Ben Todd | Jun 2, 2017 | 1
Chase Sapphire Preferred Review: The Serious Traveler’s Must-Have Credit Card
The Chase Sapphire preferred credit card offers card members the chance to earn 50,000 bonus points. Why open with that fact? Because that is what all the Chase Sapphire preferred credit card adverts currently open with. The company is clearly vying for the attention of its potential customers, and who can blame them when there are so many credit cards for the Chase Preferred to compete with.
The 50,000 Bonus Points You Can Earn
Plenty of people use credit cards to earn rewards and such, which is why the Chase Sapphire preferred credit card offers such a generous reward. Open your account and spend over $4000 on purchases within the first three months and you get 50,000 bonus points.
What can 50,000 points get you? It can get you approximately $625 off your travel expenses. There are a number of terms and conditions, but most of them are obvious, such as how you cannot buy a bunch of stuff and then return it for a refund.
You have to add your first authorized user, which common sense suggests would be you because they do not mention anything about a second member, but it may be worth checking on that fact if you go for the Chase Sapphire preferred credit card. You then have to make $4000 of purchases within a three-month period. It sounds like a lot, but it is only a case of spending $44.50 per day, and some people spend close to that amount on gas or train tickets.
You need to check to see what counts as a purchase and what do not. After all, one would suspect that gas and train tickets count as purchases, but the Chase Sapphire preferred credit card Company may only consider store bought products to be purchases.
Read the terms and conditions before you apply for the card. For example, there is one that says you cannot have the bonus if you have already had one of their bonuses in the last 24 months.
Exploiting The Credit Card Company Loopholes
Credit cards such as this one will always have terms and conditions to stop people screwing them over, but there are usually loopholes you can exploit.
One of the most common loopholes is to find merchants that allow you to take things back for a refund. Then, find a clerk that is willing to refund you in cash rather than back to your credit card.
There are some companies that do this sort of thing anyway, but there are many “kept” spouses and sneaky teenage students that try similar tricks to get money from their credit card without their spouse or parents knowing about it. As a result, fewer companies are willing to refund your credit card purchase in cash.
Nevertheless, there are some merchants that will refund you in cash, and almost every time the credit card company will not know you got a refund. As a result, you get your money back, you pay the debt you just accrued, and you take one-step closer to getting your bonus.
Other Ways To Cheat Your Way Towards A Bonus
You can offer to go out and buy all the things that your friends and family are planning to buy for Christmas or the holidays. You buy with your credit card and they pay you in cash.
Another method is to buy a holiday or tickets for a popular concert and then re-sell them on eBay for a big profit. That way, you get your money back, you get a profit, and you get your bonus points.
Finally, you may take a more risky route and use your credit card normally for the first 2 months and 3 weeks. Then, let’s say you have made purchases of $2800, and you need $1200. Simply buy a big-ticket item such as a sofa for that amount, making sure that the company gives refunds if it is not taken out of the wrapping. Make sure the refund policy is for 14 or more days. You make the purchase, wait a week for the 3-month period to elapse, get your points and return the sofa for a refund.
You Didn’t Read This Naughty Trick Here
A sneaky and immoral thing to do when getting refunds is to go back to the merchant and claim that the credit card you paid with has been cancelled. It is lying and a little nasty, but if you say that the credit card has been cancelled and you will not receive the refunded money, you may convince the clerk to refund in cash or into your checking account.
Just remember that this is a rather sleazy and immoral trick to play, which is why you didn’t read it here (nudge, nudge, wink, wink). Nor did you read the other tips listed above.
The Chase Sapphire Preferred Credit Card Is Pretty Amazing
Okay, so let’s get down to hard opinion, and that is that the Chase Sapphire preferred credit card is a genuinely good card for people who travel frequently or people who travel on regular intervals.
They transfer their points at a rate of 1:1 to frequent travel program, and they have a collision damage waiver for automobile rentals, and they offer zero liability protection if you obey their terms and conditions.
Their customer service department runs 24/7, and you can call them from whichever country you happen to be in at the time. Their annual fee is $95, but you can avoid it during your first year with a $0 first-year free offer.
More Great Points About Chase Sapphire
They are accepted by 43.3 million merchants around the world, and that is not establishments, that is businesses. For example, one of those merchants is McDonalds, and McDonalds has over 36,600 restaurants around the world. In other words, there are many places on this planet where your Sapphire card is welcome.
It has trip cancellation insurance, and most transaction fees will cost you nothing. They have baggage delay insurance and trip interruption insurance. All their insurance offers have a slew of different terms and conditions, such as how you cannot claim your lost sandwiches as lost luggage and so forth, and how you cannot understand why your Faberge Eggs were absent from your case when you wrote “Fragile, Expensive Antiques Inside” on your luggage. Their insurance terms and conditions are not tricky, they are just long and boring. They have so many terms and conditions for their insurance offers because they are covering themselves from being exploited by users.
Conclusion – Expensive, Exclusive, But Perfect For Travelers
Is it a must-have for travelers? Maybe. If you are hoping to build wealth so you may become financially independent, then you should stay away from credit cards. However, if you are one of a small minority who are able to handle credit card debt competently and only use cards for their bonuses, then this card is for you. If you are willing to accept the terms and conditions that come with their insurance protection, and you travel at least three times per year, then the card is worth the $95 annual fee. Otherwise, you should take your own money and avoid the chance of falling back into credit card debt.