For many consumers, getting a new credit card is easy. But learning how to make the most of a card’s perks and rewards structure can get confusing, fast.
If you have the Chase Sapphire Preferred® Card or are interested in it, you might already know about its valuable sign-up bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®. (The card has an annual fee of $95.)
Here are four ways you can wring even more value out of having this card.
1. Get the app
This isn’t advice specific to the Chase Sapphire Preferred® Card, but it’s going to make your life a lot easier: Download the Chase Mobile App to your mobile device. It’s available on the App Store and Google Play, and it allows you to do things like pay your credit card bills, set up account alerts and track your points. If you value convenience, using the app is a no-brainer.
2. Tell your friends
Planning a trip with friends? Know someone who’s in the market for a new travel rewards credit card? You can earn up to 10,000 bonus points by referring someone to the Chase Sapphire Preferred® Card; if your referral applies and is approved for the card, the points are yours. You can refer up to five people a year for a maximum of 50,000 points.
3. Double down with partner programs
There are so many ways to earn rewards points nowadays that you might have some leftover points on an account somewhere that you can’t use. You’re less likely to have that problem with the Chase Sapphire Preferred® Card; customers can exchange their Chase Ultimate Rewards® points to a wide variety of hotel and airline programs at a 1:1 value. Partners include Southwest Airlines Rapid Rewards, United MileagePlus, Marriott, World of Hyatt and more.
4. Rent a car without the worry
That moment when the rental car employee asks if you need insurance can be nerve-wracking. Does your regular auto insurance cover you? If you pay with your Chase Sapphire Preferred® Card, you get primary coverage through the card, which kicks in before your auto insurance. The card’s coverage will reimburse you up to the cash value of the car for theft and collision for most rental cars in the U.S., as long as you decline the rental agency’s collision damage waiver (CDW) coverage.
Also good to know: If a flight or cruise you’re taking is delayed by up to 12 hours, you could be eligible for up to a $500 reimbursement for expenses. If your trip is canceled or otherwise interrupted, you could be reimbursed up to $10,000 per person.
How to maximize your rewardsYou want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2020, including those best for:
- Airline miles and a large bonus: The Chase Sapphire Preferred® Card
- No annual fee: The Wells Fargo Propel American Express® card
- Flat-rate rewards with no annual fee: The Bank of America® Travel Rewards Visa® credit card
- Premium travel rewards: The Chase Sapphire Reserve®
- Luxury perks: The Platinum Card® from American Express
- Business travelers: The Ink Business Preferred℠ Credit Card
Planning a trip? Check out these articles for more inspiration and advice:
Chase Ultimate Rewards: How to earn and use them
NerdWallet’s top travel credit cards
How to earn travel rewards you’ll actually use