Deciding between two rewards credit cards often is just a matter of comparing the rewards you'll earn on each. But the Bank of America® Premium Rewards® credit card and the Chase Sapphire Preferred® Card are similar enough that perks and features beyond rewards rates could tip the scales. Want points you can transfer? Want your checked-bag fees covered? Your answers to such questions will guide your decision. Show That said, if you have significant balances in checking, saving or investment accounts at Bank of America® and Merrill, your choice gets a whole lot easier, since the Bank of America® card offers generous bonuses. The basics
Annual feeIt costs the same to carry either of these cards. However, the Bank of America® Premium Rewards® credit card gives you travel credit that, if you use it, more than makes up for the fee every year. The Chase Sapphire Preferred® Card does offer a $50 credit each year on hotel stays booked through Chase plus a 10% anniversary bonus, which can help to make up the annual fee. Rewards ratesIf you spent the same amount on each card, the Bank of America® Premium Rewards® credit card would give you a higher number of points because you get an extra half-point for every dollar spent on something besides travel and dining. However, points on the Chase Sapphire Preferred® Card are worth 1.25 cents apiece when you redeem them for travel booked through Chase, while points on the Bank of America® card are worth 1 cent apiece regardless of how you redeem. Assuming you redeem at 1.25 cents a point, the effective rewards rates for the Chase card are:
If you're a member of Bank of America® Preferred Rewards, however, everything changes. More on that in a bit. Transfer partnersChase allows you to transfer your points on a 1:1 basis to a variety of airline loyalty programs including Air France/KLM, British Airways, Singapore Airlines, Southwest, United and Virgin Atlantic and hotel programs like Hyatt, IHG and Marriott. The Bank of America® Premium Rewards® credit card offers no such transfers. Sign-up bonusThe Chase Sapphire Preferred® Card offers a much richer bonus, assuming you redeem the points for travel booked through Chase. Travel creditsThe Bank of America® Premium Rewards® credit card gives you up to $100 in statement credit for incidental airline fees such as checked bags, seat upgrades, in-flight food and beverages, and lounge passes. Earn the full credit — which you could do on a single round trip with two people each checking a bag each way — and the card effectively pays you $5 a year after the annual fee. The Bank of America® Premium Rewards® credit card also reimburses you up to $100 every four years for the application fee for TSA PreCheck or Global Entry program. The Chase Sapphire Preferred® Card does not offer these benefits, however it does offer free DashPass food delivery benefits on eligible orders for at least 12 months (and a maximum of 24 months) after activation. Preferred Rewards program makes big differenceThe secret weapon of any Bank of America® credit card is the bank's Preferred Rewards program. If you are a Bank of America® customer with at least $20,000 in combined balances in checking, savings or investment accounts with Bank of America® or eligible Merrill accounts, you earn bonus rewards:
If you're not a Preferred Rewards member, your effective rewards rates on the Bank of America® Premium Rewards® credit card are the standard 2% for travel/dining and 1.5% for everything else. At Preferred Rewards' Gold level, those rates rise to 2.5% and 1.875%, respectively. At Platinum, they're 3% and 2.25%. At Platinum Honors, they're 3.5% and 2.625%. Bottom line: If you're a Preferred Rewards member, the Bank of America® Premium Rewards® credit card is your winner. Making the choiceThese are two excellent cards, so there's no "bad" choice. Cardholders who travel regularly should get plenty of value with either one. If you're a Bank of America® Preferred Rewards customer, you can't beat the rewards you'll earn with this card — at least, not for an annual fee of $95. For everyone else, it boils down to the rewards math and which features matter most. Is Chase Sapphire Preferred worth it for travel?The Chase Sapphire Preferred® Card is an excellent card for travelers in general. It even has a few travel perks, such as primary rental car insurance, trip cancellation/interruption insurance and lost luggage insurance.
What card is better than Chase Sapphire Preferred?The Capital One Venture Rewards Credit Card is the winner over the Chase Sapphire Preferred® Card. Capital One Venture is a better credit card than Chase Sapphire Preferred because it gives more value over the long haul with its ongoing rewards rate of 2 miles / $1 spent on all purchases.
Why is Chase Sapphire the best travel card?It carries an annual fee of $550 but it also comes with a slew of perks including a whopping 50% points value boost when booking travel through Chase or using the Pay Yourself Back feature, a $300 annual travel credit, higher rewards on most travel than the Preferred, Priority Pass Select lounge access and a TSA ...
Is Chase Sapphire Preferred worth it 2022?Is the Chase Sapphire Preferred worth it? If you're a traveler who spends a decent amount on hotels, airfare, and dining out each year, the Chase Sapphire Preferred Card is well worth the annual fee. It provides substantial rewards and useful travel benefits that will enhance your experience.
|
Chase sapphire preferred vs bank of america travel rewards
Related Posts
Copyright © 2024 en.apacode Inc.
