When it’s time to open a new credit card, savvy shoppers know it’s an important decision. Not only will your new card provide valuable credit information about your financial responsibility, it will also provide you with perks. Now the question is, what kind of perks are you looking for in a credit card?

One of the most popular options on the market today is the Chase Sapphire Preferred Credit Card. Let’s find out more about the benefits and drawbacks of this having this card in your wallet.

Benefits of Chase Sapphire Preferred Credit Card

Are you a frequent flyer? If so, this card may be a great choice for you. With the Chase Sapphire Preferred Card, you’ll receive 2 x $1 for all purchases related to dining and travel. This means anything from plane tickets for your honeymoon to a simple Uber fare will earn you double points. You’ll also earn one point per dollar spent on all other purchases.

Not to mention the initial bonus points you earn just for using the card: you’ll earn 50,000 points if you spend $4,000 in the first three months, and 5,000 points for making a purchase and adding an authorized user in the first three months. But how much does that 50,000 earn you? It comes out to $625 in airfare or hotel credits, or $500 cash. Either way, you can’t lose, as this is more than $100 in rewards compared to the card’s major competitors. Additionally, when you book travel through the Chase portal, you receive an extra 20 percent off, making that $625 closer to $685.

Drawbacks of Chase Sapphire Preferred Credit Card

As with any credit card that offers a lot of perks, there are fees associated with having the card. For the Chase Sapphire Preferred Credit Card’s annual fee, this comes out to $95. However, that fee is waived during the first year you have the card. This is $100 less than one of the card’s major competitors, the American Express Premier Rewards Gold Card, but a bit more than other competitors like the Capital One Venture Card, which costs $59. Considering that most quality travel cards have a fee associated with them, this isn’t that big of a drawback when the rewards come into play. The other potential drawback is that the Chase booking portal isn’t necessarily offering you the best rates, just the best rates from their affiliate airlines and hotels.

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