The Chase Sapphire Preferred Card is one of those cards that makes people jealous when you pull it out at the restaurant. This is the heavy-duty “I’ve got a good job and all my ducks in a row” card. Not for everyone, but if you are in the market for a card like this, it’s one of the best on the market.
Who’s it for?
If you’re wondering whether or not Chase Sapphire Preferred is for you, here’s the most important thing to know: If you spend $4,000 in the first three months after opening your account, you’ll earn a whopping 50,000 Ultimate Rewards points. The value of 50,000 points may vary, but recent estimates put it over $1,000. So the question is whether you’re going to be spending $4,000 on your card over three months. For many middle class families and working professionals, this is a no-brainer. For others, reaching that $4,000 mark within three months may sound like a bit of a stretch. It’s a lot of power to have under the hood, so for some users the Chase Sapphire Preferred card is a bit like buying a Ferrari when you only need a car to pick up the groceries. But if you’re more of a “power user,” it’s one of the best cards on the market right now.
What are the Rates and Fees?
- APR: 16.49% to 23.49% variable
- Annual fee: None for the first year, then $95 every year following.
- Rewards rate: 2.5%
Is It Worth It?
The Chase Ultimate Rewards program is one of the best out there right now, and at 2.5%, you’re looking at a lot of free goodies along the way. The question is simply whether or not you need a card like this. It comes down to one simple question: Are you going to be spending more than $10,000 a year with this card?
If you’re still working on building your credit, if you’re fresh out of college and still getting yourself established, you might want to consider something else as your starter card. But, if you’re financing a small business, pulling in a healthy salary, or covering the expenses of a family, Chase Sapphire Preferred is absolutely one of the best cards available. Not everyone needs such a high-power card, but if you do, it’s one of the most rewarding cards out there.