My Experience with the Chase Sapphire Preferred Card
For those just getting into the credit card churning game, the Chase Sapphire Preferred card is a fantastic way to start. Chase Ultimate Rewards is esteemed as being one of, if not the best credit card programs to maintain with.
They transfer instantly on a one-to-one ratio to United/Continental and Hyatt, in addition to Southwest, Korean Air, Marriott, Priority Club, and Amtrak. In addition, they give out a 7% annual bonus on ALL points earning. I should also mention that their customer service is amazing. Every time I have called them, I answered IMMEDIATELY by a real, breathing, non-outsourced, human being. And, for a while there is been a 50,000 Ultimate Rewards bonus for spending $3,000 on the card within 3 months.
But be forewarned. A number of other travel bloggers –Mommy Points, One Mile At a Time, The Points Guy, and View From the Wing have already suggested that now is the time to act in order to churn the card for 50,000 Ultimate Rewards points. Other deals may come along, but the word on the street is this bonus offer will be gone by mid-March or so.
You can click here to sign-up for card and 50,000 points bonus.
I had seen this deal around for a while, and decided back in November to get in on it. As I posted in my year-in-review post, I noticed at the end of December 50,000 points had posted to my account. I thought maybe Chase had decided to post my bonus early, after having already made a couple of payments on the card. But I was wrong.
To my sheer delight, received a letter from in the mail from Chase earlier this week:
RE: Your account ending in XX
Dear Mr. Burchfield:
As your credit card company, we value your business. We are writing in response to your inquiry about your Chase Sapphire points and to explain the actions we have taken on your behalf.
We are pleased to tell you that we have added 50000 points to your account. You will see this adjustment on one of your next two billing statements.
Your satisfaction is important to us.
While I do know that it is possible for individuals to leverage their loyalty/business with a company for points, I had never heard of a company voluntarily leveraging points in exchange for loyalty. I have not had any prior account with Chase, which may have been the key factor. From a business standpoint, they are willing to provide a new (and unproven) customer a very generous points bonus in order to gain loyalty with them.
I have not heard of this happening to anyone else, but I tend to believe it only applies if you have never had an account with Chase before. If this is you, it is all the more of a reason to apply for a Chase Sapphire Preferred Card.
In full disclosure, I do not currently receive any referral bonus if you sign-up via my link.
Point Me to the Miles 
Hi Fieldofburch,
Thanks, on a related note, Just some quick background information… I am 22 and about to graduate college. I’ve had a credit card since June of 2009 and have used it for EVERYTHING. I never ever hold a balance, so interest rates aren’t really a variable.
I have been researching and The Discover More or Chase Freedom Rewards both seem like great options. Chase Sapphire seems too big time for someone my age…
So my question is… based on your personal experience or knowledge you may possess, which card is best for me?
p.s. I have my heart set on cash back but if someone could make an intelligent argument for rewards or miles I would be willing to hear that as well…
Thx.
Wallace,
Thanks for the question. I have tried my best to keep my response short, but there is a lot to be said. If you have any more questions, feel free to email me.
In short I would at least try for the Sapphire Preferred Card.
Most importantly, you are on the right track financially. I would think you have a pretty credit score, based on length of accounts and available credit, and could therefore get approved for most credit cards.
The Discover More card has a few great cash back options, anywhere from 5 to 20% for a specific category. But most of the time you will earn 1% or less. Unfortunately you are also not able to earn redeemable points for travel.
The Chase Freedom card is good for getting a little money back, and I like their quarterly cash back categories, like 5% back on dining. But the points you earn toward cash back often can only be redeem for a couple of cents per piece. The Chase Sapphire Preferred Card paired with Chase Freedom Card, though is actually a GREAT combination. That way you can 5 points per dollar on their quarterly spend categories.
I think you get the most bang for your buck being able to obtain aspirational travel experiences you may not be able to otherwise afford. For example,the 50,000 Chase Sapphire Preferred can get you to Europe in business class, off-peak. Personally I would rather have a great international trip in a premium cabin, than a little more money in the bank.
But I would be careful not to jump to the conclusion that the Sapphire Preferred Card is too big for you. Remember, you can put down TOTAL household income on credit card applications.
Will you be accepted if you apply for the Sapphire Preferred? I don’t know—short answer it really depends.
So worst case scenario, you get rejected for the Sapphire Preferred, (make sure it is Preferred, just the Sapphire isn’t as lucrative) take a small drop of 2-5 points on your credit score and look to build up credit history with Chase via the Freedom or even Slate card.
Again though, it’s all about what goals you have in mind and what you hope to get out of it.
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