This Week in Credit Card News: August 6–12
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New benefits announced for Chase Sapphire Preferred and Sapphire Reserve Credit Cards; Venmo introduces “Cash Back to Crypto” program for Venmo Visa Signature Credit Card.
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New Benefits Announced for Chase Sapphire Preferred and Sapphire Reserve Credit Cards
- Chase has revealed some new benefits and rewards coming to two popular travel credit cards:
- The new features will be available for all new and existing cardholders starting August 16.
- New features for the Sapphire Preferred include:
- 5X Ultimate Rewards points for Travel purchased through Chase Ultimate Rewards
- 3X points for Dining, including eligible delivery and takeout (previously 2X)
- 3X points for Select streaming services
- 3X points for Online grocery purchases (excluding Target, Walmart, and wholesale clubs)
- 10% anniversary point bonus
- $50 annual credit on hotel stays purchased through Ultimate Rewards
- New card design
- New features for the Sapphire Reserve include:
- 10X Ultimate Rewards points for Chase Dining purchases through Ultimate Rewards
- 10X points for Hotel stays and Car rentals purchased through Ultimate Rewards
- 5X points for Air travel purchased through Ultimate Rewards
- “Reserved by Sapphire” exclusive dining reservation program (available later this year)
- These upgrades seem like a response to other issuers making more forays into the travel space, like Capital One opening airport lounges. The new perks should make the Sapphire cards much more competitive with other travel credit cards.
- Learn more about the Chase Sapphire Preferred Card’s benefits.
- Learn more about the Chase Sapphire Reserve Card’s benefits.
Venmo Introduces “Cash Back to Crypto” Program for Venmo Visa Signature Credit Card
- Venmo now allows users to buy and sell certain cryptocurrencies on its platform. Users of the Venmo Visa Signature® Credit Card (Review) can now trade their cash back rewards for crypto, as well.
- Currently, Venmo allows the buying and selling of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
- Currently, crypto in Venmo accounts cannot be transferred to external wallets. It can only be bought and sold, although this may change. Venmo does not provide a private key.
- Buying and selling crypto on Venmo will incur transaction fees and a currency conversion spread.
- The Venmo Visa Signature Card offers 3% cash back in your top spend category each month, 2% in your second top spend category, and 1% for everything else. Eligible categories include:
- Dining and Nightlife
- Bills and Utilities (a rare category)
- Source: Venmo crypto FAQ
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