Credit Cards

[lionsfan20]

Dont really understand the difference between a regular and preferred care. Just by the name Im assuming its harder to get or something but not really sure whats the difference.

Thanks for the responses

[Repo-ed]

Just a gimmick

[lionsfan20]

so theres no difference rewards wise or getting it wise for the saphire or saphire preferred

[kekrre]

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lionsfan20 wrote:

so theres no difference rewards wise or getting it wise for the saphire or saphire preferred

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The Sapphire Preferred offers/adds the ability to consolidate points from the Chase Freedom and the ability to transfer them to partner programs (e.g. United, Southwest, Marriott, etc.), 0% foreign transaction fee, a 7% points dividend at the end of the year and a $95 annual fee.

While we can't be certain, it is certainly possible that the underwriting for the Preferred and regular card are the same. The Preferred has a minimum credit limit of $5000 (which does not require -that- significant an income to get, with good credit) - I'm not certain if the regular card has a minimum.

Essentially, the difference is whether the added benefits are worth the annual fee to you.

However, in general terms, "preferred" is just a marketing term. It'd be like asking "what is a "Limited" model car?" - different manufacturers will offer different features at the same model level.

[distantarray]

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kekrre wrote:

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lionsfan20 wrote:

so theres no difference rewards wise or getting it wise for the saphire or saphire preferred

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The Sapphire Preferred offers/adds the ability to consolidate points from the Chase Freedom and the ability to transfer them to partner programs (e.g. United, Southwest, Marriott, etc.), 0% foreign transaction fee, a 7% points dividend at the end of the year and a $95 annual fee.

While we can't be certain, it is certainly possible that the underwriting for the Preferred and regular card are the same. The Preferred has a minimum credit limit of $5000 (which does not require -that- significant an income to get, with good credit) - I'm not certain if the regular card has a minimum.

Essentially, the difference is whether the added benefits are worth the annual fee to you.

However, in general terms, "preferred" is just a marketing term. It'd be like asking "what is a "Limited" model car?" - different manufacturers will offer different features at the same model level.

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i wouldn't say it's just a marketing gimmick, but Sapphire card is not a good card without the preferred perks. There is an annual fee but especially if you have checking and a freedom card it makes it pretty lucrative, and through normal spending as long as you use your points for travel you should MORE than make up for the annual fee for most middle class families.

You also forgot to mention freedom points at sapphire preferred gets 25% travel bonus, so if you get 5 points + 25% that's 6.25 respectively. Also sapphire preferred gets 7% bonus at the end of the year. Making their 2.67% and 1.337% for everything else for travel. Making it one pretty decent card. with 0% foreign transaction fees, and being able to get a live person on the line at anytime, and I even use the Sapphire number for my Freedom card concerns and they always help me out just fine. Not sure if all the purchase protections are on the basic card as well. Chase has 90 day pricematch upto $500 and Amex and Citi only has to $250 and 60 days I think (correct me if I'm wrong) 1 year additional warrenty etc. and you won't get the sexy metal card lol.

[bribro]

"Preferred" is just a marketing term used by credit card companies to differentiate their higher end products. It doesn't have any technical meaning, but it's generally used for the "premium" version of a card that has an annual fee coupled with additional benefits. Examples would be AmEx's Blue Cash Everyday vs. the Blue Cash Preferred and Chase's Sapphire vs. Sapphire Preferred.

[SpiceIslander]

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Repo-ed wrote:

Just a gimmick

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Amen to that! It reminds me of the old "gold" & "platinum" gimmicks. LOL! Now even Cap One starter cards are platinum. I guess preferred is the new platinum!

[distantarray]

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SpiceIslander wrote:

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Repo-ed wrote:

Just a gimmick

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Amen to that! It reminds me of the old "gold" & "platinum" gimmicks. LOL! Now even Cap One starter cards are platinum. I guess preferred is the new platinum!

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more like pays an annual fee =P

[SwampSystems]

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kekrre wrote:

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lionsfan20 wrote:

so theres no difference rewards wise or getting it wise for the saphire or saphire preferred

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While we can't be certain, it is certainly possible that the underwriting for the Preferred and regular card are the same. The Preferred has a minimum credit limit of $5000 (which does not require -that- significant an income to get, with good credit) - I'm not certain if the regular card has a minimum.

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Last I heard from underwriting, both required a minimum $5K approval and did have the same requirements. And when I had a branch pre-approval for Sapphire, it was good for either choice.