Monday 13 January 2020

Chase Sapphire Preferred Card Review - $750 Introductory Bonus $750 Referral Bonus 2X on Travel & Dining

Chase Sapphire Preferred Card Review

Flying for free is one of the best feelings in the world and the Chase Sapphire Preferred Card makes it possible. This card is the bees knees because the introductory reward is out of this world. 

Not only will you get a humongous bonus at the beginning, you can even boost this bonus to get ever more air miles and travel further and further.

So what makes the Chase Sapphire Preferred Card so great? Well this travel reward card is tailor made for people who travel and love to dine out. 

The Chase Sapphire Preferred Card has a very rewarding way to collect air miles and to top it all up you can boost your points. Here are my favourite highlights of the Chase Sapphire Preferred Card.

Highlight 1: You can earn 60,000 bonus points right off the bat when you spend $4000 on purchases in the first 3 months of account opening. This is equivalent to $600 in travel money which is absolutely crazy.

Highlight 2: When you redeem your points you can do it through Chase Ultimate Rewards Account. The Chase Sapphire Preferred Card air miles points are boosted every time you do this. 

Suppose you collect $600 air miles from the introductory bonus you can boost this to $750 when you redeem the points through Chase Ultimate Rewards, this is well worth it.

Highlight 3: You get am amazing 2X points on travel and dining on the Chase Sapphire Preferred Card. This is perfect for those who live to travel and dine and earn points at the same time. 

Trust me, the points you collect start to build up and before you know it you'll be taking a holiday every year with your Chase Sapphire Preferred Card.

Highlight 4: You can earn a very respectable 1X air mile points on everything else you spend on. You might think this is relatively low, however, if you spend most of your money on dining and flying it is worth the sacrifice.

Highlight 5: The features of the brilliant Chase Sapphire Preferred Card don't stop there. Just when you thought this card couldn't get any better it does. 

You can get 25% more value when you redeem airfare, hotels, car rentals, cruises and car rentals through Chase Ultimate Rewards. Some savvy air mile travellers on Reddit use this feature and really boost their travel plans

Chase Sapphire Preferred Card FICO Requirements

The Chase Sapphire Preferred Card undoubtedly is a brilliant card, it's also very highly sought after because of the amazing benefits and features. 

In a nutshell, everyone who loves to travel using air miles want this card. Because of so much demand you will have to jump through some hoops to get this card!

So what is the FICO requirements and how can you ensure that you highly likely to be approved for this card?

The FICO requirements for the Chase Sapphire Preferred Card is 700+. I always like to give myself a buffer and I only applied for this card when my credit score reached 750. 

Also, before you apply, get a copy of your credit report and go through it thoroughly. Chase Sapphire are very particular and don't like many inquiries to show on your account. 

You should also take the time to fix any errors on your credit report, anything such as a wrong address can throw a spanner into the works. Finally, make sure there are no nasty fraudulent markers and that your credit utilisation is below 30%. 

When you adhere to the criteria listed above you are very likely to get approved for the Chase Sapphire Preferred Card. If you fall short of the required level just be patient and work on your credit score and credit report.

Maximizing Chase Sapphire Preferred Card Air Miles

You're going to love this part...

OK, so we all know this is a brilliant card designed for people who love the idea of flying to far flung destinations. So how do we maximise every penny to collect as much air mile points as possible so we can travel further?

You'll be amazed at some of the strategies people over on Reddit and NerdWallet.com are using to squeeze this card. Even though there is a $95 annual fee this card will enable you to take a holiday every year if you stick to the plan.

Here are some simple strategies you can use, there are more advanced mind blowing strategies to boost air miles which I will be discussing in another post soon. 

Strategy 1: This is a no-brainer but so many people fail to take advantage. Basically, you will need to spend $4000 in the first 3 months of opening this account. 

A lot of people just apply and get approved for this card and don't reach the $4000 spending threshold and forfeit their 60,000 air mile bonus. Don't be one of these people because you are essentially throwing away $750 travel money down the drain.

You need to think before you apply for the Chase Sapphire Preferred Card. Work out how much you spend in 3 months, consider any extra spending that is required for example Christmas. Once you are confident you can reach the $4000 threshold only then should you apply for this card. 

Once you have the Chase Sapphire Preferred Card monitor the spending carefully. Make sure you know the exact dates for the expiry of the offer. Once you're armed with all the information you can pull the trigger and start spending.

You will have $600 travel money after 3 months which is crazy.

Strategy 2: Travelling along can be boring, why not take a special one on holiday. You can refer your partner to the Chase Sapphire Preferred Card and when they are successfully approved you will receive 15,000 points which is equivalent to $150! the Chase Sapphire Preferred Card has one of the most rewarding referral bonus system so you need to take full advantage of it.

Suppose you take advantage of the referral bonus and introductory offer you will have a collective the following air mile points.

First Applicant 60,000
First Applicant referral 15,000
Second applicant 60,000
Total 135,000 which is $1350 in travel money! Bonkers!

Strategy 3: When you redeem your points from the Chase Sapphire Preferred Card you get a 25% boost. This is a crazy way to collect more points. 

If we continue with the example above, both you and your partner have collected 135,000 points, when you boost this by 25% you will end up with 168,750 points which is equivalent to $1687.50 in travel money.

Strategy 4: The Chase Sapphire Preferred Card referral program allows you to earn 75,000 bonus points when you refer 5 people to the Sapphire Preferred account. 

You and your partner can easily refer people through social media, it is relatively easy to refer the Chase Sapphire Preferred Card and the benefits speak for themselves, you will get people who apply. 

Suppose you and your partner are able to refer 5 people each to the Chase Sapphire Preferred Card you will get a total of 150,000 points which is equivalent to $1500 in travel money. Boost the air miles through Chase Ultimate Rewards and this rises to 187,500 which is equivalent to $1875 in travel money. 

When you combine the maximum introductory bonus and referral bonus you end up with a mouthwatering $3,562.50 in travel money. All you have spent is $8000 combined on expenses you would have already spent on so there is no irresponsible spending on your part.

Strategy 5: Put all your expenses on the Chase Sapphire Preferred Card. Cut up all your other cards, or lock them away, the aim is for everything to be funnelled through the Chase Sapphire Preferred Card so you can maximize the points you earn. 

You'll be amazed at how much more you can earn this way. Suppose you love to travel and dine out you can easily add another $500 every year in travel money.

Chase Sapphire Preferred Card Final Thoughts

So is the Chase Sapphire Preferred Card a hit or miss. Undoubtedly, this travel rewards credit card is one of the best travel rewards credit card. 

The introductory and referral bonus alone make it worth applying for. There is a annoying $95 annual fee but this is nothing compared to the benefits you can earn. I also love the fact you can boost the air miles by 25% making further travel possible. 

Honestly, I think this card is a big hit, especially if you're into maximizing travel rewards. Bottom line, apply for this card, take advantage of referral and introductory bonus and fly to far flung destinations!

Chase Sapphire Preferred Card FAQ

So, as a self proclaimed air travel rewards expert I get a lot of questions about the Chase Sapphire Preferred Card. I thought I would answer the top 20 frequently asked question on the Chase Sapphire Preferred Card which will hopefully aid you in making your decision.

What credit score do you need for a Chase Sapphire Preferred card?

You will need GOOD credit score to apply for the Chase Sapphire Preferred Card. The FICO score required to apply for this extremely popular card is 700+. 

To be certain of being approved aim for a FICO score of 750. Do not make any credit inquiries for at least 6 months. Go through your credit report and fix all errors and remove all adverse data by disputing everything. Finally, make sure your credit utilisation ratio does not exceed 30%. By adhering to this criteria you are almost certain to get approved.

How long does it take for Chase Sapphire Preferred Card to approve?

The Chase Sapphire Preferred Card approves instantly if you meet the required guidelines. If you are referred it could take up to 7 to 10 working days for a underwriter to come to a decision. 

Suppose there are some nasty markers on your credit report it could take up to 30 days for a decision. This is why it's very important to go through your credit report to make sure everything is hunky dory.

How long does it take to get approved for Chase Sapphire Preferred?

The Chase Sapphire Preferred Card approves instantly. If you are referred it could take up to 7 to 10 working days, this may be just to analyse your credit usage. The final decision could take up to 30 days which means there is some adverse information on your account which you need to pay attention to and clean up.

Does Chase Sapphire Preferred get you into airport lounges?

Unfortunately, the Chase Sapphire Preferred does not provide complimentary access to airport lounges/clubs. The higher-tier Sapphire Reserve does offer free access to more than 1,200 airport lounges worldwide. You'll just have to pay the card's $450 annual fee to take advantage of this benefit.

Is the Chase Sapphire Preferred Card worth it?

The Chase Sapphire Preferred Card is worth it. There is a lot to like about this card. Although there is a nasty $95 annual fee you still get incredible benefits. You can 60,000 points as a introductory bonus, you can refer 5 people and earn 75,000. 

So by only spending $4000 and referring 5 people you get a combined 135,000 air mile points which can be boosted by 25% when you redeem through Chase Ultimate Rewards, this means your 135,000 air miles turn into 168,750 which is equivalent to $1,687.50 in travel money. 

What is the highest credit limit for Chase Sapphire?

The average Chase Sapphire Preferred Card credit limit is $10,000, however there are about 10% of clients who have a credit limit of over $20,000. Your initial credit limit will depend on your status. You can then request credit limit increases every 6 months to build up your credit limit. There are clients who claim they have a credit limit of up to $100,000.

Will Chase Sapphire Preferred waive annual fee?

The $95 annual fee for the Chase Sapphire Preferred Card will not be waived. Previously, the Chase Sapphire Preferred Card had no fees in the first year. Now you have to pay the fee in the first year, although this is disappointing news, there are now more benefits and features to the Preferred Card which makes it worth paying the fee for.

Does Chase Preferred have lounge access?

Unfortunately, the Chase Sapphire Preferred Card does not have access to airport lounge. However the Chase Sapphire Reserved Card offers lounge access which comes with comfortable seating, complimentary snacks and beverages and free wi-fi. This facility is available in more than 1,200 airports worldwide.

How much is 60000 points worth chase?

The Chase Sapphire Preferred Card with 60000 points are worth $600 in travel money. If you use the Chase Ultimate Rewards to redeem the air miles your points will be boosted by 25% to 75,000 points equivalent to $750 in travel money.

How do I get a priority pass for Chase Sapphire?

To get a priority pass you have to activate your Chase Sapphire Reserve Card Priority Pass membership. This is simple, log into your Chase account. 

On the right side you should see a little section that lists how many Ultimate Rewards points you have. Click that, as it will take you to the Ultimate Rewards website.

Is the Chase Sapphire Preferred Card Metal?

The Chase Sapphire Preferred Card is available in metal and is finished with a delectable blue design and is available to all customers. 

How many guests do you get with Priority Pass?
Do Chase Sapphire points expire?

Points from the Chase Sapphire Preferred Card never expire. as long as you keep your credit card account open and active. 

Does Chase Sapphire cover TSA PreCheck?

Unfortunately, the Chase Sapphire Preferred Credit Card does not cover TSA PreCheck. If you want this facility it is available on Chase Sapphire Reserved Credit Card but it comes with a $450 annual fee.

What airlines partner with Chase Sapphire?

Here are a list of airlines which partner with the Chase Sapphire Preferred Credit Card... 

1. Aer Lingus AerClub

2. British Airways Executive Club
3. Flying Blue AIR FRANCE KLM
4. Iberia Plus
5. JetBlue TrueBlue
6. Singapore Airlines
7. Southwest Rapid Rewards
8. United MileagePlus
9. Virgin Atlantic Flying Club

What are the benefits of a Chase Sapphire card?

The Chase Sapphire Preferred Card has incredible benefits. You can earn 60,000 points by spending $4000 in the first 3 months. You can refer 5 people and earn 75,000. You can boost your points by 25% by redeeming through the Chase Ultimate Rewards Program. You can earn an impressive 2X on dining and travel.

How much is Chase Sapphire annual fee?

The annual fee for the Chase Sapphire Preferred Card is $95. This fee was previously waived in the first year, however, this has been scrapped. Even though there is a $95 fee there are now more benefits to the Sapphire Preferred credit card.

Can I convert my Chase Sapphire preferred to reserve?

You can convert your Chase Sapphire Preferred Card to the Chase Sapphire Reserved Card. Once you've been with Chase for over 6 months and have proven you can manage your account effectively you can call up customer service and ask for the upgrade. The annual fee for the Chase Sapphire Reserved Card is $450 whereas the annual fee on the Sapphire is only $95.

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