The Chase Sapphire Preferred card has become a go-to choice for military members due to its impressive rewards and unique benefits tailored specifically for those in service.
By integrating the Servicemembers’ Civil Relief Act (SCRA) benefits, the card waives annual fees and provides a host of travel and dining rewards that make it an invaluable financial tool for service members and their families.
Here’s what you need to know about the card_name and why it’s one of the best cards out there.
Chase Sapphire PreferredĀ® 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 Travel?
- 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 Travel 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 Travel?.
- 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.
- Partner Benefits: Complimentary membership to Lyft Pink and 5x points on Lyft rides through March 2025.
- 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 isnāt 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 youāve 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 donāt 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.
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.
Ā» MORE: Compare the Chase Sapphire PreferredĀ® Card to other top credit cards
Understanding the SCRA and Its Impact
The Servicemembers’ Civil Relief Act (SCRA) provides vital protections and benefits to active-duty military members, easing their financial obligations during service. The SCRA covers various financial and legal areas, including interest rate reductions, eviction protections, and fee waivers. For credit cards, it ensures service members are not financially disadvantaged while on duty.
Application to Credit Cards
Under the SCRA, credit card issuers must waive annual fees for active-duty military members, making the Chase Sapphire Preferred card fee-free. Additionally, any pre-service debt interest is capped at 6%, providing further financial relief.
This ensures that military members can enjoy the full benefits of the card without the burden of additional costs. Learn more about SCRA and MLA credit card perks in our full guide here.
Military-Specific Fee Waivers
The fee waiver for the Chase Sapphire Preferred card under the SCRA is automatic upon providing proof of active-duty status. This waiver continues as long as the service member is on active duty, ensuring continuous financial savings. The ease of obtaining and maintaining this benefit makes the card especially appealing to military families.
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 cardās 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.
Ā» MORE: See how the Chase Sapphire PreferredĀ® Card stacks up with other top credit cards
The Chase Ultimate Rewards Portal
The Chase Ultimate Rewards portal is a central feature of the Chase Sapphire Preferred card, offering enhanced value for points redeemed for travel.
The portal allows cardholders to book travel, redeem points, and access special rates. Points redeemed through the portal are worth 25% more, providing significant value for travel bookings.
Using the Portal for Travel Rewards
Cardholders can use the portal to book flights, hotels, car rentals, and other travel services, maximizing their points and accessing exclusive travel deals.
Maximizing Your Points
Consolidating travel bookings through the Ultimate Rewards portal ensures the highest value for points and access to special offers.
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 Ultimate Rewards portal 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 donāt 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 in the Ultimate Rewards portal.
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 Chaseās 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.
The portal allows cardholders to book travel and redeem points for enhanced value. Using the portal can maximize your rewards and provide access to special rates.
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.