As a step above the regular Chase Sapphire(SM) Card, the Chase Sapphire(SM) Preferred Card offers more benefits and even greater opportunities to earn rewards for those who qualify. Unlike the Chase Sapphire(SM) Card, which offers 25,000 reward points, holders of the Chase Sapphire(SM) Preferred Card earn 50,000 bonus points after making $3,000 in purchases during the first three months of card membership.
(Review Date: January 14, 2014)
Although there is an $95 annual fee with the Chase Sapphire(SM) Preferred Card, the fee is waived for the first year of membership. Furthermore, those cardholders who pay off their credit card balance at the end of each billing period stand to recoup the annual fee and to earn a profit off of the card if it is used frequently enough. In fact, the 40,000 points earned after making $3,000 in purchases can be put toward airline rewards valued at up to $500.00. Those who want to purchase a more expensive ticket will still be credited this amount and will only have to pay the difference in cost. Thanks to this option, it is possible for card holders to easily maximize the rewards by purchasing tickets that are valued at more than the $500.00 cap.
In addition to the bonus points earned after making $3,000 worth of purchases in the first three months, card holders also earn points for every purchase that is made. The program is quite simple – for every dollar that is spent, the card holder earns one point. This equates to earning $1 for every 100 points earned. There are no caps placed on how much can be earned each year and the points never expire. The Chase Sapphire(SM) Preferred Card also stand out from other rewards credit cards in that cash redemptions can be made in $1 increments so long as the amount is over $20. Therefore, instead of waiting until the balance has reached certain increments, the card holder can redeem the rewards in odd amounts such as $23 or $157.