Chase Sapphire Preferred Review

Chase Sapphire Preferred is a rewards credit card issued by Chase Bank. If you're wondering whether Chase Sapphire Preferred is the right card for you, read on. This is everything you need to know to make a good choice.

Key takeaways:

• Earn 1 point for every dollar spent on everyday purchases. Terms and conditions apply.
• Signup bonus. Offers a signup bonus of 60000 points after spending $4,000 within 3 months that can be redeemed for travel, gifts, or other perks.
• Competitive APRs. Chase Sapphire Preferred has a variable purchase APR that ranges from 15.99% up to 22.99%.
• Annual fee waived the first year. Chase Sapphire Preferred gives you the chance to have the card for a year without paying the $95 annual fee.
• 5% Balance transfer fee. Chase Sapphire Preferred charges a fee of up to 5% on balance transfers. For example, a balance of $1,000 could cost up to $50 in transfer fees. The minimum fee is $5.
• $0 foreign transaction fee. This card does not charge foreign transaction fees, which makes a great credit card to carry with you when traveling abroad.
• Multiple credit card benefits. Includes generous credit card perks, such as rental insurance, emergency support, extended warranty protection on purchases, purchase protection, travel accident insurance, travel assistance, trip cancellation insurance, and fraud protection.
• Good or better credit required. You should probably try with another card if your credit score is below 700.

Chase Sapphire Preferred Pros and Cons:

The Good

The Bad

Lower than average purchase APRs. Annual fee waived during the first year. Multiple credit card perks. Offers auto rental collision damage waiver. Extended warranty on purchases. Free access to your credit score. Travel accident and travel assistance insurance. Trip cancellation insurance. No foreign transaction fee. Cardholders can earn rewards on every purchase. Earn rewards on every purchase. Chase Sapphire Preferred reports to multiple credit bureaus. Cardholders can earn rewards on their purchases.

Requires good to excellent credit. Charges an annual fee of $95 Charges a 5% balance transfer fee.

Is there a Chase Sapphire Preferred cash back or rewards program?

Chase Sapphire Preferred offers a rewards program to its customers.

Chase Sapphire Preferred Rewards

Rewards rate (all purchases)	1%
Max rewards rate	2%
Annual rewards limit	N/A
Signup Bonus ($)	N/A
Signup Bonus (Points/Miles)	60000
Signup Bonus Spend Requirement	$4000
Signup Bonus Spend Period (months)	3 months

What are the Chase Sapphire Preferred benefits?

Chase Sapphire Preferred provides the following benefits:

• Free Credit Score
• Auto Rental Collision Damage Waiver
• Emergency Support
• Extended Warranty Protection
• Trip Cancellation Insurance
• Zero fraud liability
• Travel Accident Insurance
• No blackout dates when redeeming miles
• Travel Assistance
• ID Theft Protection
• Reports to major credit bureaus

What are the relevant APRs for Chase Sapphire Preferred?

According to the Federal Reserve Board, the average interest rate is 15% for all credit cards and 17% for accounts that carry a balance. Chase Sapphire Preferred has lower than average purchase APRs.

Chase Sapphire Preferred has a variable purchase APR that ranges from 15.99% up to 22.99%. The card has a variable balance transfer APR that ranges from 15.99% up to 22.99%. It also has a variable cash advance APR of 24.99% .

What are the fees for Chase Sapphire Preferred?

The following fees apply to Chase Sapphire Preferred:

Chase Sapphire Preferred Fees

Fees	Amount
Annual Fee	$95
Foreign Transaction Fee	0%
Returned Payment Fee	up to $39
Late Payment Fee	up to $39

Does Chase Sapphire Preferred report your account activity to credit bureaus?

Chase Sapphire Preferred reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit.

How to apply for Chase Sapphire Preferred

• Visit the Chase Sapphire Preferred website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.
• If you're denied click here to find out why your application may have been rejected and what you can do about it.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.