Chase Sapphire Preferred® is a Keanu Reeves travel card; he has aged well, remains incredibly generous, and hasn’t let his popularity go to his head.
So why is Chase Sapphire Preferred® so popular even among non-travelers?
Let’s dive into the incredible popularity and eligibility requirements of the Chase Sapphire Preferred® card.
What is so special about the Chase Sapphire Preferred® card?
Year after year, the Chase Sapphire Preferred® card remains loyal for a variety of reasons:
Super generous signup bonus
Right now, the Chase Sapphire Preferred® card is attracting new applicants with an incredibly high bonus of 80,000 points if you spend $4,000 within the first three months of opening an account.
And none of this “points are worth 0.6 cents when redeemed for cash” bullshit that other banks are pulling – points are worth at least one cent apiece (or more if you redeem them for travel).
Generous rewards and cashback
Here is a quick overview of Chase Sapphire Preferred® Cashback:
- 5x points on travel purchased through Chase Ultimate Rewards®.
- 3 times more in restaurants, grocery stores and some streaming services.
- 2x for travel (air tickets, hotels, taxis and trains).
- 1x back for everything else.
- 10% bonus on account anniversary.
- $50 annual hotel credit.
Sure, some American Express cards manage to beat Chase Sapphire Preferred® in rewards, but they also charge higher annual fees ($250+ vs. $95).
Travel Benefits & Beaucoup Insurance
In addition to travel-focused rewards, Chase offers generous travel insurance that, under the right (or wrong) circumstances, can save you $10,000 or more:
- Travel cancellation/cancellation insurance.
- Travel delay compensation.
- Travel accident insurance.
- Lost baggage reimbursement.
- Baggage delay insurance.
- Travel and emergency assistance.
Connected: Best credit cards for travel insurance
Reliable Chase app and customer service
In addition to Chase Sapphire Preferred® offerings, you get access to a solid, stable app and a responsive, professional customer support team. After reviewing several Chase cards, I never had to wait more than 10 minutes to speak with a Chase representative.
Read more: Chase Sapphire Preferred® Card Review: The Game-Changing Travel Credit Card
Nah, so what are the eligibility requirements?
Credit from very good to excellent (700+)
You will want to have a credit score of 700 to be eligible for Chase Sapphire Preferred®.
For your information, you can always check your Credit Karma account for free. If you are missing a few points, let us help you increase your numbers before applying.
You should never apply for a credit card without knowing for confidence that you meet the credit requirements, as a refusal could unnecessarily undermine your creditworthiness.
No existing Sapphire account
Chase actually has three cards that sound like top notch expensive booze, and they only let you hold one at a time:
- Chase Sapphire Preferred®.
- Chase Sapphire Reserve®.
- The Chase Sapphire (no longer accepting new submissions).
For the curious, Chase Sapphire Reserve® is essentially Preferred® on steroids. Here is a quick comparison table:
| Functions | Chase Sapphire Preferred® | Chase Sapphire Reserve® |
|---|---|---|
| Annual fee | $95 | $550 |
| Bonus for registration | 80,000 points | 50,000 points |
| Loans | $50 hotel credit | $300 trip credit |
| Awards | 5x on trips purchased through Chase Ultimate Rewards®; 3 times for food, groceries, streaming; 2 times on the trip; 1x on all other purchases. |
10x discount on travel and meals purchased through Chase Ultimate Rewards®; 3x for travel and meals; 1x on all other purchases. |
| Chase Ultimate Rewards® Wagering Bonus | 1.25x | 1.50x |
Read more: Chase Sapphire Preferred® Card or Reserve® Card: Which Is Right For You?
You have not received a signup bonus from a Sapphire card in the last 48 months
This is technically not a requirement to receive the card, but you will not receive the 80,000 bonus if you have already received a Sapphire family card within the last four years.
Wait; does this mean that if you have a Sapphire card for more than four years you can cancel it, reapply and get $800?
Can I cancel and re-apply for Chase Sapphire Preferred® just to receive a signup bonus?
While you could theoretically get your 80,000 Chase Sapphire Preferred® sign-up bonus again after waiting more than 48 months since you last received and closed your card, I would be careful when trying to cheat the system.
In addition, canceling your first Chase Sapphire Preferred® card will void your points, so you can:
- First, convert them to cash, redeem them for Chase Ultimate Rewards® trips, or transfer them to one of 14 Chase partner airlines and hotels.
- Downgrade your Chase Sapphire Preferred® card to a card other than Sapphire (Chase Freedom FlexCMChase Freedom Unlimited®) to keep your points.
Just remember that canceling a line of credit and applying for a new one are actions that can lower your credit score by several points. So remember to carefully consider whether the signup bonus is worth it.
If you’re applying for a big loan in the next three months (mortgage, car loan, student loan refinancing), then I’d say it’s probably not worth the risk.
Oh, and don’t forget Chase’s quirky 5/24 rule…
Finally, current and future Chase customers should be aware of Chase’s infamous 5/24 rule.
In short, Chase will reject any applicant who has already applied for five new credit cards from Any card company in the last 24 months.
So if Chase Sapphire Preferred® is your sixth card in two years, it’s best to wait a while before you get an automatic denial and subject to an unnecessary hard take on your credit.
How can you maximize your 80,000 sign up bonus?
You can always cash out your $80,000 sign up bonus for $800, but be aware that these points are worth 1.25x, or $1,000, when redeemed for travel through Chase Ultimate Rewards®.
Chase Ultimate Rewards® is like a Kayak.com clone offering flights, hotels, cars, cruises, and “activities” including museums, hikes, tours, and more:
Source: Chase Ultimate Rewards®, screen shot by Chris Butch.
No one will blame you if you cash out your signup bonus, especially considering you can invest it for over 1.25x returns.
But if you do If you travel frequently, you may want to bank your Chase Ultimate Rewards® points to help fund your next trip.
Read more: The Travel Hacker’s Secret Weapon: How to Fly Free (and Faster) with Chase Ultimate Rewards®
Should you get Chase Sapphire Preferred® if you qualify?
As elegant as they are, the Chase Sapphire Preferred® is not for everyone. Here’s who I think will benefit the most – and conversely, who can safely pass by:
You should get Chase Sapphire Preferred® if:
If you are looking for and eligible for a travel card, Chase Sapphire Preferred® is our top choice in the competition.
Even if you not If you plan to travel a lot, Chase Sapphire Preferred® can be a great backup credit card with an $800 signup bonus and a relatively low annual fee ($95).
You should get another card if:
If you do not qualify for Chase Sapphire Preferred® credit requirements, you can start with one of Chase’s most popular free cards, such as Chase Freedom Flex.CM or Chase Freedom Unlimited®.
These cards have lower credit requirements (~680+) and can still offer good sign up bonuses and rewards. And if you’re just getting started on your credit building journey, check out our selection of the best credit cards for building credit from scratch.
bottom line
Apply Now
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Like Keanu Reeves, the Chase Sapphire Preferred® card isn’t for everyone (just ask my friend who I dragged around to watch John Wick 3).
But if you qualify, can afford a slight credit downgrade, and in the travel credit card market, this is a great choice.
Now get your 80,000 sign up bonus before it’s gone forever.
Featured Image: Atstock Productions/Shutterstock.com
