per person.
Even with the annual fee, the Chase Sapphire Preferred® Card can be worth its weight in metal for travelers who spend a lot and use Chase's travel partners. The card's numerous benefits and great rewards program can make it a very rewarding travel credit card. However, if you think you won't get enough out of it to justify the annual fee, you may want to consider the Chase Freedom®, which is a great cash back card
If you're considering applying for a new credit card, it's generally a good idea to first check out consumer reviews to see what current cardholders really think. If you've got a credit card that you love, consider writing a review to help others out!
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