Chase Sapphire Preferred® Card vs. American Express® Gold Card

The Chase Sapphire Preferred® Card* and American Express® Gold Card are two of the most lucrative rewards credit cards available. Both cards earn flexible and transferable points – either Chase Ultimate Rewards or American Express Membership Rewards. Both cards also offer solid welcome offers and earning potential, and each card can unlock powerful redemptions.

Deciding between the two comes down to what you’re looking for in a credit card and how much you’re willing to pay for extra services and perks. Let’s take a look at the Amex Gold versus Chase Sapphire Preferred and see which card may be right for you.

Chase Sapphire Preferred vs Amex Gold: At a glance

American Express® Gold Card

American Express® Gold Card

Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

Rewards rate
  • 4 points per dollar at restaurants worldwide and on Uber Eats purchases
  • 4 points per dollar at U.S. supermarkets (on up to $25,000 in purchases annually, then 1 point per dollar)
  • 3 points per dollar on flights booked directly with airlines or amextravel.com
  • 1 point per dollar on all other purchases
  • 2 points per dollar on travel
  • 2 points per dollar on dining
  • 1 point per dollar on all other purchases
Welcome bonus 60,000 Membership Rewards points after you spend $4,000 in the first 3 months 60,000 Ultimate Rewards points after you spend $4,000 on purchases in the first 3 months
Annual fee $250 $95
Other benefits  

  • Up to $120 in annual dining credits
  • Transfer Membership Rewards points to 19 airline and 3 hotel partners
  • Up to $100 property credit and upgrade (when available) when booking hotel stays of two nights or longer through the Amex Hotel Collection
  • Up to $120 in Uber Cash annually (up to $10 per month)
  • Terms apply
  • Transfer Ultimate Rewards points to 11 airline and 2 hotel partners
  • 25% bonus when redeeming Ultimate Rewards for travel via the Chase Ultimate Rewards portal (a value of 1.25 cents per point)

Earning points

Both the Amex Gold card and the Chase Sapphire Preferred card offer the ability to earn valuable flexible points. American Express Membership Rewards and Chase Ultimate Rewards points work in similar ways – the one you value most will depend on what other credit cards you have and how you typically travel. It’s fair to say that a Membership Rewards point and an Ultimate Rewards point have a similar, if not equal, value.

See related: American Express Membership Rewards vs. Chase Ultimate Rewards

That being said, the category bonuses of the American Express Gold card are decidedly better than those of the Chase Sapphire Preferred, for most people.

The Sapphire Preferred card only earns 2 points per dollar in the travel and dining categories, while the Gold Card earns 4 points per dollar at restaurants worldwide and 3 points per dollar on flights booked directly with airlines or amextravel.com.

It is true that Chase’s definition of the dining and travel categories is less restrictive (dining and travel versus restaurants and only flights at amextravel.com). Still, once you consider that the Gold Card also gives 4 points per dollar at U.S. supermarkets (on up to $25,000 in purchases annually, then 1 point per dollar), most people will likely earn more from ongoing spending with the Amex Gold card.

Redeeming points

Both Membership Rewards points earned with the Amex Gold Card and Ultimate Rewards points earned with the Sapphire Preferred can be redeemed in two major ways (at least for the most value per point). You can either transfer your points to hotel or airline partners or use your points to book travel directly.

Both American Express and Chase have a variety of hotel and airline transfer partners available. American Express has 22 different transfer partners, while Chase has 13 transfer partners. While the two brands share a few partners (Air France/KLM, British Airways and Marriott Bonvoy for instance), for the most part deciding which partnerships are worth more will depend on how you travel.

In most cases, both Ultimate Rewards and Membership Rewards points transfer 1:1 to airline miles and hotel points, and both American Express and Chase offer periodic temporary transfer bonuses to various partners.

When it comes to redeeming points directly for travel, on the other hand, Chase Ultimate Rewards points are distinctly superior. You can book flights through amextravel.com at a rate of 1 cent per Membership Rewards point, but for other types of travel (hotel, car rentals, etc.), you will only get a value of 0.7 cents per point. Ultimate Rewards points redeemed by a Chase Sapphire Preferred cardholder, however, get a value of 1.25 cents per point on airfare, lodging, rental cars and even some travel experiences.

Bonus perks

The Chase Sapphire Preferred does not have very many noteworthy perks, other than its high welcome bonus and redemption options – but one nice benefit is its rental car coverage. The Preferred card offers primary rental car coverage, meaning you don’t have to file with your own insurance carrier first. Rental car coverage on the Amex Gold card is only secondary (after your own primary car insurance.)

The American Express Gold card has two big perks that come with having the card, that can boost its value. First, there is a $120 Uber Cash credit – the most recent addition to the list of Amex Gold benefits. You can use up to $10 per month on Eats or Rides in Uber Cash when you add your Amex Gold as a payment method in your Uber app.

best cards for grocery spending.

On the other hand, the higher welcome offer, increased value in redeeming points and lower annual fee mean that the Sapphire Preferred will likely provide more value for most people, especially during the first year of having the card. Take a look at your spending and travel patterns and decide which card is best for you.

*All information about the Chase Sapphire Preferred Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. 

Source: creditcards.com

How long does it take to recover from a bankruptcy?

Every year, thousands of Americans declare bankruptcy, believing it to be their only option to recover from the debt they’ve accumulated. Bankruptcy can be a helpful option if your debt has spun out of control and you truly can’t pay it off. But you should view it your last resort, because it will wreak havoc on your credit.

Check out all the answers from our credit card experts.

Ask Steve a question.

Types of bankruptcy

Personal bankruptcies will generally be categorized as Chapter 7 or Chapter 13 bankruptcy, though there are other chapters. Chapter 7 cancels most debt (with significant exceptions including taxes, alimony, child support and student loans), and filings will only take four to six months. But you have to prove that you truly cannot meet your debt obligations – the requirements will vary from state to state. This is meant to stop anyone with the ability to pay their debts from getting out of this obligation.

See related: 14 key factors when considering bankruptcy

A Chapter 13 bankruptcy (sometimes called a ‘wage earner’ bankruptcy) will reorganize debt so that you repay at least a portion of it, based on a very lean, court-imposed budget over time. Chapter 13 bankruptcy is a much longer process than Chapter 7. It can take three to five years to complete.

From bad to good credit: How long it takes, and how to fast-track progress

Can you remove a bankruptcy from your credit report early?

Just like all timely and accurate information, the record of your bankruptcy is not something you can delete from your file. Time and a solid recovery plan are the only remedies here, no matter what you may be told to the contrary.

Building your credit back up after bankruptcy

A bankruptcy results in a very low credit score. The higher your score before the bankruptcy, the more points it will lose after. And it will stay low for a very long time unless you take positive action to improve it.

Here are the top scoring factors that are influenced by a bankruptcy and what you can do about them:

  • Timeliness of payments: Expect this category to be heavily affected. After you get new credit, be sure to make all your payments on time, every time.
  • Amount and proportion of credit used: Your accounts will likely be closed, which will drop your available credit down to $0. As you reestablish credit, try to keep balances under 20% of your limit for best results.
  • Length of time you’ve been using credit: Your score is damaged because the aging history on your accounts stops at your filing. New, positive accounts will be reported for at least 10 years after they are closed and sometimes longer.
  • Variety of accounts: Bankruptcy typically leaves you with only secured installment debt such as mortgages, student loans or car loans. Consider a secured credit card  passbook loan or credit builder loan to restart your revolving or installment credit history. Also, consider keeping one or two of your lower balance cards open by reaffirming them.
  • Number and types of accounts you’ve opened recently: Following bankruptcy, you may have more new credit inquiry activity than usual as you attempt to reestablish your credit. And your score will fall more as a result. To minimize damage, don’t apply for more accounts than you need.

Whether you choose to file for bankruptcy or not, I strongly suggest that you come up with a game plan to move forward. It might not work out exactly as you want it to, but it will give you the motivation and tools to achieve your financial goal. Having a plan will also help you realize when you’re drifting.

The post-bankruptcy class you’re required is a great resource to help you come up with a plan, so pay close attention. Working with a counselor to develop a detailed spending plan that includes saving for financial goals. That way you’ll be able to avoid getting into trouble again, even if an emergency arises.

Remember to keep track of your score!

Source: creditcards.com

A complete guide to airline companion passes

Flying can be a hefty expense – especially when you’re buying more than one airline ticket at a time. If you frequently fly with a companion, whether it be your child, spouse or friend, a companion pass can drastically reduce your travel costs.

While the terms vary depending on the airline and credit card, generally, companion passes allow a second passenger to fly with you for free or at a significantly discounted rate. Some credit cards automatically offer a companion pass when you are approved for the card or each year on your account anniversary. Others require you to charge a certain amount within a given time frame to earn the pass.

For more details on some of the most common companion passes, including what they offer and how to earn them, read on.

Which airlines offer companion passes?

  • Southwest Airlines
  • American Airlines
  • British Airways
  • Delta Air Lines
  • Hawaiian Air
  • Alaska Airlines
  • Lufthansa Airlines

Southwest Rapid Rewards® Plus Credit Card
  • Southwest Rapid Rewards® Premier Credit Card
  • Southwest Rapid Rewards® Priority Credit Card
  • CitiBusiness®/AAdvantage® Platinum Select® Mastercard®
  • AAdvantage® Aviator® Silver World Elite Mastercard®
  • British Airways Visa Signature® Card within a 12-month period, starting on Jan. 1 and ending on Dec. 31. For example, if you opened your card account in June 2020, you have until Dec. 31, 2020 to reach the spend requirement for that year.

    How long is the Travel Together Ticket valid?

    The Travel Together ticket is valid for 24 months from the date of issue.

    Which cards help you qualify?
    British Airways Visa Signature® Card

    Delta SkyMiles Reserve® American Express Card

    Hawaiian Airlines® World Elite Mastercard® (50 percent and $100 discounts)
  • Hawaiian Airlines® Bank of Hawaii World Elite Mastercard® (50 percent and $100 discount)
  • Hawaiian Airlines® Business Mastercard® (50 percent discount)
  • Alaska Airlines Visa Signature® or Alaska Airlines Visa® Business cardholder. As part of the introductory offer, you much spend $2,000 in the first 90 days to receive a companion fare. You will automatically receive the companion fare each year on your account anniversary.

    Travel must be booked on alaskaair.com.

    How long is the fare valid?

    The Famous Companion Fare is valid from the date of issue until your next account anniversary.

    Which cards help you qualify?
    • Alaska Airlines Visa Signature® credit card
    • Alaska Airlines Visa® Business

    How to get the Southwest Companion Pass, Earn sign-up bonus miles with the Southwest Rapid Rewards cards

    The Bank of America content of this post was last updated on March 20, 2020.

    Source: creditcards.com

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