Chase has announced that new Chase Sapphire Preferred® Card members can now receive up to $50 in statement credits on purchases made at grocery stores.
This is in addition to the existing limited-time grocery store category Chase added to both the Sapphire Preferred and its most popular travel credit card, the Chase Sapphire Reserve®. The Sapphire Reserve is currently offering 3X points on grocery store purchases, while the Sapphire Preferred gets you 2X points (up to $1,000 in purchases per month). Both offers are valid through April 30, 2021.
The Sapphire Preferred’s grocery credit is automatically applied and only available to new cardmembers, while both Sapphire cards’ limited-time bonus grocery categories automatically apply for both existing and new Sapphire cardmembers
For potential new Preferred cardmembers, note that the statement credit on grocery store purchases is a one-time opportunity and valid for 12 months after account opening.
As a reminder, gas and grocery purchases qualify toward the Sapphire Reserve’s $300 travel credit through June 30, 2021—six months longer than the offer’s initial timeline. The Reserve’s travel credit resets every year on the first statement date post-account anniversary, but for cardmembers who signed up prior to May 21, 2017, the reset occurs each calendar year.
For more information on recent changes made to the Sapphire credit cards, you can visit the following informational page. In the meantime, here’s a look at each card’s rewards structure and welcome bonus offerings (not including the various statement credit-earning opportunities):
Chase Sapphire Reserve
- Welcome bonus: 60,000 points when you spend $4,000 on your card within three months of account opening (worth $900 when redeemed for travel through Chase Ultimate Rewards)
- Rewards: Earn 3X points on grocery store purchases through April 30, 2021 (up to $1,000 in purchases each month); 3X points on travel and dining worldwide (after earning your $300 travel credit); 1X points on everything else; through March 2022, earn 10X total points on Lyft purchases
Chase Sapphire Preferred
- Welcome bonus: 80,000 points when you spend $4,000 on your card within three months of account opening (worth $1,000 when redeemed for travel through Chase Ultimate Rewards)
- Rewards: Earn 2X points on grocery store purchases through April 30, 2021 (up to $1,000 in purchases per month); 2X points on travel and dining at restaurants; 1X points on all other purchases; through March 2022, 5X points on Lyft rides (3X points in addition to the 2X points you already earn on travel)
What these changes mean for cardmembers
With the earlier addition of the Sapphire Reserve and Preferred’s limited-time grocery store categories (among other newly-added, grocery-centric benefits), as a potential new cardmember, you may be wondering which Chase credit card is right for you.
“I think a lot of this comes down to how you spend, what you want to get out of the card and which other cards you have,” says Ted Rossman, industry analyst at Bankrate.
Rossman notes that new cardmembers can get great rewards from the Chase Freedom Flex℠ and Chase Freedom Unlimited®, but those hoping to downgrade from a higher-tier Chase card to receive the Freedom Flex and Unlimited’s welcome bonus offers should think twice.
“If you downgrade (product change), you’re not eligible for those,” Rossman says. “You could consider a fresh application if you think you’d get approved and if you want a new card.”
Existing cardmembers: Is the Sapphire Reserve or Preferred worth keeping?
Given the Sapphire Reserve’s hefty annual fee and Chase’s recent additions to its no-annual-fee cards, you may be wondering if the Reserve is worth holding onto. According to Rossman, the card’s “near-term cash back incentives and longer-term travel benefits” make it worth the yearly charge for some.
While Rossman believes the Reserve is worth keeping amid the pandemic, the Sapphire Preferred’s rewards structure is comparable to no-annual-fee cards, such as the Wells Fargo Propel American Express® card and Blue Cash Everyday® Card from American Express, while the Preferred itself charges a $95 annual fee.
“I know some people love the transferability of the Sapphire Preferred points, I just think there are better and cheaper cards for that kind of spending,” Rossman says.
The information related to the Wells Fargo Propel American Express card has been collected by Bankrate and has not been reviewed or provided by the issuer or provider of this product or service.