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Chase is banking on consumers wanting to vacation this summer by launching its best ever welcome bonus on the Chase Sapphire Preferred® Card.
As of June 4, new Sapphire Preferred cardholders can earn 100,000 bonus points after spending $4,000 on purchases in the first three months from account opening.
This is equal to $1,250 when you redeem points for eligible purchases with the new Pay Yourself Back tool or for travel through the Chase Ultimate Rewards® portal, since point redemptions are worth 25% more this way. Pay Yourself Back allows you to "erase" grocery, dining and home improvement purchases off of your credit card statement.
If you redeem points for cash back outside of Pay Yourself Back, 100,000 points are worth $1,000 — still a big chunk of savings that can help offset the costs of airfare, hotel accommodation, rental cars and much more.
Finally, Chase allows transfers of its Ultimate Rewards points to 13 airline and hotel partners. For instance, you could transfer 90,000 points to Hyatt and book three nights at the luxurious Park Hyatt Maldives.
Or transfer your points to Virgin Atlantic and book a business class flight from the U.S. to Japan on ANA for as little as 90,000 miles round-trip.
This 100,000-point bonus is 20,000 more points than what the Sapphire Preferred previously offered, and it marks the largest bonus ever offered on the Preferred. The Sapphire Preferred was already offering an elevated welcome bonus of 80,000 points, up from its standard 60,000-point offer.
We can expect this offer to have nearly as much buzz as the Chase Sapphire Reserve® when it originally launched in 2016 with a 100,000-point bonus, so it's worth considering if you don't already have a Sapphire card. (Learn more about the eligibility requirements below.) This bonus is arguably better, however, since the Sapphire Preferred has only a $95 annual fee while the Sapphire Reserve has a $550 annual fee.
The new 100,000-point bonus offer is only available to you if you don't currently have any Sapphire card (Preferred or Reserve) and haven't received a new card member bonus for any Sapphire card in the past 48 months.
The Chase Sapphire Preferred Card is full of great travel perks, which makes it one of the top travel credit cards available and the best travel credit card with an annual fee under $100.
Here are just a handful of benefits you can look forward to with the Preferred:
- Earn 5X points on travel purchased through Chase Ultimate Rewards®
- Earn 3X points on dining (including eligible delivery services, takeout and dining out)
- Earn 2X points on all other travel purchases
- Get a $50 annual Ultimate Rewards Hotel Credit
- Have primary car rental insurance when you travel
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum (on DoorDash and Caviar) of one year on qualifying food purchases with DashPass, DoorDash's subscription service (activate by March 31, 2022)
- Earn 5X points on Lyft rides (including bikes and scooters) through March 2022, which is 3X points in addition to the 2X points you already earn on travel
The Sapphire Preferred's sibling card, the Chase Sapphire Reserve, offers an annual $300 travel credit, Priority Pass Lounge access and a Lyft Pink membership that make its $550 annual fee worthwhile.
The current welcome offer for new Sapphire Reserve cardholders is earn 60,000 bonus points after spending $4,000 in the first three months. 60,000 points are worth $900 when you redeem for travel or Pay Yourself Back in Ultimate Rewards, since point redemptions are worth 50% more this way. If you redeem points for cash back outside of Pay Yourself Back, 60,000 points are worth $600.
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 (i.e. if it becomes delinquent) or your account is closed for program misuse, fraudulent activities, failure to pay, bankruptcy or other reasons listed in your rewards program agreement.