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You have 1 day left to earn the Chase Sapphire Preferred Card's huge 80,000-point bonus

The Chase Sapphire Preferred Card's massive 80,000-point bonus is ending on November 8. Here's how to earn it before the offer expires.

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Editor's Note: The Chase Sapphire Preferred® Card's 80,000-point welcome bonus mentioned below is no longer available. The current offer is worth 60,000 points after you spend $4,000 within the first three months. Learn more in our Chase Sapphire Preferred review.

If you've been thinking about applying for the Chase Sapphire Preferred® Card, now's as good a time as any. Chase launched a massive 80,000-point bonus last month and it's already set to end on Nov. 8.

In order to earn this huge welcome bonus, you'll need to apply before Nov. 8, get approved and then spend $4,000 on your Sapphire Preferred card within the first three months from account opening.

While you shouldn't open a card just for the bonus offer, it's a nice perk especially if you're gearing up for holiday shopping. The money you spend on upcoming gifts can help you meet the minimum spending requirement.

Below, CNBC Select reviews who's eligible to earn the bonus and apply for the card, plus the value of 80,000 Chase Ultimate Rewards® points.

Who's eligible to apply for the Chase Sapphire Preferred Card?

The infamous Chase 5/24 rule limits who can be approved for a new Chase credit card. If you've opened five or more personal credit cards (from any card issuer) within the past 24 months, there's a strong chance you'll be denied for the Sapphire Preferred card.

But if you've opened four or less cards, the 5/24 rule doesn't apply — though that doesn't guarantee you'll be approved. Chase considers a variety of factors during the application process, such as your credit score and credit utilization rate.

Who's eligible for the Chase Sapphire Preferred bonus?

Prospective new Sapphire Preferred card members will need to meet strict eligibility requirements to qualify for the welcome bonus, but if you've never had any Sapphire product, you're in the clear.

Chase disclaims the following eligibility requirements on its website:

The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months. If you are an existing Sapphire customer and would like this product, please call the number on the back of your card to see if you are eligible for a product change. You will not receive the new cardmember bonus if you change products.

While Sapphire newbies are able to earn the welcome bonus, previous Sapphire cardholders can as well so long as you don't currently have any Sapphire card (Preferred or Reserve) and didn't receive a new card member bonus for any Sapphire card in the past 48 months.

Here are scenarios that can help you determine your eligibility:

  • You never had a Sapphire card: Eligible
  • You currently have a Sapphire card, regardless of whether you previously received the bonus: Not eligible
  • You previously had a Sapphire card and received the bonus within the past 48 months: Not eligible
  • You previously had a Sapphire card and received the bonus more than 48 months ago: Eligible
  • You previously had a Sapphire card and never received the bonus: Eligible
  • If you're an existing Chase Sapphire customer and want to request a product change: Not eligible

How often can you get a Chase Sapphire bonus?

Chase sets strict guidelines for who's eligible to earn welcome bonuses. You can qualify to earn a new Sapphire bonus once every 48 months, as long as you're not a current Sapphire cardholder.

Can you get more than one Chase Sapphire bonus?

You can earn more than one Chase Sapphire bonus, but as the terms stated above, you'll have to wait 48 months between each bonus.

What are 80,000 Chase Ultimate Rewards points worth?

Ultimate Rewards points are some of the most valuable credit card rewards. The 80,000-point bonus can be worth up to $1,000 depending on how you redeem them.

Here are some ways you can redeem points and the approximate dollar value: 

  • Travel through Chase Ultimate Rewards®: Up to $1,000 (thanks to 25% more value on these redemptions)
  • Pay Yourself Back grocery store, dining, home improvement store and eligible charity statement credits: Up to $1,000 (thanks to 25% more value on these redemptions)
  • Cash back outside of Pay Yourself Back: Up to $800
  • Gift cards: $800 or more if there's a gift card sale

Another option that is harder to assign a dollar value to is transfers to participating airline and hotel traveler programs, including JetBlue TrueBlue and Marriott Bonvoy™.

Do Chase bonus points expire?

Chase points don't expire as long as your account remains open. However, Chase notes in its terms that you will immediately lose all your points if your account status changes or your account is closed for program misuse, fraudulent activities, failure to pay, bankruptcy or other reasons listed in your rewards program agreement.

Will this bonus offer happen more than once?

This bonus is only running for a limited time, until Nov. 8. The card issuer hasn't announced what kind of welcome bonus will be available once this offer is over. Typically, card issuers don't provide consumers a lot of insight into when their special offers will come and go.

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.