Chase Sapphire Card: Good Rewards, No Annual Fee

The Chase Sapphire card has upped its game as one of the top credit cards on the market. Enough so, that this is only the second credit card I’ve ever fully reviewed in 2 and a half years on this blog. At a time when most credit cards have implemented annual fees with the recent passage of the Credit Card Act, the Sapphire card has no annual fee. It also offers a good rewards program (a true rarity to have both these days). Here’s a look at it:

• 10,000 bonus points after your first purchase (limited-time promotion)
  
• Two points per dollar spent on airfare booked through their Ultimate Rewards program
• One point for every dollar spent on all other purchases
• 10 points for every dollar spent shopping with select merchants through the Ultimate Rewards Mall

Cash Back Rewards that Don’t Take Back

Fortunately, there are no earning caps on rewards, point expirations, or blackout dates. You are also not tied down to using the rewards on miles, or to buy junk you don’t need. You can simply redeem them for cash – which is what I strongly recommend people do. Here’s a look at the cash back rewards options with the Chase Sapphire card:

Use points to redeem for a cash-back Rewards Check. Credits begin at 2,000 points for $20.

• 2,000 points: $20 cash value
• 5,000 points: $50 cash value
• 10,000 points: $100 cash value
• 50,000 points: $500 cash value

This means that with your first purchase, you’ll already have earned $100 cash back!

An added bonus with all of Chase’s cards is that you get free access to Chase BluePrint, which helps guide you to pay off balances and achieve financial goals.

The Chase Sapphire Preferred Card

If you’re a business owner or travel heavily for work, the Sapphire Card has a rewards-on-steroids brother, the Chase Sapphire Preferred Card. The Preferred card caters to those who like to travel a lot. You can earn a free flight by getting 25,000 bonus points after spending $3,000 in the first 3 months. The other main difference between the two cards is that points are worth 25% more when you redeem for airfare, and there is a 7% annual points dividend, so you can earn points on your points.

However, all good things have a downside, and the Chase Sapphire Preferred Card’s is that it has an annual fee of $85. This fee is waived in the first year. I’m not a fan of credit cards with annual fees, but can see the appeal of high rewards programs for high spenders. If you’re not a business owner that charges a lot or is looking for travel rewards, you’re probably better off sticking with the no annual fee version of this card.

The Downsides to Chase Sapphire & All Credit Cards

Any time I mention a credit card on this site, I feel compelled to step into my pastor shoes and give the “only use credit cards if you pay off your balance every month” speech. So do that, otherwise, you should not be using a credit card, and credit card rewards programs are pointless. For more on that, check out my ‘Dave Ramsey credit card‘ post. The Sapphire Card has a relatively low APR for credit cards (12.24% at the time of this post), but it is still way too high to have to pay.

Also, the Sapphire card would not be a good choice as a 0% APR balance transfer card, however, as balance transfers are at the regular APR rate and include a 3% transfer fee.

Otherwise, the Chase Sapphire card is one of the top in no annual fee rewards cards out there. Have you tried the Sapphire card? What’s your take on it?

Related Posts:

• Costco American Express Card Review
• Chase Freedom Review