Chase Sapphire Preferred 2023 | Ultimate Review & Guide

TL;DR

The Chase Sapphire Preferred is a strong beginner travel card because it combines a $95 annual fee with flexible rewards and useful travel benefits. It offers 60,000 bonus points after $4,000 in purchases within three months, plus up to 5x points in featured categories and a $50 annual hotel credit. Read on for the earning rates, benefits, approval guidance, and ways to offset the fee.

Transcript

so ladies and gents here in my hand is the Chase app I preferred one of the best beginner travel credit cards due to its relatively low annual fee flexible reward structure and the different benefits it offers now what's cool is this was actually one of my first travel credit cards that I ever got and it's actually one of the cards that I have a pr... Read More

Key Insights

• 🎴 The Chase Sapphire Preferred is a popular beginner travel credit card due to its low annual fee and valuable rewards structure.
• 😥 Cardholders can earn a high welcome bonus of 60,000 points, which can provide significant value.
• ☠️ The card offers generous earning rates on travel, dining, Lyft rides, streaming services, and online grocery purchases.
• 💄 The Chase Sapphire Preferred is part of the Chase Trifecta, making it a valuable addition to the Chase ecosystem.
• 😥 There are various benefits and perks, such as anniversary points boost, complimentary Instacart Plus membership, and access to DashPass and Caviar.
• 🎴 The card allows for downgrade options, retention offers, or switching to other Chase cards after the first year.
• 💯 Potential applicants should have a credit score of at least 700 for a higher chance of approval.
• 🗺️ Using the Chase Ultimate Rewards portal for travel redemption is simple and offers additional value.

Questions & Answers

Q: Is the Chase Sapphire Preferred worth it for beginners in 2023?

The reviewer considers it one of the best beginner travel credit cards because of its relatively low $95 annual fee, flexible reward structure, and range of benefits. Its rewards cover travel and everyday categories such as dining, select streaming services, and online grocery purchases.

Q: What is the Chase Sapphire Preferred welcome bonus?

The card offers 60,000 Chase Ultimate Rewards points after spending $4,000 on purchases in the first three months after opening the account. At one cent per point, the bonus is worth $600; at two cents per point, it is worth $1,200.

Q: How many points does the Chase Sapphire Preferred earn on travel?

It earns 5x points on travel purchased through the Chase Ultimate Rewards portal, excluding hotel purchases that qualify for the $50 annual Ultimate Rewards hotel credit. It earns 2x points on other travel purchases.

Q: What rewards does the card offer for dining, groceries, streaming, and Lyft?

Cardholders earn 3x points on dining, select streaming services, and online grocery purchases. The card also earns 5x points on Lyft rides through March 31, 2025.

Q: How does the $50 annual hotel credit work?

Log into the Chase Ultimate Rewards portal and select an eligible hotel costing more than $50. The annual hotel benefit then applies to the cardholder’s statement as a credit, helping offset part of the $95 annual fee.

Q: How does the 10% anniversary points boost work?

Each account anniversary year, cardholders receive bonus points equal to 10% of the previous year’s total purchase spending, calculated at one point for every dollar spent. It is not a 10% bonus on points already earned; the reviewer describes its practical effect as adding 0.1% to an earning category.

Q: What additional benefits come with the Chase Sapphire Preferred?

The listed benefits include six months of complimentary Instacart Plus, DashPass and Caviar access, a $10 monthly Gopuff statement credit, and no foreign transaction fees. The card also includes trip cancellation insurance, zero liability protection, baggage delay insurance, and primary auto rental collision damage waiver.

Q: What credit score should applicants have for the Chase Sapphire Preferred?

Potential applicants should have a credit score of at least 700 for a higher chance of approval. This is approval guidance rather than a guarantee that an application will be accepted.

Summary & Key Takeaways

• The Chase Sapphire Preferred offers a generous welcome bonus of 60,000 points, which can be worth up to $1,200.

• Cardholders earn 5x points on travel purchases through the Chase Ultimate Rewards portal and 2x points on all other travel expenses.

• The card also provides 3x points on dining, 5x points on Lyft rides, and 3x points on select streaming services and online grocery purchases.