Get Rich Quick With Chase Sapphire Preferred’s Cash Back Bonanza

The Chase Sapphire Preferred® Card is a popular rewards credit card that offers a variety of benefits, including cash back and travel rewards. However, many people wonder, “Is Chase Sapphire Preferred cash back?” In this blog post, we’ll explore the answer to this question and discuss the different ways you can earn cash back with the card.

Cash Back with Chase Sapphire Preferred

While the Chase Sapphire Preferred® Card is primarily known for its travel rewards, it does offer limited cash back earning opportunities. Here’s a breakdown:

1. Points Redemption

You can redeem your accumulated Chase Ultimate Rewards® points for cash back at a rate of 1 cent per point. This means that 100 points are worth $1 in cash back.

2. Cash Advance

You can withdraw cash from your Chase Sapphire Preferred® Card account at an ATM or bank. However, this is not a recommended way to earn cash back due to the high fees associated with cash advances.

Is Chase Sapphire Preferred Cash Back Worth It?

Whether or not Chase Sapphire Preferred cash back is worth it for you depends on your spending habits and financial goals. Here are some factors to consider:

1. Cash Back Rate

The cash back rate of 1 cent per point is relatively low compared to other cash back credit cards. You may be able to find cards with higher cash back rates, especially on certain categories like groceries or gas.

2. Travel Benefits

If you travel frequently, the Chase Sapphire Preferred® Card offers valuable travel benefits that may outweigh the limited cash back options. These benefits include:

• 2x points on travel and dining
• Complimentary airport lounge access
• Travel protection and insurance

3. Spending Habits

If you don’t spend a significant amount on travel or dining, the cash back earning potential of the Chase Sapphire Preferred® Card may not be substantial.

Maximizing Cash Back with Chase Sapphire Preferred

If you decide that the Chase Sapphire Preferred® Card is right for you, here are some tips to maximize your cash back earnings:

1. Use the Card for Travel and Dining

Earn 2x points on every dollar spent on travel and dining, which can add up quickly if you travel frequently or dine out regularly.

2. Combine with Other Chase Cards

Link your Chase Sapphire Preferred® Card to other Chase cards, such as the Chase Freedom Flex℠ or Chase Freedom Unlimited®, to transfer points and redeem them for cash back.

3. Use the Chase Ultimate Rewards® Portal

Redeem your points for cash back through the Chase Ultimate Rewards® portal, which often offers bonus redemption rates.

Alternatives to Chase Sapphire Preferred Cash Back

If you’re looking for a credit card with better cash back earning potential, here are some alternatives to consider:

• Capital One Quicksilver Cash Rewards Credit Card: 1.5% cash back on all purchases
• Citi Double Cash Card: 2% cash back on all purchases
• Discover it® Cash Back: 5% cash back on rotating categories, up to $1,500 per quarter

Summary: The Verdict

Is Chase Sapphire Preferred cash back a good option? It depends on your individual circumstances. If you value travel benefits and don’t spend a significant amount on non-travel categories, the Chase Sapphire Preferred® Card may be a good choice. However, if you’re primarily looking for cash back, there are other cards with higher cash back rates available.

FAQs

Q: Can I use my Chase Sapphire Preferred® Card to get cash back at the register?

A: No, you cannot directly get cash back at the register with your Chase Sapphire Preferred® Card.

Q: How long does it take to redeem my points for cash back?

A: Cash back redemptions typically take 2-3 business days to process.

Q: Can I transfer my Chase Ultimate Rewards® points to another bank account?

A: No, you cannot transfer your Chase Ultimate Rewards® points to another bank account.