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Chase Sapphire Preferred Card Raises APRs, but Increases Benefits

To ease the sting of higher interest rates, you can now score a bigger welcome bonus and extended DoorDash and Lyft benefits.

Jaclyn DeJohn Former Editor
Jaclyn was a CNET Money editor with a fondness for the sweet spot between numbers and words. Overseeing CNET's credit card coverage, she wrote and edited news, reviews and advice. She has experience covering business, personal finance and economics, and previously managed contracts and investments as a real estate agent. Her tech interests include Tesla, SpaceX, The Boring Company and Neuralink.
Expertise Credit cards, banking, home equity, mortgages
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Jaclyn DeJohn
2 min read
The Chase Sapphire Preferred Card.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

The Chase Sapphire Preferred® Card has undergone a number of changes this past week -- while its APR has increased, it also leveled up its welcome bonus and extended its DoorDash and Lyft Benefits.

The card's APRs went up in response to the Fed raising interest rates. The purchase APR and balance transfer APR are now 16.24% to 23.24% variable. Cash advances -- an expensive type of cash withdrawal against your credit line -- also got more expensive, jumping up to 25.24% variable.

However, at the same time, the card's welcome bonus has grown from 60,000 to 80,000 points when you spend $4,000 within the first three months of getting the card. Earning 80,000 points equates to $1,000 if redeemed for travel through the Chase Ultimate Rewards® portal, or $800 if redeemed as a statement credit.

Plus, the DoorDash benefit has been extended through Dec. 31, 2024. Chase Sapphire Preferred cardholders can manually opt in by this date to receive free DashPass through 12/31/24, or for a minimum of 1 year if your activation date is after 12/31/23. DashPass offers unlimited deliveries with a $0 delivery fee as well as reduced service fees on eligible orders over $12 on DoorDash and Caviar. DashPass normally costs $9.99 per month.

Finally, Chase Sapphire Preferred members will continue to earn 5x points on Lyft rides through March 31, 2025. Points are worth 1 cent each when redeemed for a statement credit, or 1.25 cents when used to book travel through Chase Ultimate Rewards.

Check out our full review of the Chase Sapphire Preferred for a more in-depth look.

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