What Reddit gets wrong (and right) about the Chase Sapphire Preferred

The Chase Sapphire Preferred is a great travel credit card. But should everyone get one? Is it worth getting into debt to earn credit card rewards?

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• The Chase Sapphire Preferred® Card is one of the best-known travel credit cards.
• Redditors and cardholders from other forums have strong opinions on this card.
• One thing many commenters get wrong is that the card is the best option for everyone.
• Read Business Insider's review of the Chase Sapphire Preferred card.

Reddit is an unofficial barometer of modern Internet culture. Millions of Redditors worldwide share thoughts, questions, and answers on this public platform.

As with any user-generated forum, Reddit isn't always the arbiter of truth. We skimmed Reddit, Facebook, and other popular online communities to identify a few common misunderstandings about the Chase Sapphire Preferred® Card — and some pro tips and best practices everyone should learn.

What Reddit (and other forums) get wrong

Many people come to Reddit or Facebook groups with personal finance questions about credit cards or award travel. Some have heard horror stories from their parents or Dave Ramsey fans, while others simply don't know what they don't know. Here are some common misconceptions about the Chase Sapphire Preferred® Card.

Everyone should get a Chase Sapphire Preferred® Card

The Chase Sapphire Preferred® Card is one of the best travel rewards credit cards on the market. But it isn't the best card for everyone. Since it's primarily designed to optimize your travel experience, many of its best benefits aren't valuable for someone who doesn't travel. 

If you're thinking about getting this credit card, consider the following points:

• Will you use an annual $50 hotel credit? If so, this benefit essentially halves your Sapphire Preferred Card's $95 annual fee. 
• Do you need a credit card that doesn't cost you extra money on international purchases? The Chase Sapphire Preferred® Card doesn't charge foreign transaction fees. 
• Do you frequently fly Southwest or United, or stay in Marriott or Hyatt hotels? You can transfer rewards from the Chase Sapphire Preferred® Card to any of these travel companies for award flights and hotel stays. 

People who don't travel will get better value from a card like the Chase Freedom Flex®, which doesn't come with an annual fee. This card earns bonus points on restaurants and drugstores, and on quarterly rotating categories such as Amazon, travel, gas, and movie theaters. 

Booking through the Chase Travel portal is the best or only way to use your points

Newbies often believe that Chase Ultimate Rewards points can only be used to book travel through Chase Travel℠ portal. If you have the Chase Sapphire Preferred® Card, your points are worth 1.25 cents apiece when you buy a flight or book a hotel through Chase Travel℠. However, transferring Chase points to travel partner airlines and hotel chains can help you get three, five, or even 10 times as much value out of each point.

You must have excellent credit to get the Chase Sapphire Preferred® Card 

If you want to get a Chase Sapphire Preferred® Card — or any other card for that matter — you're most likely to be approved with an excellent credit score.

But there are always exceptions to the rule. If you have a good credit score with consistent income and steady improvement on timely payments, that can help your case.

What Reddit gets right

Redditors who are personal finance and credit card geeks offer consistent advice when it comes to making the most of your card. If you have a Chase Sapphire Preferred® Card, keep these best practices in mind.

Never rack up high-interest debt for the sake of earning credit card rewards 

"The golden rule with credit cards is [to] never carry a balance," said Redditor Stallion_V. "The interest rates make it unsustainable."

Credit cards typically carry very high interest rates ranging from 20% to 30% APR — the Chase Sapphire Preferred® Card has a 21.49% - 28.49% Variable APR.

Since the Chase Sapphire Preferred® Card doesn't offer a 0% intro APR period, you will quickly incur credit card debt if you don't pay off your balance in full every month. 

Chase Sapphire Preferred points are worth more than 1 cent apiece

Credit card points or miles that can be transferred to different airlines and hotels tend to be worth more than rewards that can only be redeemed as cash back or at a value of one cent per point. Business Insider has a full guide to award "currency" that breaks down the worth and value of different points and miles.

The Chase Sapphire Preferred® Card earns Chase Ultimate Rewards, which are some of the most valuable rewards you can earn from a credit card. Business Insider values Ultimate Rewards at 1.8 cents apiece, on average, and you can often get significantly more value out of your points if you learn how to maximize them.