Chase recently unveiled new limited-time offers on their Sapphire Preferred and Sapphire Reserve credit cards. These offers present an excellent opportunity to earn significant rewards. In this review, we’ll delve into the specifics of these offers, compare the two cards, and help you determine which might be the best fit for your needs.
Chase Sapphire Preferred Overview
The Chase Sapphire Preferred is a popular choice due to its affordable $95 annual fee and robust benefits. As of now, new cardholders can earn 75,000 Ultimate Rewards points after spending $4,000 in the first three months.
This offer is a step up from the usual 60,000 points for the same spending requirement. To put it in perspective, 75,000 points translate to 18.75 points per dollar spent.
Benefits of the Chase Sapphire Preferred
- $50 hotel credit
- Access to transfer partners
- 75,000 points after $4,000 spend
In-Branch Offer
There’s also an in-branch offer where you can earn an additional 10,000 points if you spend $6,000 in six months. This brings the total potential points to 85,000.
However, this requires visiting a Chase branch, which may not be convenient for everyone.
Comparing Online and In-Branch Offers
The online offer is straightforward with 75,000 points after $4,000 spend. The in-branch offer provides an additional 10,000 points but requires higher spending and a branch visit.
Chase Sapphire Reserve Overview
The Sapphire Reserve, with its $550 annual fee, is also offering a limited-time deal of 75,000 points after spending $4,000 in the first three months. Unlike the Preferred, there are no exclusive in-branch offers for the Reserve.
Benefits of the Chase Sapphire Reserve
- 75,000 points after $4,000 spend
- Higher redemption value for travel
- Access to premium travel benefits
Travel Redemption Value
With the Reserve, those 75,000 points are worth $1,125 when redeemed for travel through Chase, compared to $937 with the Preferred. This is due to the Reserve’s 50% points boost on travel bookings.
Eligibility Requirements
Before applying for either card, it’s important to understand the eligibility criteria. Here are the four main factors to consider:
Credit Score
A good credit score is crucial. While there’s no exact number, aiming for a score above 700 is advisable.
Income
A decent income is necessary to show the ability to repay any credit card debt. Again, there’s no specific number, but reading online forums can provide insights.
Chase 5/24 Rule
This unwritten rule means if you’ve opened five or more personal credit cards in the past 24 months, you’ll be denied for a new Chase card.
Chase 48-Month Rule
To be eligible for the new card member bonuses, you must not currently have a Sapphire card and must not have received a Sapphire card bonus in the past 48 months.
Will Chase Match Offers?
If you’ve recently applied for a Sapphire card with a lower bonus, you might wonder if Chase will match the new offer. Historically, this has varied. It’s worth contacting Chase customer service to inquire.
Value of the Signup Bonus
The value of the signup bonus depends on how you redeem your points. For travel bookings through Chase, the Preferred offers a 25% points boost, while the Reserve offers a 50% boost.
Preferred vs. Reserve Redemption Value
- Preferred: 75,000 points = $937 travel
- Reserve: 75,000 points = $1,125 travel
Transferring Points
Transferring points to airline and hotel partners can yield even higher value, potentially making 75,000 points worth between $1,500 and $2,250.
Final Recommendations
Both the Chase Sapphire Preferred and Reserve offer compelling benefits and rewards. The Preferred is likely the better choice for most people due to its lower annual fee and substantial benefits. However, the Reserve’s higher travel redemption value and premium benefits make it a strong contender for frequent travelers.
If you’re unsure which card to choose, consider your spending habits, travel frequency, and how you plan to redeem your points. Remember, you can only hold one Sapphire card at a time, so choose wisely.
For a detailed comparison, check out our full comparison video linked below. Thank you for reading, and happy traveling!
You will be redirected to the bank’s website