The Chase Sapphire Preferred® Card is a popular credit card for travelers, but it’s important to consider the potential drawbacks before deciding if it’s the right choice for you. In this article, we’ll take a closer look at the cons of traveling with the Chase Sapphire Preferred® Card.
One potential con of the Chase Sapphire Preferred® Card is its annual fee. While the card’s benefits and rewards can more than make up for the cost, the $95 annual fee can be a drawback for some users, especially those who don’t travel frequently.
Another potential drawback is that the rewards program may not be as valuable for some users. While the 2x points per dollar spent on travel and dining at restaurants can be lucrative, those who don’t spend much in these categories may not earn as many rewards.
Additionally, the redemption options for the rewards program may not be as flexible as some users would like. While you can redeem your points for travel, gift cards, merchandise, or cash back, the options may not be as varied as some other credit cards.
The Chase Sapphire Preferred® Card also has a relatively high APR, which can be a concern for users who carry a balance. This can negate the benefits of the rewards program, especially if you’re paying interest charges on your balance.
Another potential con of the Chase Sapphire Preferred® Card is that it’s not as widely accepted as some other credit cards. While it’s accepted at most major merchants, it may not be accepted at smaller businesses or in some international destinations.
The card also has a foreign transaction fee of 3%, which can add up quickly for users who travel internationally frequently. While the card’s lack of foreign transaction fees is a pro, the fee can be a drawback for some users.
Additionally, the card’s travel-related perks may not be as valuable for some users. For example, the trip cancellation insurance and trip interruption insurance may not be useful for users who rarely book travel or who typically purchase travel insurance separately.
The card’s partnership with airline and hotel loyalty programs may also be a con for some users. While transferring your points to these programs can be valuable for some travelers, those who don’t frequently use these programs may not see as much benefit.
Another potential drawback is that the card requires excellent credit for approval. Those with lower credit scores may not be able to qualify for the card, which can be limiting for some users.
The Chase Sapphire Preferred® Card also has a relatively high minimum spending requirement to earn the welcome bonus. Users must spend $4,000 on purchases in the first three months from account opening to earn the bonus, which may not be feasible for some users.
The card’s rewards program also has a cap on the number of points you can earn in certain categories. For example, the 2x points per dollar spent on travel and dining at restaurants is capped at $50,000 per year, after which you’ll earn 1 point per dollar spent.
Finally, the card’s benefits and rewards may not be as valuable for some users as they may be for others. While the card can be a great choice for frequent travelers, those who don’t travel frequently or who don’t spend much in the bonus categories may not see as much benefit.
In conclusion, while the Chase Sapphire Preferred® Card has many benefits for frequent travelers, it’s important to consider the potential drawbacks before deciding if it’s the right credit card for you. The annual fee, rewards program, and redemption options may not be as valuable for some users, and the card’s high APR, limited acceptance, and foreign transaction fee can also be potential drawbacks. By weighing the pros and cons, you can make an informed decision about whether the Chase Sapphire Preferred® Card is the best choice for your travel needs.