Choosing your first travel credit card is a critical element in maximizing your points and miles, and a select few offer a wide array of perks that appeal to a variety of traveler profiles. Today I want to share my top five reasons why — if you don’t already have it — the Chase Sapphire Preferred credit card should be the very first credit card you get.
1. 60,000 Points ($1,200 in Value) for Signing Up
For almost four years, the Chase Sapphire Preferred offered a standard sign-up bonus of 50,000 Ultimate Rewards points after you spent $4,000 in the first three months from account opening. However, earlier this year, this longstanding offer increased — the card now offers an increased sign up offer of 60,000 Ultimate Rewards points after you spend $4,000 in the first three months. These 60,000 points are worth up to $1,200!
2. Generous 2x Travel and Dining Categories
On the surface, this feature of the Chase Sapphire Preferred may not sound that special. Many credit cards offer category bonuses for travel and dining, but the real appeal of these bonuses is how wide the definitions span, and what encompasses “travel” on the CSP is extremely broad.
3. So Many Redemption Possibilities
The Chase Sapphire Preferred earns valuable Chase Ultimate Rewards points on every purchase you make with the card, which can be redeemed a number of ways. However, some of these redemption options are significantly better than others.
4. The Travel Benefits
In addition to earning valuable rewards for making purchases while traveling, you can also take advantage of some fantastic benefits while on the road with the Chase Sapphire Preferred.
Top 5 Travel Benefits
Primary car rental insurance. This covers the entire loss, damage or theft of your car rental without reporting it to your insurance company, a benefit that can save you big time in the long term.
No foreign transaction fees on the card. While foreign transaction fees appear to be gradually on their way out, especially for credit cards that charge an annual fee, the Sapphire Preferred has always waived them. That’s a benefit that’ll typically save you 2.7%-3% on every purchase abroad.
Trip delay insurance if your flight, train, or other common carrier is delayed more than 12 hours or you require an overnight stay as a result of a delay. You’re covered for unreimbursed expenses such as meals and lodging up to $500 per ticket.
Trip cancellation/trip interruption insurance if your trip is cut short or interrupted by sickness, severe weather or other covered situations. You can recoup up to $10,000 per person and up to $20,000 per trip for pre-paid, nonrefundable travel expenses such as plane tickets, hotels or tours.
Baggage delay insurance of $100 per day for up to 5 days when your checked baggage is delayed by more than 6 hours for reimbursement of essential purchases like toiletries and clothing.
5. Chase’s 5/24 Rule
If you’re thinking about expanding your points and miles strategy to include opening and utilizing multiple credit cards, now’s a fantastic time to open the Chase Sapphire Preferred. Card issuers have different application restrictions, and if you’ve opened five or more new personal credit cards in the past 24 months across all banks (not just with Chase), it’s highly likely that your application for the Sapphire Preferred will be automatically declined. This 5/24 rule now covers all credit cards issued by Chase, so as a result, if you want to take advantage of the sign-up bonus and the other perks of the CSP, you should apply for it sooner rather than later.
Bottom Line
Whenever I meet someone who wants to travel like I do, I immediately ask about their credit card strategy. The Chase Sapphire Preferred Card is where it all begins. It’s a terrific starter travel rewards card, as you’re getting a minimum of $750 in value if you just use the sign-up bonus to book any flight or hotel through the Chase travel portal. But, with the excellent Chase Ultimate Rewards transfer partners, it wouldn’t be difficult to get value of $1,200 or more from the sign-up bonus alone.
But the Sapphire Preferred is also a great card for experienced award travelers, so if it isn’t already in your wallet, definitely consider making it your next application