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Comparing the Chase Sapphire and Chase Sapphire Preferred credit cards

Wednesday, August 01, 2012 at 11:50:11 AM

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When you have excellent credit and you're looking at Chase credit card offers, you will likely come across both the Chase Sapphire and Chase Sapphire Preferred card.

That might lead you to wonder exactly what the differences between these cards are, apart from their names. Here are the basics.

Chase Sapphire

This is essentially an extremely good rewards credit card, because it carries a low ongoing interest rate of just 15.24 percent (although that APR is variable and therefore can change over the life of the account), as well as no annual fee.

You'll also earn 10,000 bonus points for spending $500 on the account in the first three months you have the card, the equivalent of $100 worth of points. Further, you'll earn double cash back for all purchases made in restaurants.

Chase Sapphire Preferred

This card is more designed for bigger spenders, because it will grant you 40,000 bonus points - $500 worth - when you spend $3,000 in the first three months. It also grants you double points both in restaurants and on travel arrangements, and gives you 20 percent off airfare, hotels, car rentals, and cruises when you book them through its associated Ultimate Rewards Program. Further, all points you rack up over the course of a year earn a 7 percent dividend annually.

While this card carries the same interest rate as the standard Sapphire card, it also comes with a $95 annual fee, which is waived for the first year the account is open.

Which is best?

You'll have to review your own finances to see which credit card application form to fill out. Which could be the best rewards credit card for you will depend on your personal spending and repayment habits. One thing that's obvious is that with the Chase Sapphire Preferred if you spend the $3,000 in 3 months the bonus points will have a value in excess of the annual fee (just make sure you use the points!).

Once you identified the best credit card for your needs, take you time to fill out the application carefully. Use current data such as income and address. Be accurate - there is no need to exaggerate the numbers - it won't help you get approved anyway. Rest assured that the credit card issuer wants to gain a customer as much as you want a new credit card. They will respond quickly to your online application and if for any reason you are declined, you can re-apply later for your second choice.

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