If you're looking for more ways to save at the grocery store, your Chase Sapphire credit card can come in handy again. Starting next month, Chase is bringing back elevated grocery rewards to Sapphire cardholders.
New and existing Chase Sapphire Preferred® Card and Chase Sapphire Reserve® Card members will soon earn 2X and 3X points on grocery store purchases, respectively, on up to $1,000 in purchases per month. The increased reward rates mean groceries earn the same amount of points as travel and dining worldwide.
New grocery rewards rates will automatically take effect on November 1 and run for six months until April 30, 2021.
These reward rates are lower than Chase's limited-time grocery rewards offer that ended in June, which had Sapphire Preferred cardholders earning 3X points and Reserve cardholders earning 5X points on eligible groceries. However, the old offer capped eligible spending at $1,500 for the two-month promotional period. The new offer lasts for six months and allows you to earn elevated rewards on $1,000 in purchases each month — which is effectively $6,000 for the entire promotion.
This limited-time offer is a great way for Sapphire cardholders to receive additional value when many travel plans are on pause. And if you don't currently have a Sapphire card, either the Preferred or Reserve are a great option.
Chase Sapphire Preferred and Reserve card members can also benefit from a few other perks, which we explain below.
With Pay Yourself Back, you can redeem points for eligible grocery store purchase and receive 25% (Preferred) or 50% (Reserve) more value per redemption. If you want to offset a $150 grocery bill, you'd typically need 15,000 points, but with Pay Yourself Back, you only need 12,000 points (Preferred) or 10,000 points (Reserve).
Chase Sapphire Reserve card members can benefit from more flexibility with the card's annual $300 travel credit. In addition to using the travel credit to offset hotel stays, airline fees and other travel-related expenses, cardholders can use the credit for gas station and grocery-store spending. These transactions automatically count toward earning your travel credit through December 31, 2020.
5X points on Lyft rides through March 2022, 2X points on travel and dining worldwide, 1X points on all other purchases
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening — worth up to $750 toward travel when you redeem through Chase Ultimate Rewards®
15.99% to 22.99% variable on purchases and balance transfers
Either $5 or 5% of the amount of each transfer, whichever is greater
See our methodology, terms apply.
10X points on Lyft rides through March 2022, 3X points on travel worldwide (immediately after earning your $300 annual travel credit), 3X points on dining at restaurants including eligible delivery services, takeout and dining out, 1X point per $1 on all other purchases
50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening — worth up to $750 toward travel when you redeem through Chase Ultimate Rewards®
16.99% to 23.99% variable
5%, minimum $5
See our methodology, terms apply.
To determine which credit cards offer the best value, CNBC Select analyzed popular credit cards available in the U.S. We compared each card on a range of features, including rewards, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem points.
CNBC Select teamed up with location intelligence firm Esri. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here.
Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.
CNBC Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net the annual fee.
While the five-year estimates we've included are derived from a budget similar to the average American's spending, you may earn a higher or lower return depending on your shopping habits.