What To Know
- A 0% intro APR can be a valuable benefit, especially if you plan to make large purchases or consolidate debt.
- The Chase Sapphire Preferred® Card’s 0% intro APR on purchases can be a valuable tool for responsible cardholders.
- However, it’s crucial to pay your balance on time, monitor your spending, and plan for the regular APR after the promotional period ends.
The Chase Sapphire Preferred® Card is a popular choice among travelers and rewards enthusiasts. It offers a generous sign-up bonus, flexible redemption options, and valuable travel benefits. However, one question that often arises is whether the card comes with a 0% introductory APR. In this comprehensive guide, we’ll explore the answer to this question and delve into the details of the card’s APR structure.
0% Intro APR: A Closer Look
Yes, the Chase Sapphire Preferred® Card currently offers a 0% introductory APR on purchases for 15 months from account opening. This means that you won’t pay any interest on your purchases during this promotional period. After the 15-month period ends, the regular APR will apply to any remaining balance.
Important Note: The 0% intro APR does not apply to balance transfers or cash advances. For these transactions, the regular APR will apply from day one.
Regular APR and Penalty APR
Once the 15-month introductory period ends, the regular APR for purchases, balance transfers, and cash advances will apply. The regular APR varies based on your creditworthiness and can range from 13.99% to 23.99% (Variable).
In case of late payments or other violations of the card agreement, a penalty APR of up to 29.99% may be applied. It’s crucial to make timely payments and avoid any potential penalty fees.
Benefits of 0% Intro APR
A 0% intro APR can be a valuable benefit, especially if you plan to make large purchases or consolidate debt. Here are some advantages:
- Interest Savings: You can save money on interest charges during the promotional period.
- Lower Monthly Payments: With no interest accruing, your monthly payments will be lower, freeing up cash flow.
- Debt Consolidation: You can transfer high-interest balances to the Chase Sapphire Preferred® Card and pay them off at a lower rate.
Responsibilities with 0% Intro APR
While a 0% intro APR offers many benefits, it’s important to use it responsibly:
- Pay on Time: Make sure to pay your balance in full each month to avoid late fees and potential damage to your credit score.
- Monitor Your Spending: Track your expenses carefully to avoid overspending during the promotional period.
- Plan for Regular APR: Remember that the regular APR will apply after the 15-month period ends. Create a plan to pay off your balance before then.
Other Considerations
In addition to the 0% intro APR, the Chase Sapphire Preferred® Card also offers:
- Sign-up Bonus: Earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening.
- Travel Rewards: Earn 2x points on travel purchases and 1 point per dollar on all other purchases.
- Flexible Redemption Options: Redeem points for travel, cash back, gift cards, and more.
- Travel Protections: Enjoy benefits such as trip cancellation/interruption insurance, baggage delay insurance, and rental car collision damage waiver.
Final Thoughts: Maximizing Your Benefits
The Chase Sapphire Preferred® Card’s 0% intro APR on purchases can be a valuable tool for responsible cardholders. By utilizing this benefit wisely, you can save money on interest, lower your monthly payments, and consolidate debt. However, it’s crucial to pay your balance on time, monitor your spending, and plan for the regular APR after the promotional period ends. With its generous rewards, flexible redemption options, and travel protections, the Chase Sapphire Preferred® Card remains a top choice for those seeking a premium travel rewards card.
Quick Answers to Your FAQs
Q: How long does the 0% intro APR last?
A: The 0% intro APR on purchases lasts for 15 months from account opening.
Q: Does the 0% intro APR apply to all transactions?
A: No, the 0% intro APR only applies to purchases. Balance transfers and cash advances are subject to the regular APR from day one.
Q: What is the regular APR for purchases after the intro period ends?
A: The regular APR for purchases ranges from 13.99% to 23.99% (Variable) based on your creditworthiness.
Q: Can I still earn rewards during the 0% intro APR period?
A: Yes, you can earn rewards on all eligible purchases, regardless of the APR applied.
Q: What happens if I don’t pay my balance in full during the 0% intro APR period?
A: If you don’t pay your balance in full, the regular APR will apply to the remaining balance, and you may be charged interest.
