Chase Sapphire Preferred Balance Transfer Points (2024)

FAQs

Can you earn points on balance transfers Chase Sapphire Preferred? ›

No, you don't get points or bonus points for balance transfers on Chase Sapphire Preferred. The same applies to fees, interest charges and cash advances. Only regular purchases count towards the Chase Sapphire Preferred card's rewards.

Just keep in mind that balance transfers are expensive with this card as there are no intro balance transfer APRs available. People who shift existing credit debt to Chase Sapphire Preferred will immediately start owing interest at the card's regular APR of 21.49% - 28.49% (V).

Transferring Balances Won't Lose or Earn Rewards

The good news: A balance transfer typically doesn't affect rewards you've already earned.

If you try to transfer an amount that's greater than your credit limit, Chase will either decline the transfer request or approve a smaller amount for transfer. Provide Chase with any additional information they need.

If you need extra time to pay off a big credit card purchase, transferring the balance to a balance transfer card can be a smart move. If you manage to pay off your balance before the intro period ends, you can successfully dodge interest that may otherwise have been added to your balance.

In general, points are worth more when redeemed for travel or transferred to Chase's partners. For example, if you have a Sapphire Reserve^® card and you use your points to book travel through the Chase Ultimate Rewards portal, your points are worth 1.5 cents per point instead of 1.

Downsides of balance transfer cards

Temporary 0% APR: The 0% intro offer will eventually expire, and your regular APR may be 20% or higher. Credit card limits: The credit limit on your new card may be lower than the amount you want to transfer, and your balance transfer fee will be deducted from your available credit.

Applying for a balance transfer card will likely result in a hard inquiry on your credit reports. This could cause your credit scores to drop by a few points. But it could also increase your available credit and lower your credit utilization, which could have a positive impact on your credit scores.

A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.

Key takeaways

If you can't repay your debt in the promotional period, are nearing the finish line on total debt repayment or are planning on applying for major financing soon, a balance transfer may not be a good move.

Do you earn reward points on balance transfers? ›

Balance transfers don't earn rewards. If a balance transfer credit card has a rewards program, however, you can earn rewards on qualifying purchases.

Your old credit card will remain open after the balance transfer is complete, and you can decide whether you want to keep using it, stop spending on it, or close your account.

Yes. You can still request a balance transfer by calling the number on the back of your card or by signing in above.

You may be approved for a card but denied a balance transfer if your credit limit is too low, you waited too long to request a balance transfer after opening your account or you're trying to transfer a balance from one card to another with the same issuer.

Please note: Balance transfer request(s) made online and/or with a Customer Service Specialist cannot exceed $15,000 within any 30-day period. Balance transfers may not be used to pay other credit cards or loans issued by JPMorgan Chase Bank, N.A. or any of our affiliates.

It would be great to transfer a balance from one credit card to another, and then earn a large number of points. Unfortunately, balance transfers do not count toward the minimum spend for most credit card sign-up bonuses.

Sapphire Reserve^®, Sapphire Preferred^® and Ink Business Preferred^® are the cards that offer Chase cardmembers the ability to transfer points to travel partners.

Given that balance transfers are often large transactions, you might think you've already hit a spending minimum after you've transferred one or two balances over. Balance transfers aren't purchases, though.

The Chase Sapphire Reserve has a balance transfer fee and a relatively high APR. These aren't particularly favorable terms, especially since many cards offer 0% intro rates and some offer no fees on balance transfers.