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One of the most valuable sign-up bonuses in the world of travel credit cards just got even better.
The Chase Sapphire Preferred® Card is now offering new card members 100,000 bonus points when they spend $4,000 on purchases in the first three months after their account opens. That’s a notable boost from the previous offer, which was 80,000 bonus points (and up to $50 in statement credits for grocery store purchases within the first year of account opening) for new card members who spend $4,000 on purchases in the first three months from account opening.
Chase says the new bonus offer is the best ever for the card.
If you’ve been considering the Chase Sapphire Preferred® Card as a potential travel credit card, this new sign-up bonus makes the card worth another look. Chase has not indicated if this offer will only be available for a limited time.
Apart from the bonus, all the other features of the Chase Sapphire Preferred® Card remain the same, including the $95 annual fee. Those features include two points for every $1 you spend on travel and dining at restaurants, plus one point per $1 for all other purchases.
How much is the Chase Sapphire Preferred® Card sign-up bonus worth?
Simply put, we rate the new Chase Sapphire Preferred® Card sign-up bonus as one of the most valuable currently on the market.
Chase lists the bonus as worth $1,250 when redeemed for travel via the Chase Ultimate Rewards® portal or its Pay Yourself Back tool, which lets cardholders redeem their points for statement credits on purchases in certain spending categories. In other words, your Chase Ultimate Rewards® points are worth 25% more in both redemption methods.
But you could see more value from those 100,000 points if you transfer them to one of Chase’s 1:1 transfer partners. According to Credit Karma’s point valuations, those points could be worth up to $1,710 when transferred to a high-value partner.
By contrast, the Chase Sapphire Reserve® offers just 60,000 bonus points when you spend $4,000 on purchases in the first three months after your account opens.
Is the Chase Sapphire Preferred® Card right for you?
We often list the Chase Sapphire Preferred® Card as a good option for people who want to get value from a flexible rewards program and access to transfer partners without paying an annual fee of several hundred dollars. That opinion has not changed, even with the higher bonus.
While the higher sign-up bonus offer clearly adds more value for all new cardholders, the card’s features make it a better option for people who are willing to seek out the highest possible value for their rewards points. It lacks the extensive perks and credits of the premium Chase Sapphire Reserve® and its $550 annual fee, and its rewards program isn’t as straightforward as that of Venture® Rewards from Capital One®, which also has a $95 annual fee.
Nevertheless, the Chase Sapphire Preferred® Card offers a strong mix of flexible rewards, several useful perks and a reasonable annual fee. If you’ve been interested in applying for the card before this announcement, this offer only adds to the card’s value.
If you’d like to learn more about the card, take a look at our review of the Chase Sapphire Preferred® Card.