It’s impossible to find a credit card that offers as big an up-front cash bonus as the Chase Sapphire Preferred® Card. For a limited time, new cardholders will earn 40,000 bonus points when spending at least $3,000 within the first three months. Those points can be turned in for a $400 statement credit OR a plane ticket worth up to $500. If you choose to book a flight valued at more than $500, you can simply pay the difference.
In addition to the 40,000 bonus point offer, the Chase Sapphire Preferred® Card will earn 2 points on all travel and dining purchases as well as double rewards on all travel reservations booked through Ultimate Rewards. The Chase Ultimate Rewards is an easy way to redeem points online for just about anything, including travel. So when you book your travel through Ultimate Rewards, Chase will double the points it pays you. In addition, points redeemed through Ultimate Rewards are worth 25% more. That is the reason you can obtain a flight worth up to $500 with 40,000 bonus points; every 10,000 points are actually worth $125 in travel, or $100 in cash.
Chase Sapphire Preferred® Card cardholders will even earn bonus points on their points. An annual 7% dividend is provided to all members, so using the same 10,000 point scenario, a bonus of 700 points would be added at the end of the year. Perhaps the coolest feature of this card is the 24/7 dedicated service you can receive with a live agent. Cardmembers are provided a telephone number that connects directly to a live agent, so no more spending 10 minutes pressing buttons just to talk with someone. The Chase Sapphire Preferred® Card does come with a $95 annual fee, waived during the first year.
Here’s a summary of the rewards and benefits of the card:
- 40,000 bonus points after you spend $3,000 in the first 3 months - that's $500 toward travel rewards!
- 2 points per dollar spent on travel and dining at restaurants & 1 point per dollar spent on all other purchases
- Get 20% off airfare, hotels, car rentals and cruises when you redeem through Ultimate RewardsSM
- No foreign transaction fees
- Receive a 7% Annual Points Dividend on all new points earned on purchases - even on points already redeemed
- 1:1 point transfer to leading frequent travel programs - that means 1,000 Ultimate Rewards points equal 1,000 partner miles/points
- Direct access to expert service advisors anytime
- Introductory Annual Fee of $0 the first year, then $95
As if this card didn’t do enough already, all international purchases can be made without being charged a foreign transaction fee. Most credit cards charge up to 3% when used somewhere other than US soil (which includes international companies online) but the Chase Sapphire Preferred® Card is foreign transaction fee free.
Spending $3,000 on a credit card in only three months may be difficult for some. If you’re considering taking a vacation or making a large purchase in the near future and have the excellent credit required to obtain this credit card, the Chase Sapphire Preferred® Card is a must own credit card. $400 cash back is too good to pass up.
Published or updated May 9, 2013.