I’ve been asked many, many times! What’s a good starter card? My answer is plain and simple….it’s the Chase Sapphire Preferred, and there is no better time to get this card than now with its highest public offer ever.
I decided to write up a set of 11 FAQs (Frequently Asked Questions) about applying for the Chase Sapphire Preferred. I will cover:
– what’s behind the 80,000 bonus offer
– my personal examples of ways we’ve used 80,000 points
– How to check when you last received your Sapphire bonus
– What does Product Change mean, and what credit cards to get with Product Change
– What if this card does not work out for me? What’s the back-up plan?
1. What’s the deal with the 80,000 bonus offer
LIMITED TIME OFFER:80,000 Bonus Points (former offer was 60,000, prior to that it was only 50,000)
Annual Fee: $95 (breathe, it gets better)
Minimum spend requirement: $4,000 within 3 months
NO Foreign Transaction Fees
Value of points using Chase Portal = 1.25 cents = $1,000 for airfare/hoteswhen you redeem using Chase Ultimate Rewards Travel Portal, or as cashback =$800
DEADLINE TO APPLY – The link that I have is good if you apply by by 11/7/2020. I’ve also read others mention 11/8/2020. So for now, I suggest to shoot for applying by 11/7/2020. If the offer is still available on 11/8/2020 I will make sure to give everyone an update. I suggest not waiting until the last minute. Click here to apply.
Earning rewards potential
2x in travel/dining
5x on Lyft rides through March 2022 (that’s 3x on top of the 2x)
1x on all other purchase
Travel Benefits and other features
Image and info courtesy of Chase
*Primary” means that within your country of residence, this benefit will pay for covered theft or damage to your rental car, without the need to go through your own auto insurance provider
2. Examples of where 80,000 has taken me and my family
Click on the destination to get the details how I booked, this will show you various examples what 80K bonus points could do for you:
Philippines– depending on the timeframe, 80,000 could get one roundtrip ticket to the Philippines. In 2019, is 7 members of my family flew to the Philippines for free and used roughly 60K points per person from LAX to Manila round trip, that was during the high season (holidays). I did a similar booking for my sister in law a year prior, she only used 51,000 points during the low season, and she went from Los Angeles, visited her son in Japan, and then went to the Philippines, and the back to the US, all for 51,000 points.
Japan– 12 members of my family flew to Japan for FREE in Spring 2019, and we used roughly 40,000+ Chase Ultimate Rewards per person
Hawaii– we’ve gone to Hawaii many times and have transferred 25,000 Chase Ultimate Rewards to British Airways (a travel partner), and booked flights with American Airlines to Hawaii. 80,000 could get you up to 3 tickets to Hawaii. During low season, I’ve seen these fares go below 20K roundtrip.
Costa Rica– I found a low airfare from Los Angeles to Costa Rica and used an average of 25,000 Chase Ultimate Rewards per person, so with the right deal and timing, 80K could get you 2-3 tickets to Costa Rica round trip.
Barcelona/Amsterdam– using points with Chase Sapphire Preferred, this would’ve meant using around 30K points per person roundtrip from Los Angeles to Amsterdam to Barcelona (round trip).
Business class from HK to Taipei on Cathay Pacific– we transferred points from Chase to British Airways and booked seats with Cathay Pacific from Hong Kong to Taipei. On the return we flew coach – total for 2 = 27,000 points
I could go on and on….I didn’t even factor in the many times I transferred our Ultimate Rewards to get hotel stays or booked vacation condos.
By no means am I guaranteeing that that you will get the exact same deal, it will all be based on the going airfare rate when using the Chase Portal or when transferring to a Chase Travel Partner – and that’s where I’ve been basing my experience! It’s all about flexibility.
3. Is the Annual Fee of $95 worth it?
Given the examples I used above, I say it is worth it. We have gone on many more trips and these are the ones that stood out for me. So, is the annual fee worth it? Yes, the annual fee of $95 is a no brainer when you use these points wisely…..we have found great ways to stretch the points!
4. Who is and isn’t eligible
You cannot have a current Sapphire credit card
If you do, you will need to do a product change (covered below)
Previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months are ineligible
You must be under Chase 5/24 – Read it as five twenty four, it’s not a date (not May 24th), nor is it a fraction (five over twenty four). Simply put, it refers to the number of personal credit cards that you’ve opened in the last two years (or 24 months). The Chase 5/24 Rule is for those who apply for new Chase credit cards accounts. When it comes time for Chase to review your application, if you’ve opened five or more new personal credit cards (with Chase and other institutions), your application will be denied by Chase. This applies to both business and personal credit card accounts. For more details, read this detailed entry on what you need to know about Chase 5/24.
5. I’m an authorized user on another Sapphire account, am I eligible to get the Chase Sapphire Preferred for the 80K bonus?
One of our readers asked this very good question. Her husband is:
never had a Sapphire card to his name as the primary cardholder
only had 1 credit card in his name
Eligibility is based on being a PRIMARY cardholder, so that tells me that her husband should be able to apply. I also told her, “if you want to make sure, it won’t hurt to call Chase first before he applies.”
7. I don’t know when I received my last Sapphire bonus
Remember, you can’t get a new Chase Sapphire Preferred bonus until 48 months have passed from either your last Chase Sapphire Preferred or Reserve bonus being earned. This is key. You need to know exactly when your bonus was given to you (not the date you got approved the card).
I’ll give you an example. In my case, I had a Chase Sapphire Reserve that I got in Jan 2017, and I remember easily meeting the min spend. I have since downgraded (not closed) my Chase Sapphire Reserve down to a Chase Freedom. My current Chase Freedom account was linked to my Chase Sapphire Reserve’s history of statements. So all I did was go back to my Chase Freedom account, go to Statements, go to 2017, and pulled up my Feb 2017 Statement (I easily met the $4K spend), voila, my Feb 2017 showed that I got my bonus then. The closing date of this statement was Feb 21, 2017. This means that I am eligible to get another Sapphire bonus 48 months after Feb 21, 2017…..so we are talking that I should be able to apply for another Sapphire sometime after Feb 21, 2021.
My 100K bonus appeared ton my statement in Feb 2017 after I got my Chase Sapphire Reserve
*TIP: you can try calling Chase to see if they could tell when you last received your Chase Sapphire bonus.
8. I have a current Sapphire card, what do I do? It has been 48 months or greater since I got the Sapphire bonus
You CANNOT have more than 1 Sapphire account. According to the offer details:
If you are an existing Sapphire customer and would like this product, please call the number on the back of your card to see if you are eligible for a product change. You will not receive the new cardmember bonus if you change products.
Once you’ve product changed to a non-Sapphire account, then yes, you’ve become eligible to apply. I would wait for a few days, let it cycle through system before applying for a new Chase Sapphire Preferred.
9. What do you mean Product change?
Product Change means changing your existing Chase Sapphire card (Preferred or Reserve), and change it to one of the following cards:
Chase Freedom – it’s no longer marketed, but according to the Chase rep I talked to on 10/5/20, it’s available for product change
Just remember, going with a product change DOES not entitle you to get a new sign-up bonus. This is NOT a new application.
10. What card should you get with the product change?
If the Chase Freedom is available for product change during the time that you call Chase, I suggest getting the Chase Freedom, no annual fee, and opportunity to get 5% cash back quarterly bonus.
Why not the other two? You are better off applying for the Chase Freedom Flex and/or Chase Freedom Unlimited to get the sign up bonus. (read here). Why again? Chase indicated that going with a product change DOES not entitle you to get a new sign-up bonus.
11. So you got the card, and things didn’t work out, now what? Did you lose? Or did you still make the right move?
What if you realize, this is not the card for you? You will still be ahead of the game. You might think that you’ve paid $95 annual fee for this card. True. But, once you’ve met the minimum spend, and receive your 80,000 bonus points, if you don’t have any planned travels, at the very least, you could use that to Pay Yourself Back. Your 80,000 points could be redeemed for cash back at 1.25 cents = $1,000. That more than pays for the $95 annual fee.
Between now and April 30, 2021, you have the option to use these 80K valued at $1K to pay for your bills at grocery store, dining (including restaurants, takeout and eligible delivery services), and home improvement stores. You could also use your points and donate to charities. Click here for more details. Honestly, it’s a win-win situation in my books.
You could also, at the end of the 1st year of owning the Chase Sapphire Preferred, do a product change to the one of the many cards I listed in #9, and opt for a card with no Annual Fee. I suggest NOT closing the card, but instead, if the annual fee is not for you, consider doing a product change. It’s better than closing your account.
Final thoughts
The Chase Sapphire Preferred was my family’s gateway to learning how to travel nearly free. It’s not our only card, but it was the card that paved way to learning many different ways that helped us travel around the world. It has been a very good card for us, and especially during this pandemic, this 80,000 offer is deemed lucrative, with a very low annual fee that is easily offset by travel redemption or cash back.
I highly recommend this card to anyone who is eligible to apply. Any questions, feel free to ask and post over on my Facebook Travel Group page.
