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There’s been a rumor buzzing around that the signup bonus and/or minimum spend on our beloved Chase Sapphire Preferred® Card is going to change on Monday.
A reliable source was just able to confirm these changes, and new application terms will be in effect as of Monday morning.
The Chase Sapphire Preferred is my all around favorite credit card, and the one that I use the most of all the credit cards in my wallet.
Currently, you can earn 40,000 Ultimate Rewards points after spending $3,000 within three months, plus an additional 5,000 Ultimate Rewards points when you add an authorized user to the card that makes a purchase within three months. The $95 annual fee is waived for the first year.
Going forward, the minimum spend will be $4,000 within three months, and I’m not positive as to if you’ll still be able to get a bonus for authorized users. An additional $1,000 isn’t terrible, but if you’ve been considering applying for this card I would absolutely do so now rather than next week.
Chase Sapphire Preferred Earning Rates
- 2x points on travel (includes airfare, hotels, car rentals, subway tickets, taxis, parking, etc.)
- 2x points on dining (includes restaurants, coffee shops, etc.)
- 1 point per dollar on all other purchases, with no limits
It’s rare to find a card that offers double points on dining, which is a key expense for many people, so that’s a win right away. You also earn 3x points on dining on the first Friday of every month, though that’s of limited utility for most in practice (well, at least until us point-obsessed people evolve into snakes or bears and can do all our dining on the first Friday of every month). 😉
It’s also worth noting that unlike some other cards, the double points on travel with the Chase Sapphire Preferred include not just airfare purchased directly with an airline, but also airfare purchased through online travel agencies, and I’ve found their definition of “travel” to be quite generous.
Chase Sapphire Preferred Rewards Program
The Chase Sapphire Preferred earns Ultimate Rewards Points, which I find to be one of the most valuable flexible points currencies.
Ultimate Rewards points transfer at a 1:1 ratio to the following programs, and in most cases transfers are instant:
|Aer Lingus Aer Club||IHG Rewards Club|
|Air France KLM Flying Blue||Marriott Rewards|
|British Airways Executive Club||Ritz-Carlton Rewards|
|Iberia Plus||World Of Hyatt|
|Korean Air SkyPass|
|Southwest Airlines Rapid Rewards|
|Virgin Atlantic Flying Club|
Points are also worth 20% more when redeeming for travel through the Ultimate Rewards portal. So you can apply points towards any “revenue” ticket at a rate of 1.25 cents per point. That means that a $625 flight will cost you 50,000 Ultimate Rewards points, though you’re almost always going to get a better value by transferring points directly to the airline or hotel partner.
Korean Air first class is one of my favorite uses of Ultimate Rewards points
Ultimate Rewards Mall
Having the Sapphire Preferred gives you access to the Ultimate Rewards Mall, which can really accelerate the points you earn. By “clicking through” the shopping portal you can earn extra points per dollar with purchases at dozens of online retailers.
I earn several thousand extra points each year on purchases I would have made anyway just by clicking through the Ultimate Rewards Mall first.
This has been my go-to credit card for a few years now, and for a vast majority of people I think the Chase Sapphire Preferred® Card is the most rewarding for airfare purchases, between the bonus points, lack of foreign transaction fees, and baggage protection. It’s as close as it gets to a single perfect card for all your airfare purchases, and the card which I measure others against.
I will be removing my links to the card around noon Sunday — I’m not sure what will happen with branch or Chase.com applications for Sunday afternoon, so I wouldn’t wait if this is a card you’ve been considering.