Chase Sapphire Preferred® Card: Eligibility Requirements & Benefits

The Chase Sapphire Preferred® is the Keanu Reeves of travel rewards cards; it’s aged well, remains incredibly generous, and hasn’t let its popularity go to its head.

So why is the Chase Sapphire Preferred® so popular, even among non-travelers?

Let’s dive into the uncanny popularity and eligibility requirements of the Chase Sapphire Preferred® card.

What’s so special about the Chase Sapphire Preferred® card?

Year after year, the Chase Sapphire Preferred® card retains a loyal following for a combination of reasons:

A super generous sign-up bonus

At the moment, the Chase Sapphire Preferred® card is enticing new applicants with a crazy-high 60,000-point bonus once you spend $4,000 within the first three months of account opening.

And none of these “points are worth 0.6 cents when redeemed for cash” BS that other banks pull — points are worth a minimum of one cent apiece (or more if you redeem for travel).

Generous rewards and cash back

Here’s a quick and dirty summary of the Chase Sapphire Preferred®’s cash back:

• 5x points on travel purchased through Chase Ultimate Rewards®.
• 3x back on dining, grocery stores, and select streaming services.
• 2x on travel (airfare, hotels, taxis, and trains).
• 1x back on everything else.
• 10% account anniversary points boost.
• $50 annual hotel credit.

Sure, some American Express cards manage to beat the Chase Sapphire Preferred® on rewards — but they also charge higher annual fees ($250+ versus $95).

Beaucoup travel benefits and insurance

In addition to travel-centric rewards, Chase bundles in generous travel insurance that under the right (or wrong) circumstances could save you $10,000 or more:

• Trip cancellation/interruption insurance.
• Trip delay reimbursement.
• Travel accident insurance.
• Lost luggage reimbursement.
• Baggage delay insurance.
• Travel and emergency assistance.

Related: Best credit cards for travel insurance

The rock-solid Chase app and customer service

To round out the Chase Sapphire Preferred®’s offerings, you get access to a solid, stable app and a responsive, professional customer support team. Having reviewed several Chase cards, I’ve never had to wait longer than 10 minutes to speak to a Chase rep.

Neato, so what are the eligibility requirements?

Very Good to Excellent credit (700+)

You’ll want to have a credit score in the 700s for a chance at the Chase Sapphire Preferred®.

FYI you can always check your score for free over at Credit Karma. If you’re a few points shy, let us help you bump your numbers before applying.

You should never apply for a credit card without knowing for sure that you meet the credit requirements, since a rejection can needlessly ding your credit with a hard pull.

No existing Sapphire account

Chase actually has three cards that sound like expensive, top-shelf booze, and they only let you hold one at a time:

• The Chase Sapphire Preferred®.
• The Chase Sapphire Reserve®.
• The Chase Sapphire (no longer accepting new applications).

For the curious, the Chase Sapphire Reserve® is basically the Preferred® on steroids. Here’s a quick comparison chart:

You haven’t received a sign-up bonus from a Sapphire card within the last 48 months

Technically this isn’t a requirement to get the card, but you won’t get the 60k bonus if you already got one from a Sapphire-family card within the last four years.

Hang on; does that mean if you’ve had a Sapphire card for more than four years, you can cancel it, reapply, and score $800?

Can I cancel and reapply for the Chase Sapphire Preferred® just to get the sign-up bonus?

While you can theoretically get the 60,000-point sign-up bonus again on the Chase Sapphire Preferred® after having waited 48+ months since the last time you got it and closing your card, I’d be cautious of trying to game the system.

Also, canceling your first Chase Sapphire Preferred® card will void your points, so you’ll want to either:

1. Convert them to cash first, redeem them for travel through the Chase Ultimate Rewards® program or transfer them to one of Chase’s 14 airline and hotel partners.
2. Downgrade your Chase Sapphire Preferred® to a non-Sapphire card (Chase Freedom Flex^SM, Chase Freedom Unlimited®) to keep your points.

Just remember, the act of canceling a line of credit and applying for a new one are both actions that can drop your credit score by several points. So be sure to carefully weigh whether the sign-up bonus is worth it.

If you’re applying for a big loan within the next three months (mortgage, auto loan, student loan refinancing), then I’d say it’s probably not worth the risk.

Oh, and don’t forget Chase’s funky 5/24 rule…

Lastly, current and future Chase customers should all know about the infamous Chase 5/24 rule.

In short, Chase will reject any applicant who has already applied for five new credit cards from any card company within the last 24 months.

So if the Chase Sapphire Preferred® is your sixth card in two years, best to wait a while before you get auto-rejected and suffer a needless hard pull of your credit.

How can you maximize your 60k sign-up bonus?

You can always cash out your 60k sign-up bonus for $600, but consider this: those points are worth $750, when redeemed for travel through Chase Ultimate Rewards®.

Chase Ultimate Rewards® is like a Kayak.com clone offering flights, hotels, cars, cruises, and “activities,” which include museums, hikes, tours, etc.:

Source: Chase Ultimate Rewards®, screengrab by Chris Butsch

Nobody would blame you if you cashed out your sign-up bonus — especially considering you can invest it for better than 1.25x returns.

But if you do travel often, you might want to keep your Chase Ultimate Rewards® points in the bank to subsidize your next trip.

Should you get the Chase Sapphire Preferred® if you qualify?

As slick as it is, the Chase Sapphire Preferred® isn’t for everyone. Here’s who I think would benefit most — and conversely, who can safely take a pass:

You should get the Chase Sapphire Preferred® if:

If you’re looking for a travel rewards card and you’re eligible, the Chase Sapphire Preferred® is our top pick among competitors.

Even if you don’t intend on doing much traveling, the Chase Sapphire Preferred® would make an excellent backup credit card with its $600 sign-up bonus and comparatively low annual fee ($95).

You should get a different card if:

If you fall just shy of the Chase Sapphire Preferred®’s credit requirements, you might want to start with one of Chase’s more mainstream, no-fee cards like the Chase Freedom Flex^SM or the Chase Freedom Unlimited®.

Those cards have a looser credit requirement (~680+) and still manage to offer nice sign-up bonuses and rewards. And if you’re earlier on in your credit-building journey, check out our picks for the best credit cards for building credit from scratch.

The bottom line

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Like Keanu Reeves, the Chase Sapphire Preferred® card isn’t for everyone (just ask my girlfriend, who I dragged to see “John Wick 3”).

But if you’re eligible, can afford a minor ding on your credit score,  and in the market for a travel rewards credit card, it’s a superb choice.

Now, snag that 60,000-point sign-up bonus before it’s gone for good.

Featured image: Atstock Productions/Shutterstock.com

Read more:

• How credit card reward points work – and which are the best cards
• Cash back or travel rewards: which should you choose?