Rewards features:  

The Chase Sapphire with Ultimate Rewards aims to reduce the limits found in the small print of most rewards programs. With the Chase Sapphire card you’re not restricted to redeeming points with a single airline or during the offseason. In addition to typical travel rewards options like hotel rooms or cruises, Chase Ultimate Rewards points can be redeemed for gift cards or for select merchandise online.

The Chase Sapphire card operates on a point system common to rewards cards. Each dollar spent yields one Ultimate Rewards point. Chase Sapphire cardholders get double points on travel bookings made with the house travel booking tool. The Chase Ultimate Rewards Mall online offers cardholders the chance to get up to ten points per dollar spent at over 300 affiliated retailers. With deliberate use, the Chase Sapphire card can yield a bounty of bonus points.

The Chase Sapphire card is particularly tempting to new customers—Chase will give first time cardholders 10,000 bonus points for signing up. When you consider that round trip flights typically run about 25,000 points, you nearly have a free trip right at signup. The Chase Ultimate Rewards program also allows users to redeem flights with a combination of points and traditional payment, which effectively makes for discount flights.

If airlines, hotel rooms or retail goods aren’t high on your list of priorities, Ultimate Rewards points can be redeemed for cold, hard cash back. But, given that points never expire and there is no cap to the amount of points one can accumulate, you’re by no means obliged to redeem points on cash back if a vacation isn’t viable in the near future.

APR:  

While reward programs are at the heart of our review, percentage rates, fees and card costs really make or break a credit card. Happily, the Chase Sapphire with Ultimate Rewards card offers reasonable interest rates. Applicants with good credit scores can expect a low 10.24% standard APR. That’s about what we expect from a standard credit card without a rewards program. Given that competing rewards cards charge APRs of as high as 14%, the Chase Sapphire card’s APR stands out as one of the best in the category.

The Chase Sapphire card also offers members the comparatively advantageous APR on cash advances. At 19.24% (plus associated fees), Chase’s fees for cash advances beat out the competition. Like most creditors though, Chase charges a highly inflated default APR. With a 29.99% APR for defaulted accounts, you’ll want to make sure you get your payments in on time.