The Chase Sapphire Preferred is offering its highest-ever bonus to new cardholders, and it's worth up to $1,000

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  • For a limited time, the Chase Sapphire Preferred® Card is offering its best-ever sign-up bonus.
  • New cardholders can earn 80,000 points after spending $4,000 in the first three months from account opening.
  • 80,000 points from Chase are worth $1,000 toward travel booked through Chase, or for dining, grocery, home-improvement, and charity purchases through Pay Yourself Back.
  • This bonus will only be available for a limited time, so don't wait to apply.
  • See Business Insider's list of the best rewards credit cards »

For years, the Chase Sapphire Preferred® Card has offered one of the best sign-up bonuses among rewards credit cards: 60,000 Chase points after new cardholders spend $4,000 in the first three months.

That bonus has just increased by 20,000 points, to 80,000 points (Ultimate Rewards points) after you meet the same minimum spending requirement of $4,000 in the first three months. That gets you an extra $250 if you value each Chase point at 1.25 cents — which is how much points from the Sapphire Preferred are worth when you redeem them for travel, dining, grocery purchases, and more through Chase.

Chase Sapphire Preferred® Card

Chase Chase Sapphire Preferred® Card

Annual Fee
Regular APR
Credit Score
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 4.8 out of 5 Stars
    Editor's Rating

    Our editor's ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we've reviewed.A tooltipOur editor's ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we've reviewed.Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

    Annual Fee

    $95

    Regular APR

    15.99%-22.99% Variable

    Credit Score

    Recommended credit score. Note that credit card lenders may use many different variations of credit score models when considering your application.A tooltipRecommended credit score. Note that credit card lenders may use many different variations of credit score models when considering your application.Good to ExcellentA five pointed star

  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 4.8 out of 5 Stars
    Editor's Rating

    Our editor's ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we've reviewed.A tooltipOur editor's ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we've reviewed.

    Featured Reward

    80,000 points after you spend $4,000 on purchases in the first three months.A tooltip80,000 points after you spend $4,000 on purchases in the first three months.80,000 pointsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Details
  • Pros & Cons
    • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
    • 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases.
    • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 80,000 points are worth $1,000 toward travel.
    • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
    • Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.
    Pros
    • High sign-up bonus starts you off with lots of points
    • Strong travel coverage
    Cons
    • Doesn't offer a Global Entry/TSA PreCheck application fee credit or any other statement credit benefits

    We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

    80,000 points is hard to beat

    Some credit card welcome bonuses fluctuate every few months, but the Chase Sapphire Preferred® Card has held steady with a 60,000-point offer for the last several years. That means this increase is extremely rare, so you shouldn't expect it to come back any time soon.

    Not only are Chase Ultimate Rewards points some of the best rewards for booking travel, but they're also great for saving money on common spending categories thanks to a recently introduced feature.

    The new Pay Yourself Back tool lets you use points from the Sapphire Preferred (or the Chase Sapphire Reserve®) to cover purchases in the following categories:

    • Dining (including takeout and delivery services)
    • Grocery stores
    • Home improvement
    • Charity

    This is one of the most valuable new credit card features that's been introduced during quarantine. Each of your points is worth 1.25 cents apiece when you redeem them through Pay Yourself Back, and you can apply points to purchases made up to 90 days in the past. 

    Redeeming 80,000 points for travel booked through Chase or through Pay Yourself Back would get you $1,000 in value, since your points are worth 1.25 cents apiece when used this way. You can also transfer Ultimate Rewards points to travel partners such as British Airways, Hyatt, Marriott, and United and potentially get even more value per point, but that may not be top of mind right now, as many of us are still holding off on traveling.

    It's one of the best rewards cards, even beyond the new bonus

    Getting $1,000 in value from the sign-up bonus is a great reason to consider the Sapphire Preferred, but this is a great travel card even without factoring in the welcome offer.

    In exchange for a $95 annual fee, you get 2x points on dining and travel, 5x points on Lyft rides through March 2022, and 1 point per dollar on everything else. You also get some of the best travel insurance available on a credit card — including trip delay insurance and primary rental car insurance.

    Especially now that you can get solid value out of your Chase points for non-travel purchases such as groceries and dining, the Chase Sapphire Preferred® Card is a great option if you're looking to maximize rewards during quarantine. You could always choose to hold on to those 80,000 points and continue earning rewards so you're ready to book a flight or hotel stay when you're ready to travel again. 

    Don't forget about the 5/24 rule for Chase applications

    If you're considering the Chase Sapphire Preferred, now is a great time to apply, but you'll want to check on your 5/24 status before you do so.

    Chase has a so-called 5/24 rule that prevents you from getting approved for most Chase credit cards if you've opened five or more credit card accounts in the last 24 months. That limit of five cards applies to accounts across all banks, not just Chase, so if you've been on a credit card application spree over the last two years, you may not be approved. You can check your 5/24 status by opening a free Credit Karma account and viewing the opening dates for any credit cards you've opened in the past.

    If you're in the clear and you don't have this card — or its more premium, sibling, the Chase Sapphire Reserve® — yet, now is a great time to apply and earn an excellent welcome bonus of 80,000 points (Ultimate Rewards points). Just remember that this bonus offer could end at any time, so don't wait too long to apply.

    How does this bonus compare to past offers?

    For the last several years, the Chase Sapphire Preferred® Card has consistently offered a sign-up bonus of 60,000 points (after new cardholders spend $4,000 in the first three months). So the welcome bonus of 80,000 points is a significant step up — and that's saying a lot, since we already considered the 60,000-point bonus to be one of the best credit card offers you can get.

    What is a limited-time offer?

    In the context of credit cards, a limited-time offer is a welcome bonus that won't stick around forever. Some limited-time credit card sign-up bonuses have a publicized end date, but in the case of this Chase Sapphire Preferred® Card, we don't know when the offer will end. 

    Credit card sign-up bonuses are one of the easiest ways to get a windfall of points or miles quickly, so if you're interested in collecting Chase Ultimate Rewards points, consider applying for the Chase Sapphire Preferred® Card or another Chase credit card when the welcome offer is at an all-time high.

    How can you use Chase points?

    You have several options for redeeming the points from your Chase Sapphire Preferred® Card, including:

    • Booking travel through the Chase Ultimate Rewards website (get 1.25 cents per point in value)
    • Booking travel by transferring points to Chase's airline and hotel partners (value per point depends on your booking)
    • Using Pay Yourself Back to cover purchases made with your card in the following categories: dining, groceries, home improvement, and select charities (get 1.25 cents per point)
    • Redeeming for statement credits or gift cards (get 1 cent per point)
    • Paying for merchandise at select retailers including Amazon and Apple (get ~0.8 cents per point)
    • Redeeming for experiences through Chase Ultimate Rewards (value per point varies)

    For more information, see our complete guide to the Chase Ultimate Rewards program.

    Other cards to consider

    If you already have a Chase Sapphire Preferred® Card, or want to shop around before signing up, other travel rewards credit cards to consider include:

    • Capital One® Venture® Rewards Credit Card — This card also has a $95 annual fee, but it earns 2x miles on every purchase, with no bonus categories to keep track of. You can trade Capital One miles for cash back or transfer them to more than a dozen travel partners, among other redemption options.
    • Citi Premier℠ Card — The Citi Premier is another good travel card with a $95 annual fee. It earns 3x points at restaurants, supermarkets, and gas stations and 3x points on air travel and hotels (and 1 point per dollar on everything else). You'll want to learn about your options for using Citi points before you opt for this card.
    • Chase Sapphire Reserve® — If you like the Chase Sapphire Preferred's benefits but you're looking for more perks, the $550-a-year Sapphire Reserve is a good alternative. It earns 3x (rather than 2x) points on travel and dining, and you get a $300 annual travel credit that automatically applies to purchases such as airfare, parking, tolls, subway fare, and hotels. It has a lower sign-up bonus than the Preferred, but if you travel a lot, the Reserve's extra benefits like Priority Pass Select airport lounge access could make it a better pick in the long run.

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    Business Insider may receive a commission from The Points Guy Affiliate Network, but our reporting and recommendations are always independent and objective.

    Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.

    Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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