Thanks to its generous rewards structure and exclusive travel perks, the card_name has become one of the most popular financial tools for military members.
With the military protections offered by the Servicemembers Civil Relief Act (SCRA) and Military Lending Act (MLA), active-duty military members and their spouses can enjoy significant savings by having the $95 annual fee waived.
While the Chase Sapphire Preferred offers fantastic value, especially with the waived annual fee under SCRA/MLA, military members may also want to consider premium alternatives like the Chase Sapphire Reserve or the Platinum Card from American Express. These cards offer even more significant travel benefits, and for those who can take advantage of fee waivers, the premium perks could make those options more appealing.
However, the Chase Sapphire Preferred remains an excellent choice for simplicity and for those looking to complete the Chase Trifecta to maximize rewards earned through the Chase ecosystem.
Additionally, its lower annual fee is ideal for individuals who are not eligible for SCRA/MLA benefits or have separated from service.
Here’s what you need to know about the card_name and why it’s one of the best cards out there.
Chase Sapphire Preferred® Military Review
Summary
These features make the card_name an excellent choice for travelers and military members looking to maximize their rewards and benefits:
- Welcome Bonus: bonus_miles_full
- Rewards Structure:
- 5x points on travel purchased through Chase TravelSM
- 3x points on dining, select streaming services, and online groceries
- 2x points on other travel purchases
- 1x point on all other purchases
- Annual Fee: annual_fees (waived for military members under SCRA)
- Regular APR: reg_apr,reg_apr_type
- Credit Score Needed: credit_score_needed
- Additional Benefits:
- $50 Annual Chase TravelSM Hotel Credit
- No foreign transaction fees
- Trip cancellation/interruption insurance
- Auto rental collision damage waiver
- DashPass subscription with $0 delivery fees and reduced service fees (valid through December 31, 2024)
- Points Redemption: 25% more value when redeeming points for travel through Chase TravelSM.
- Insurance Benefits: Includes lost luggage insurance, trip cancellation/interruption insurance, and more.
- Anniversary Points Bonus: Earn 10% of your total purchases from the previous year as bonus points.
- Chase Offers: Exclusive discounts and deals at various retailers.
- Primary Rental Car Insurance: Coverage for rental cars in the case of collision or theft.
- Purchase Protection: Covers new purchases for 120 days against damage or theft up to $500 per claim.
- Extended Warranty Protection: Extends the U.S. manufacturer’s warranty period by an additional year on eligible warranties of three years or less.
- Access to Chase Experiences: Special access to events and experiences, such as sports, concerts, and dining experiences.
- 24/7 Customer Support: Dedicated customer service for all card-related inquiries.
- Emergency Assistance: Access to emergency services, including medical and legal referrals when traveling.
- See Rates and Fees
How to Apply for the Chase Sapphire Preferred
Applying for the card_name involves several specific steps to ensure that military members receive all applicable benefits, such as the annual fee waiver under the Servicemembers’ Civil Relief Act (SCRA).
Here’s a detailed step-by-step guide tailored for military service members:
Step-by-Step Guide
- Gather Documentation
- Collect necessary documents, including proof of active-duty status. This could be your military orders or other official documentation that verifies your active-duty status.
- Complete the Application
- Fill out the application form online or in person at a Chase branch. Ensure that you provide accurate personal and financial information, including your Social Security number, income details, and employment information.
- Select the Military Benefits Option
- During the application process, indicate your military status. This will help qualify you for the SCRA provisions. You might be required to submit proof of your military status during or after the application process.
- Submit Documentation for SCRA Benefits
- After applying, submit proof of your active duty status to Chase. This can be done electronically through the Chase website by selecting the Servicemembers’ Civil Relief Act (SCRA) option from the dropdown menu in the “new message” section. If you prefer, you can mail copies of your documents to:
Chase
Attn: SCRA Request
PO Box 183240
Columbus, OH 43218-3240
What To Do After Applying for the Chase Sapphire Preferred
- Follow Up
- Follow up with Chase customer support to confirm the status of your application and the application of your SCRA benefits. Chase’s Military Services hotline can be reached at 1-877-469-0110 for any queries related to your benefits.
- Approval and Verification
- Once your application is submitted, Chase will review it and may require additional verification. If approved, you will receive your card, and your SCRA benefits, including the annual fee waiver, will be applied.
- Maximize Your Benefits
- Once approved, take full advantage of the card’s benefits. This includes earning points on travel and dining, and utilizing protections and rewards offered by the card, especially those that are beneficial for military members.
Chase requires applicants to have a good to excellent credit rating (680 and above). However, that isn’t the only factor Chase considers when approving new and existing customers for a Chase Sapphire Preferred card.
The Chase 5/24 Rule
Chase has a strict 5/24 rule for approving new credit applications. To be approved for a Chase credit card, you must have opened fewer than five accounts in the last 24 months. This includes credit cards from all banks, not just Chase.
Similarly, you may not be approved if you’ve opened two or more accounts in the last 30 days. You can check the status of newly opened accounts by checking your credit report.
If you opened your fifth account on Feb. 5, 2024, you should wait until March 1, 2026, to apply for a Chase card.
This rule helps Chase ensure you don’t have too many open accounts at once.
Common Mistakes to Avoid
To ensure a smooth application process, avoid common mistakes such as providing incomplete documentation, failing to select the military benefits option, or not following up with customer support to confirm benefit status.
Compare the rates, fees, and rewards of top credit cards for military servicemembers and veterans, including cards with waived annual fees under the SCRA.
SCRA and MLA Military Benefits: Chase’s Generous Policy
Chase offers active-duty military members and their families exceptional financial benefits through its Servicemembers Civil Relief Act (SCRA) and Military Lending Act (MLA) policies, which go beyond what is legally required.
Chase’s SCRA Policy
For accounts opened before active duty, Chase applies a 4% interest rate cap, which is more generous than the 6% cap required by law. Additionally, Chase waives all fees, including annual fees, late fees, and foreign transaction fees.
This means military members with pre-service debt can enjoy lower interest rates and fee-free usage of their Chase credit cards, including while deployed overseas or on frequent moves.
Chase’s MLA Policy
Chase’s MLA policy waives most fees for accounts opened during active duty, including annual and balance transfer fees. Though late fees and returned check fees are not waived, the policy still provides substantial relief by capping the Military Annual Percentage Rate (MAPR) at 36%, as required by law.
Unlike many issuers, Chase automatically applies MLA protections when a military member opens a new account, streamlining the process.
Additional Benefits for Military Members
Chase extends these benefits to spouses and dependents under the MLA, ensuring military families are also covered. These protections are also available to National Guard and Reserve members called to active duty.
However, it’s important to note that business credit cards do not qualify for MLA protections under Chase’s policy.
With its more generous interpretation of both SCRA and MLA, Chase sets itself apart as a leading option for military members and their families, offering greater financial security and savings through lower interest rates and waived fees.
Why This Matters for Military Families
For military families, these waivers can provide substantial savings over time, especially given the card’s robust rewards structure and travel benefits. Whether you’re deployed overseas or stationed domestically, the Chase Sapphire Preferred ensures you don’t face high fees or interest rates while serving.
That said, for military members able to get these fees waived, cards like the Chase Sapphire Reserve or American Express Platinum may offer even greater rewards and premium travel perks, making them a better choice for those seeking the best benefits.
Why the Chase Sapphire Preferred is Ideal for Military Service Members
One of the most significant perks of the card_name for military members is the annual fee waiver. The SCRA mandates that issuers waive these fees and cap interest rates at 6% on pre-service debt, providing substantial savings. This makes the Chase Sapphire Preferred card a smart financial choice and a supportive tool for military families. The fee waiver is automatic upon providing proof of active-duty status and continues as long as the service member is on active duty.
In addition to the annual fee waiver, the SCRA can lower interest rates on pre-service debt, offering further financial relief. This means that any debt incurred before joining the service will not be subject to the high interest rates that can accumulate over time, ensuring significant savings.
Reward Structure and Flexibility
The Chase Sapphire Preferred card stands out due to its blend of travel and dining rewards. The card’s flexibility in earning and redeeming points for travel, cashback, and other rewards makes it an excellent option for those with a mobile lifestyle.
Cardholders can earn multiple points per dollar spent on travel and dining, which can be redeemed in various ways, including for travel, cashback, or gift cards. This flexibility is particularly beneficial for military members who may frequently relocate or travel.
Why the Chase Sapphire Preferred Stands Out
The card_name stands out due to its blend of travel and dining rewards, coupled with financial perks specifically for military members. The card’s flexibility in earning and redeeming points for travel, cashback, and other rewards makes it an excellent option for those with a mobile lifestyle.
Moreover, the combination of SCRA and MLA protections means that military members and their families can use the card with confidence, knowing they are receiving significant financial benefits and protections tailored to their unique needs.
By offering these military-specific benefits, the Chase Sapphire Preferred card stands out as a valuable financial tool for service members. It helps them manage their finances effectively while enjoying a range of rewards and protections. The card’s robust reward structure, coupled with the comprehensive protections offered under the SCRA and MLA, makes it an ideal choice for military members looking to maximize their financial benefits and rewards.
Chase Sapphire Preferred Pros and Cons
As with any credit card, the Chase Sapphire Preferred card has pros and cons.
Pros
- Significant Sign-Up Bonus: bonus_miles_full
- No Annual Fee for Military Members: A major financial benefit under the SCRA.
- Generous Travel Rewards: High earning rates on travel and dining purchases.
- Flexible Redemption Options: Points can be redeemed for travel, cashback, gift cards, and more.
Cons
- Portal Dependency: Points must be redeemed through the Chase TravelSM for maximum value.
- Potential Claim Issues: Some cardholders report difficulties with trip cancellation and insurance claims.
- Variable Interest Rates: High-interest rates for those with lower credit scores.
The Difference Between Chase Sapphire Preferred and Chase Sapphire Reserve
One of the perks of being a Chase Sapphire Preferred cardholder is the ability to upgrade to a Chase Sapphire Reserve credit card.
Making the switch will increase annual fees from annual_fees to annual_fees if you don’t qualify for a yearly fee waiver through the SCRA. The bump in annual fees comes with more opportunities to earn points, like 10 points on the dollar for hotel and car rental purchases made through Chase TravelSM.
Chase Sapphire Reserve cardholders also receive a $300 annual spending credit for travel purchases and access to more than 1,000 airport lounges throughout the United States. Another perk is reimbursement for TSA PreCheck fees.
Right now, new Chase Sapphire Reserve customers also get one year of Lyft Pink for free.
Why Apply for a Chase Sapphire Preferred Card if You Are in the Military?
The Chase Sapphire Preferred card offers exceptional benefits for military members, including waived fees and generous rewards. By leveraging the SCRA benefits and understanding the application process, military personnel can maximize the value of this credit card. With its robust reward system and travel perks, the Chase Sapphire Preferred card is an excellent choice for service members looking to enhance their financial well-being while serving their country.
Whether or not the Chase Sapphire Preferred Card is right for you depends on your lifestyle. If you travel often, earning five times the points on travel purchases makes the card well worth it.
Just make sure you meet Chase’s stringent approval policies before you spend time applying.
Frequently Asked Questions
The main benefits include a waived annual fee under the SCRA, generous travel rewards, and a substantial sign-up bonus.
You can apply online or in person at a Chase branch. Ensure you select the military benefits option and submit your military orders for SCRA benefits.
The 5/24 rule states that applicants must have opened fewer than five accounts in the past 24 months to be approved for a new Chase credit card.
Contact Chase customer service promptly to resolve any issues with the portal. Staying informed and proactive can help address problems efficiently.
Yes, you can upgrade to the Chase Sapphire Reserve for additional perks, including a higher travel credit and access to airport lounges. Military members can also have the Reserve card’s fee waived under the SCRA.
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Sarit Jaela says
Chase’s SCRA adherence is a joke. In order to qualify for SCRA with Chase, you need to apply for the card BEFORE you are active duty — not during or after. The description I was given fits a reservist. Meaning you can apply before you deploy or after you come back. Do not recommend this card.
Ryan Guina says
Sarit, thank you for your comment. There are different interpretations of the SCRA. If you have debt before you join the military, you can petition the lender to decrease the interest rate in accordance with the SCRA laws. This can apply to all forms of debt, including credit card debt, home and auto loans, student loans, etc. However, this is still a great card for servicemembers because Chase will waive annual fees for active duty servicemembers under the SCRA. This allows active duty military members to get a lot of value from this and similar credit cards without having to pay the annual credit card fees. The Chase Sapphire Preferred card is the top of the line Chase card and an excellent travel rewards card. It provides a ton of value for active duty military members and we highly recommend it if you can qualify for the card and you commit to paying off the balance in full each month.