Chase Adds $ 50 Grocery Credit for New Sapphire Preferred Cardholders
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Chase announced that new Chase Sapphire Preferred® Card members can now receive up to $ 50 in statement credits on grocery store purchases.
This is in addition to the existing Chase limited-time grocery category added to both Sapphire Preferred and its most popular. travel credit card, the Chase Sapphire Reserve®. Sapphire Reserve currently offers 3X points on grocery store purchases, while Sapphire Preferred earns you 2X points (up to $ 1,000 in purchases per month). Both offers are valid until April 30, 2021.
Sapphire Preferred Grocery Credit is automatically applied and available only to new cardholders, while the limited-time bonus grocery categories on both Sapphire Cards automatically apply to existing and new Sapphire Cardholders.
For potential new Preferred cardholders, note that the grocery store purchase statement credit is a one-time opportunity and valid for 12 months after account opening.
As a reminder, gas and grocery purchases are eligible for the $ 300 Sapphire Reserve travel credit until June 30, 2021, six months longer than the offer’s original schedule. Reserve travel credit is reset annually on the date of the first statement after the account anniversary, but for cardholders who signed up before May 21, 2017, the reset occurs every calendar year.
For more information on recent changes to Sapphire credit cards you can visit the following page information page. In the meantime, here’s an overview of each card’s reward structure and welcome bonus offers (not counting the various credit opportunities on statements):
Chase Sapphire Reserve
- Welcome bonus: 60,000 points when you spend $ 4000 on your card within three months of opening the account (valued at $ 900 when redeemed for travel through Chase Ultimate Rewards)
- Awards: Earn 3X points on purchases at the grocery store until April 30, 2021 (up to $ 1,000 in purchases each month); 3X points on travel and meals worldwide (after earning your $ 300 travel credit); 1X points on everything else; until March 2022, earn 10X total points on Lyft purchases
Favorite Chase Sapphire
- Welcome bonus: 80,000 points when you spend $ 4000 on your card within three months of opening the account (valued at $ 1000 when redeemed for travel through Chase Ultimate Rewards)
- Awards: Earn twice as many points on your purchases at the grocery store until April 30, 2021 (up to $ 1,000 in purchases per month); 2X points on travel and restaurant meals; 1X points on all other purchases; until March 2022, 5X points on Lyft trips (3X points in addition to the 2X points you already earn while traveling)
What these changes mean for cardholders
With the previous addition of the Sapphire Reserve and Preferred limited-time grocery categories (among other newly added grocery-centric perks), as a potential new cardholder, you might be wondering which Chase the credit card is made for you.
“I think a lot of it depends on how you spend, what you want to withdraw from the card and what other cards you have,” said Ted Rossman, industry analyst at Bankrate.
Rossman notes that new cardholders can get great rewards from the Chase Freedom Flex℠ and Chase Freedom Unlimited®, but those hoping to upgrade from a higher-tier Chase card to receive the welcome bonus offers from Freedom Flex and Unlimited should think twice.
“If you downgrade (switch products), you’re not eligible for those,” says Rossman. “You might consider reapplying if you think you’re approved and want a new card. “
Existing Cardholders: Is the Sapphire Reserve or Preference Worth Keeping?
Considering the Sapphire Reserve’s high annual fees and Chase’s recent additions to its no-annual fee cards, you might be wondering if the Reserve is worth hanging onto. According to Rossman, the card’s “short-term cash back incentives and long-term travel benefits” are worth it to some.
While Rossman believes the stash is worth keeping in the midst of the pandemic, Sapphire Preferred’s rewards structure is comparable to no-annual fee cards, such as the Wells Fargo Propel American Express® Card and American Express Blue Cash Everyday® Card, while the Preferred itself charges an annual fee of $ 95.
“I know some people like the portability of Sapphire Preferred points, I just think there are better and cheaper cards for that kind of expense,” Rossman said.
Wells Fargo Propel American Express card information was collected by Bankrate and has not been reviewed or provided by the issuer or provider of this product or service.