|❯ Annual Fee: $95|
|❯ Purchase Intro APR: N/A|
|❯ Rewards Rate: 1 - 2 points / $1 | Bonus 80.000 points|
|❯ Transfer Intro APR: N/A|
|❯ Regular APR: 15.99% - 22.99% Variable|
Spending $4,000 within 3 months of opening the Chase Sapphire Preferred Card will score you 80,000 points, which you can redeem for $1,000 in travel booked through Chase Ultimate Rewards or an $800 statement credit. That’s one of the biggest initial bonuses on the market. Need we say more?
The average person would earn roughly $1,675 in net rewards value (with fees included) in two years with the Sapphire Preferred Card, according to WalletHub’s calculations. That’s a nice chunk of change. And it’s why Chase’s Preferred Sapphire Card is the preference of so many rewards-seekers.
This earning rate translates to 2.5% cash back when you redeem for Ultimate Rewards travel or 2% cash back when used for a statement credit. That’s about double the average earning rate for a rewards card. Sapphire Preferred gives 1 point per $1 spent on most other purchases.
This pricey fee limits Sapphire Preferred’s ongoing value and is nearly five times higher than the average annual fee.
Through March 2022, Chase Sapphire Preferred cardholders will earn a total of 5 points per $1 spent on Lyft rides. That’s 3 extra points on top of the 2 points per $1 cardholders normally receive on ridesharing purchases. As a result, you could earn as much as 6.25% cash back on Lyft rides paid for with Sapphire Preferred, depending on how you redeem.
Chase Sapphire Preferred cardholders are eligible for a complimentary DashPass subscription from the food delivery service DoorDash. This provides discounted and fee-free delivery options, and it’s good for at least 12 months. You just have to activate the benefit by 12/31/2021.