Chase Sapphire Preferred® Card

10-second breakdown:

With one of the best travel sign-on bonuses in the industry and a sleek metal card you’ll be proud to show at the cash register, the Chase Sapphire Preferred Card is definitely one of the best credit cards available on the market today if you have an excellent credit score.

Key benefits:

• If you spend $4,000 within 3 months you’ll get 50,000 bonus points ($625 cash value).
• Flights are a 1:1 point transfer and spending points for travel gets you farther.
• 2X points on travel and dining purchase made with your Sapphire card.

Who it’s for:

Chase designed this card with one goal in mind – to make an impression. They started with the design of the card, not only is it in an eye-catching, sleek shade of blue reminiscent of a real sapphire, but it’s made of actual metal. It makes a distinctive sound as you plop it down on a tray at the restaurant, it’s definitely going to get some looks. If that sounds like you or you’re a heavy traveller; this card could be for you.

This card is for individuals with excellent credit (750 or above).

The details:

The real value of the Chase Sapphire Preferred though isn’t in the exterior, it’s in the perks they provide. Chase provides the single highest sign-up bonus in the industry. They offer 50,000 points for spending $4,000 in the first three months, then you can get an additional 5,000 points if you add an authorized user and they make a purchase within the first three months totaling out at a whopping 55,000 points.

The only downside to their rewards is that you may not accumulate them quite as fast as competitors do. Other highly recommended cards can offer double points for most categories you spend on, the Chase Sapphire Preferred card only gives you double points on travel and dining. If you live a jet-set lifestyle or like to eat out a lot, the bonus points will start to pile on very quickly.

There are a few other travel related features to keep in mind if you travel a lot for business or pleasure. There’s an EMV chip in the card so you can take it to Europe and other places that already require EMV, and there aren’t any foreign transaction fees either.

Using your reward points couldn’t be easier, Chase has one of the most flexible rewards programs in the industry. You can spend your hard earned points on travel, merchandise or cash back. Your points can go even further on Chase’s ‘Ultimate Rewards’ website, there you can get a 20% discount on any travel related purchases with any of Chase’s partners including Southwest, United, Hyatt, Marriott, Virgin Atlantic and more.

By no means are you limited to their own site though, you can also purchase travel packages on outside websites and use Chase’s cash-back option to cover the cost. The value for cash-back is similar to the top cards in the industry at $.01 per point for outside-site purchases.

If you’re a savvy rewards card user, Chase offers a few transfer features that will catch your attention. The Sapphire Preferred Card allows you to transfer your rewards points to a number of frequent-flier programs, at a one dollar per point exchange rate. In addition, you can transfer points among your other Chase credit cards. For example, a few of Chase’s other cards hold 5 points per dollar specials. You could make the purchase with that card, transfer all of the lovely points back to the Sapphire Preferred card and then transfer over your lump sum of rewards points to your frequent-flier program to book a special deal to Hawaii that you’ve been eyeing.

While it’s a great card, especially for frequent travelers, the Chase Sapphire Preferred card isn’t for everyone. Squeezing out all of the bonus points you can and really applying them means a lot of research and pre-planning. If you’re a casual card user it might be too much work, especially since Chase charges an annual fee of $95 – even if the first year’s fee is waived. If you want a smaller fee or a simpler way to earn and redeem points, this may not be the card for you, especially if you carry a balance, the Sapphire Preferred Card has a variable arp between 16.24% and 23.24%.

If you already own another Chase credit card, of especially if you’re a frequent traveler, there is a lot to love here. The 20% discount with Chase’s partners is nothing to scoff at, and the fact that you can transfer points from other cards through the Sapphire Preferred into your frequent flier programs means that those vacations you’ve been eyeing are suddenly a whole lot more reasonable. It’ll take a little bit of preparation, but nothing compares to the feeling you’ll get when you manage to get round trip tickets to an exotic destination for free or darn close to it.

Credit score allowing, the Chase Sapphire Preferred Card is a great credit card and definitely worth a look. It has one of the best travel sign-on bonuses in the industry and they’ll even skip the fee for the first year. Pair that with a fancy card you’ll be proud to show off, and it’s clear this is the best card out there for consumers who maintain their credit score.

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