The Discover it Cash Back is a great option for those who want to earn cash back on rotating categories and avoid annual fees, especially in the first year with the cash back match. The Chase Sapphire Preferred is better suited for frequent travelers who can take advantage of its travel rewards, insurance benefits, and point transfer options, justifying the annual fee.
| Attribute | Discover it Cash Back | Chase Sapphire Preferred |
|---|---|---|
| Annual Fee | $0 | $95 |
| Sign-up Bonus | Discover matches all the cash back earned during the first year. For example, $150 earned in cash back would turn into $300. | 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. |
| Introductory APR for Purchases | 0% intro APR for 15 months | N/A |
| Introductory APR for Balance Transfers | 0% intro APR for 15 months. A 3% intro balance transfer fee applies for transfers made within a specific timeframe. | N/A |
| Regular APR | 18.24% - 27.24% Variable APR | 19.99%-28.24% Variable APR |
| Credit Score Required | Good to Excellent. A FICO score of 670 or higher is generally needed. | A credit score of at least 670 is recommended. While some have been approved with scores in the 600s, most cardholders have a credit score of 720 or better. |
| Foreign Transaction Fees | None | None |
| Travel Insurance Benefits | Not specified | Trip cancellation/interruption insurance: Up to $10,000 per person and $20,000 per trip for prepaid, nonrefundable expenses. Trip delay reimbursement: Up to $500 per ticket if your common carrier travel is delayed more than 12 hours or requires an overnight stay. Baggage delay insurance: Reimburses up to $100 a day for up to 5 days for essential purchases when baggage is delayed over 6 hours. Lost luggage reimbursement: Up to $3,000 per covered traveler. Auto rental collision damage waiver: Coverage up to $60,000 for theft and collision damage for most rental vehicles. Travel accident insurance: Up to $500,000 in accidental death or dismemberment coverage when you use your card to pay for air, bus, train, or cruise transportation. |
| Purchase Protection | Information not found in the provided context. | Covers new purchases for 120 days against damage or theft up to $500 per item. |
| Rewards Redemption Options | Cash back can be redeemed for statement credits, direct deposits to a bank account, gift cards, and purchases at Amazon.com. Rewards can also be donated to charity. | Cash, gift cards, travel, and pay with points for products or services. Points can be redeemed for travel through Chase Travel for up to 75% more value. |
| Transferable Points | Points cannot be transferred to partner airlines or hotels. | Yes, points can be transferred to leading frequent travel programs at a 1:1 value. |
| Cash back rewards rate on rotating categories | 5% cash back on rotating categories each quarter, up to $1,500 in combined purchases per quarter, upon activation. After reaching the limit, the cash back rate is 1%. | The Chase Sapphire Preferred Card does not have cash back rewards on rotating categories. However, the Chase Freedom Flex earns 5% cash back on rotating quarterly categories (on up to the first $1,500 in purchases, upon activation). You can move the rewards you earn on that card to the Chase Sapphire Preferred Card. |