Chase Sapphire Preferred Payoff Calculator 2026

Card data, May 2, 2026

• Issuer: Chase
• APR: 20.74-27.74% variable (purchase APR; the rate that applies to a carried balance)
• Annual fee: $95
• Rewards: 5x points on Chase travel portal, 3x on dining and select streaming, 2x on other travel, 1x everything else
• Points value: $0.0125 per point in the Chase travel portal (1.25 cents); higher value if transferred to airline/hotel partners
• Penalty APR: up to 29.99% per Chase terms

Source: Chase Sapphire Preferred terms, verified 2026-05-02.

TL;DR

If you carry a balance on the Sapphire Preferred:

• Interest accrues at 20.74-27.74% APR using daily-balance method
• A 1.25% rewards rate (1x point on $1 spent, redeemed in travel portal) does not offset interest at 20%+ APR
• Even at 5x points = 6.25% effective rewards rate on travel category, interest exceeds rewards by month 3 of carrying

The Sapphire Preferred is a cash-or-paid-monthly rewards card. It is not designed to be carried.

Math worked example

$3,000 balance at 23% APR (midpoint of Sapphire Preferred range), $150/mo payment:

• 24 months to payoff
• $755 interest paid
• Total cost: $3,755 plus $190 in annual fees over 2 years = $3,945

If you also spend $1,000/mo on the card during the payoff period (carrying the balance + new spending):

• New purchases at 23% accrue interest from day 1 (no grace period when carrying balance)
• Rewards earned: ~$300 over 24 months at 1x base rate
• Interest on new purchases: ~$280 over 24 months
• Net rewards benefit: ~$20

The cards are designed for the transactor (full-balance payer). For the revolver, the math collapses.

Run your specific Sapphire Preferred numbers

The pillar tool handles the Sapphire Preferred APR range. Set the APR slider to your specific rate (find it on your statement under “Purchase APR”). The output shows months to payoff, total interest, and total cost.

To compare Sapphire Preferred carry-balance vs other strategies:

• Avalanche method: pay off this card first if it has the highest APR among your cards
• Balance transfer calculator: consider transferring the balance to a 0% APR card

Why the Sapphire Preferred APR is variable

Most Chase cards (and most credit cards generally) have variable APRs tied to the prime rate. The card’s terms specify “Prime + X.XX%” where X is set at application based on your credit profile.

As of Q1 2026, prime rate is around 8.5%. A Sapphire Preferred APR of 23% suggests prime + 14.5%. If prime rises 1 point, your APR rises 1 point.

The Federal Reserve H.15 release tracks prime rate.

Should you carry a balance for the rewards?

No. The Sapphire Preferred (like all premium travel rewards cards) is designed to be paid in full each cycle. The math:

• Annual fee: $95
• Headline rewards: 5x in travel category, 1.25 cents/point in portal = 6.25% effective
• Interest on carried balance at 23% APR

To break even on the annual fee with rewards alone (without paying interest), you need to spend roughly $95 / 1.25% = $7,600 a year in standard categories, or $1,520 a year in 5x travel category.

Add carrying a $3,000 balance and the math reverses: interest cost ($690/year at 23% APR) far exceeds rewards.

Pay this card first under avalanche

If your Sapphire Preferred APR is 23% and you have other cards at lower APRs, Sapphire Preferred is the avalanche-priority card. Pay minimums on all others; put extra dollars on Sapphire Preferred.

If your Sapphire Preferred APR is 27% (top of the range, often subprime credit profile), it is almost certainly your highest APR card and a clear avalanche priority.

Consider transferring the balance

A 0% APR balance transfer (typical 18-month, 3% fee) would save you significant interest on the Sapphire Preferred balance. On a $3,000 balance:

• Sapphire Preferred status quo: $755 interest, 24 months
• Transfer to 18-month 0% APR with 3% fee ($90 fee): if paid in 18 months at $172/mo, total cost ~$3,090. Savings: $665.

See Balance transfer calculator for the precise math on your numbers.

Annual fee and downgrade options

If you have decided to stop using the Sapphire Preferred for new spending, two options:

1. Downgrade. Chase typically allows a “product change” to the Chase Freedom Unlimited (no annual fee) without a hard pull. The account history is preserved.
2. Cancel. Closes the account. Loses the $9,500 (or whatever your limit is) of available credit, which raises utilization on remaining cards. Generally not recommended while carrying a balance on any card.

Chase cards covered on this site

• Chase Sapphire Reserve payoff calculator

Other major cards

• Amex Gold payoff calculator
• Citi Premier payoff calculator
• Discover it payoff calculator
• Apple Card payoff calculator

Related

• Credit card payoff calculator (home) , pillar tool
• Credit card payoff by card type , full hub
• Avalanche vs snowball method
• Balance transfer calculator

Frequently asked questions

What is the APR on Chase Sapphire Preferred?

20.74-27.74% variable as of May 2, 2026, per Chase pricing page. Your specific APR was set at application and varies with the prime rate.

Can I avoid interest on Sapphire Preferred?

Yes, by paying your statement balance in full each cycle. Chase offers a grace period on new purchases when the previous statement is paid in full. Carrying any balance forfeits the grace period until the balance is paid to zero.

How long does it take to pay off a Sapphire Preferred balance?

At minimum payments only, a $3,000 balance at 23% APR takes about 12 years and costs $4,800+ in interest. With $150/mo, 24 months and $755 interest. With $250/mo, 14 months and $440 interest.

Are Sapphire Preferred points worth more than cash back?

Sometimes. In the Chase travel portal, points are worth 1.25 cents each (so 5x points on travel = 6.25% effective). Transferred to airline or hotel partners (United, Hyatt, etc.), points can sometimes be worth 2-3 cents each. But this only matters for paid-in-full users; carrying a balance erases the benefit.

Should I close my Sapphire Preferred if I am paying off the balance?

Generally no. Closing reduces your total available credit and can raise utilization on remaining cards. Better option: downgrade to Chase Freedom Unlimited (no annual fee), which preserves the account history.

What is the penalty APR on Sapphire Preferred?

Up to 29.99% per Chase terms. Triggered by 60+ days of late payment. Applies for at least 6 months and is restored to standard APR after 6 consecutive on-time payments.

Is the Sapphire Preferred a good balance transfer destination?

No. Chase Sapphire Preferred typically does not run 0% APR balance transfer promos. Transfers to this card incur the standard purchase APR (20.74-27.74%) plus the transfer fee. Use a dedicated balance transfer card instead.

Can Sapphire Preferred be a primary card during debt payoff?

Not recommended. New purchases on a card with a carried balance accrue interest at the full APR from day 1 (no grace period when carrying). Use a debit card or a separate paid-in-full card for new spending.

Why does Chase charge a $95 annual fee?

The fee partially funds the rewards structure (5x on travel, 3x on dining). For paid-in-full users who use the rewards, the fee is offset by points value. For revolvers, the fee adds to total cost.

Is the Sapphire Preferred a good card to keep open after payoff?

If you have used it for 1+ year and built up the relationship with Chase, keeping it open at zero balance is often beneficial. Available credit lowers utilization; the account history preserves average account age.