Chase just launched an all-new perk to one of its most popular travel rewards cards.
The next grocery store trip will be cheaper for consumers who sign up for the Chase Sapphire Preferred® Card. Starting today, this Chase card will give new cardholders a $50 statement credit on grocery store purchases.
This is a benefit we’ve never seen before from the Chase Sapphire Preferred® Card. But just because it’s brand new doesn’t make it a major improvement. Get the details on this grocery credit and find out whether it makes it a good time to apply for the card.
How the Chase Sapphire Preferred® Card grocery credit works
Chase’s $50 grocery credit is straightforward and doesn’t require much from the cardholder. All you need to do is use the card for purchases at grocery stores. The statement credit will automatically apply to your first $50 in eligible purchases.
Be aware that only new cardholders are eligible, which is the main restriction. If you already had the Chase Sapphire Preferred® Card before Jan. 28, 2021, then unfortunately, you won’t get the credit.
This credit lasts for up to 12 months after account opening. Even if you don’t shop for groceries that often, a year should be more than enough time to spend that $50.
Additional benefits of the Chase Sapphire Preferred® Card
Besides the $50 grocery credit, the Chase Sapphire Preferred® Card also offers:
- A 60,000-point sign-up bonus for spending $4,000 within the first three months
- 2 points per $1 on dining and travel
- 2 points per $1 on grocery store purchases, up to a maximum of $1,000 per month, through April 30, 2021
- 5 points per $1 on Lyft rides through March 2022
- Valuable Chase Ultimate Rewards points with multiple redemption options, including transfers to over a dozen Chase travel partners
The Chase Sapphire Preferred® Card provides quite a bit of value. It’s especially good for new cardholders, who start off with one of the biggest sign-up bonuses available and a $50 grocery credit.
That isn’t the best introductory offer the card has featured recently. Last year, Chase temporarily raised the sign-up bonus to 80,000 points. It is, however, still a great offer for a card that costs just $95 per year. Chase credit cards often provide quite a bit of upfront value, and the Chase Sapphire Preferred® Card is no exception.
Will you qualify for the Chase Sapphire Preferred® Card?
There are a few requirements you’ll need to meet to have a reasonable chance of getting approved for the Chase Sapphire Preferred® Card:
- Your credit score (specifically your FICO® Score) should be 670 or higher. There’s an outside shot of approval with a lower score, but most successful applicants have good credit.
- You’ve opened fewer than five credit cards in the last 24 months. Any more than that and you’ll likely get an instant denial because of Chase’s 5/24 rule.
- You don’t currently have a Chase Sapphire card and you haven’t received a new cardmember bonus from any Chase Sapphire card in the last 48 months.
The verdict on this Chase offer
There has been quite a bit of speculation on whether the Chase Sapphire Preferred® Card would get an upgrade and if so, what that would be. So far, Chase hasn’t done anything major. Instead, it’s opted for some reasonable improvements. It made groceries a temporary bonus category through the end of April, and now has launched an easy-to-use grocery spending credit.
If you aren’t that interested in the Chase Sapphire Preferred® Card, this new offer isn’t valuable enough that you should reconsider. But if you were already thinking of applying or you want to open a credit card with Chase, $50 of grocery savings is a solid extra incentive.