TheChase Sapphire Preferred® CardÂ has long been one of the most popular mid-tier travel credit cards, thanks to its flexible rewards and the outstanding value of Chase Ultimate Rewards points.
For those interested in the card, now might be the best time to apply. The card is currently offering its most generous welcome bonus in its 12-year history. Cardholders can earn a whopping 100,000 points for spending $4,000 in the first three months with the card.
With pandemic-related restrictions lifting and travel making a comeback, this can be an excellent opportunity to earn a large number of points and use them to save on an upcoming vacation.
New cardholders can get up to $1,250 worth of travel
The Chase Sapphire Preferred has long proven to be an excellent choice for casual travelers. With a $95 per year annual fee, the card earns 2 points per dollar on travel and dining and 1 point per dollar on everything else and offers a 25% bonus on points redeemed for travel through the Ultimate Rewards portal.
Since the portal allows users to book just about anything travel-related Ââ including airfare, hotels, car and vacation rentals, experiences and more â Sapphire Preferred cardholders can get fantastic value booking trips with points.
Thatâs especially true now that the issuer upped the cardâs welcome bonus to 100,000 points. Previously, the Chase Sapphire Preferred offered 80,000 points for spending $4,000 in the first three months. Now new cardholders can get 100,000 points meeting the same spend requirement. With the 25% value boost, thatâs $1,250 in travel when booking through the Ultimate Rewards portal.
The new bonusâ value
|Redemption option||Point value||Bonus value|
|Ultimate Rewards travel portal â Chase Sapphire Preferred card (25% redemption bonus)||1.25 cents||$1,250|
|Statement credit||1 cent||$1,000|
|Direct deposit||1 cent||$1,000|
|Gift cards||1 cent||$1,000|
|Amazon.com purchases||0.8 cent||$800|
|Chase Pay purchases||0.8 cent||$800|
As you can see, the new welcome bonus on the Chase Sapphire Preferred can yield amazing value even if you donât use redemption options with the highest point value.
Remember that you can also transfer points to the issuerâs travel partners and get even more out of your points. For instance, if you transfer your welcome bonus to World of Hyatt, you can book $2,000 worth of hotel stays, since the point value increases to 2 cents per point by our estimates.
Should you apply for the Chase Sapphire Preferred?
Now is absolutely the best time to apply for the Chase Sapphire Preferred. Travel is coming back, meaning youâll have a perfect opportunity to earn and redeem travel rewards, and the cardâs welcome offer has never been more valuable and attractive. Since thereâs no telling how long it will last, itâs best to take advantage of it as soon as possible to make sure youâre not missing out on the new bonusâ incredible value.
Even if youâre interested in the Chase Sapphire Reserve®, you might want to start with the Preferred too. Currently, the Reserve only offers 60,000 points when you spend $4,000 in the first three months. While the card itself can provide much better value, starting with the Preferred will ensure you get a much better sign-up bonus â and you can always request to upgrade to the Reserve later.