The recent Chase Sapphire Preferred bonus injected interest in an already lucrative card. Now, with the Pay Yourself Back feature, current and prospective cardmembers have even more upside potential this holiday shopping season.
Not only is the Pay Yourself Back feature available on the Chase Sapphire Preferred, but it’s also available to Chase Sapphire Reserve cardmembers. With that said, let’s dive into why you should consider using your Chase Sapphire Preferred for your holiday shopping.
Holiday Shopping Benefits
Pay Yourself Back with Holiday Shopping
If you’re like me, your grocery store, takeout, and delivery expenses increased during the pandemic. The good news for Chase Sapphire Preferred cardmembers is that you can take advantage of the Pay Yourself Back feature this holiday shopping season.
Through April 30, 2021, you can redeem your points as a statement credit at grocery stores, restaurants (including takeout and delivery), home improvement stores, and select charitable organizations. Each Chase point you redeem as a statement credit is worth $.0125. This means that 100 points are worth $1.25. Scale that number of points up and you can potentially save big.
Non-Holiday Shopping Benefits
2x Points on Dining and Travel
One of the things the Chase Sapphire Preferred is known for is its earning potential on dining and travel purchases. Its structure is similar to the Chase Sapphire Reserve albeit dialed down in terms of earn rates and benefits.
Sapphire Preferred cardmembers earn 2x points on dining, including eligible delivery services, takeout, and dining and travel. If you’re buying restaurant gift cards for the family this holiday shopping season, this card can make sense to use. Outside of the Sapphire Preferred, one of my favorite cards to recommend for dining is the Amex Gold.
2x Points at Grocery Stores
A new feature of the Sapphire Preferred is earning bonus points at grocery stores. As current cardmembers know, dining and travel were traditionally the only bonus earning categories available on this card.
You now earn 2x points on up to $1,000 in grocery story spend per month between November 1, 2020, and April 30, 2021. This includes eligible pick-up and delivery services. Separately, another card to consider using at grocery stores is the Amex Gold.
25% Redemption Value
The Sapphire Preferred is known for the ability to redeem points at 1.25 cents per point for travel. That’s in addition to earning 2x points on dining and travel.
For example, 60,000 Chase Ultimate Reward points equal $750 in travel. Head to the Chase Ultimate Rewards website, redeem points at 1.25 cents per point to book your next flight and count that as a win! For comparison, you can redeem points at 1.5 cents per point with the Sapphire Reserve.
$60 for Peloton Membership
Peloton has continued to change the fitness game. That’s why I love Peloton’s partnership with Chase. Peloton found an opportunity to market its brand to Chase customers, many of whom are now working from home.
You receive up to $60 back on Peloton Digital or All-Access Memberships through 12/31/2021. Personally, this is a benefit Ashlee and I use through our Chase Sapphire Reserve. In short, having access to high-quality workouts for free aligns with our lifestyle.
Complimentary DashPass from DoorDash
A complimentary 12-month DashPass membership for both DoorDash and Caviar is available to cardmembers.
You must activate your DashPass membership by 12/31/2021 to be eligible. DashPass benefits include free delivery on orders of at least $12. Excluded from this offer are payments through third-party payment accounts, mobile digital wallets, or subscriptions purchased through third parties.
Common Chase Sapphire Preferred Questions
Is the Chase Sapphire Preferred worth it?
With a $95 annual fee, earning at least 14,250 points every cardmember year is likely going to make the Sapphire Preferred worth it. Chase points are conservatively worth 1.5 cents per point. So, 14,250 points divided by 1.5 cents per point divided by 100 cents per dollar equals $95.
What credit score do you need for Chase Sapphire?
Data points suggest a 700 is what you need for the Chase Sapphire Preferred credit score.
Is Chase Sapphire Preferred hard to get?
Your credit profile and the Chase 5/24 rule are the primary factors Chase reviews when you apply for its cards. The Sapphire Preferred may be hard to get if you have a low credit score and/or have applied for more than four personal cards in the past 24 months.
What is the difference between Chase Sapphire and Chase Sapphire Preferred?
Chase Sapphire is a family of credit cards. The Chase Sapphire Preferred and Chase Sapphire Reserve are the two Sapphire cards. So, whether you need the Chase Sapphire Preferred vs Reserve will depend on how you value each card’s benefits.
Conclusion on Chase Sapphire Preferred Holiday Shopping
Capitalize on the Pay Yourself Back feature this Holiday Shopping Season. If you can align your spending with grocery stores, restaurants (including takeout and delivery), home improvement stores, and select charitable organizations, you can redeem Chase points as a statement credit.
What do you think about the Chase Sapphire Preferred? What card do you use for your holiday shopping? Please let me know in the comments below or by sending me an email on my contact page.
Disclaimer: If you click and/or sign up for a credit card through certain links on this site or any of my related social media platforms, I may make a commission from that click-through. The editorial content on this page and the user comments are not provided by any of the companies mentioned and have not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are mine alone.
