The Chase Sapphire Preferred(SM) Card is a rewards credit card that is now offering new cardholders 40,000 bonus points after you spend $3,000 in purchases within the first 3 months. This is quite a good deal, as 40,000 points can be redeemed for $400 cash or an airplane ticket worth up to $500 (you can buy a more expensive ticket and simply pay the difference). No annual fee for the first year, $95 in future years.
[This card is the "big brother" of the regular Chase Sapphire(SM) Card, where you can get 10,000 points after you spend $500 in the first 3 months (no minimum amount), and there is no annual fee in the first year or subsequent years. I would personally rather go for the 40,000 points offer since the annual fee is waived for an entire year.]
As a rewards card, the Sapphire offers 2 points per dollar spent on travel, 2 points per dollar spent on dining and 1 point for every dollar on all other purchases (100 points = $1, or the usual 1% back). However, this card separates itself with it’s flexible redemptions. Cash redemptions are easy – you can redeem in $1 increments as long as above $20, so you could cash out $27 or $253 without anything left over. There are no earning caps, or points expiration dates.
As noted above, airplane ticket redemptions can also be maximized because you can book any ticket and simply pay the difference. For example, 25,000 points can be used for any ticket up to $312.50, but if say you wanted a $325 ticket you could just pay the $12.50 difference. On other cards, you would have to go up another tier and spend an extra 10,000 points or similar.
In addition, Sapphire also promotes a “premium, dedicated service line that gives you access to a live person anytime, 24/7.” I tested this out and it really works! A real person picks up after a couple rings… it’s actually a bit disconcerting. You can also redeem cash rewards over the phone for free, although booking rewards tickets this way costs $20 (doing so online is free).
Earn 40,000 bonus miles – that’s like two FREE Flights or $400 in rewards
You will receive 40,000 bonus points with this bonus offer, which can be redeemed for a round trip ticket on most major airlines up to a $500 value. Ticket value exceeding $500 can be charged to your new card. A service fee of up to $20 per ticket may be charged for the use of our toll-free number to book or change airline itineraries. Redemptions made online do not have a service fee. Cardmember is responsible for any airline or government imposed fees. To qualify and receive your bonus, you must make qualifying transactions totaling $3,000 or more during the first 3 months from account opening. Qualifying transactions include purchases, balance transfers, and any checks that are used to access your account, and exclude cash advances. After qualifying, please allow 6 to 8 weeks for bonus points to post to your account. To be eligible for this bonus offer, account must be open and not in default at the time of fulfillment. This one-time bonus offer is valid only for first-time cardmembers with new accounts. Previous and existing cardmembers/accounts are not eligible for this bonus offer.
I already have the Chase Sapphire regular card and got my $250 (previous offer). But given how easy it was to redeem the reward, I’m going to have Mrs. MMB apply for a Chase Sapphire Preferred(SM) Card as well this time. (I try not to bother her too much unless it’s very juicy.)
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