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The Chase Sapphire Preferred® Card is one of the most popular travel rewards credit cards out there—and for good reason. It has a low annual fee ($95) but offers excellent opportunities to both earn and redeem points. The card has one of the credit card industry’s top earnings structures, featuring the likes of three points per dollar spent on dining and five points per dollar spent on travel booked through Chase Ultimate Rewards®. These are earnings multipliers more typical of cards with high annual fees. Next, options for redeeming points are seemingly endless. Points are easily transferable to a variety of airline and hotel partners or can be redeemed at 1.25 cents apiece through Chase’s own travel portal or select “Pay Yourself Back” categories.
Many travelers jumped on the Chase Sapphire Preferred bandwagon in 2021 and 2022, enticed by massive introductory offers. Chase has revived one of its mega offers and raised its introductory bonus to 80,000 points—that’s $1,000 on travel when redeemed through Chase Ultimate Rewards. But be quick—this deal will vanish at the end of the day on May 24, 2023.
Below, find out more about this offer and why you should take advantage of it before it’s gone.
Chase Sapphire Preferred sign-up offer details
Here are the details on the Chase Sapphire Preferred’s limited-time offer, how to earn that 80,000-point bonus, plus other key perks.
Welcome offer: Earn 80,000 bonus points after spending $4,000 on new purchases within the first three months of having the Chase Sapphire Preferred Card. You can cash those bonus points out for 1.25 cents apiece—a value equal to $1,000—on travel through the Ultimate Rewards portal.
Annual fee: $95
Earn points: You’ll rack up points quickly with these impressive earnings rates:
- Five points per dollar spent on travel through Chase Ultimate Rewards and on Lyft rides
- Three points per dollar on dining, including takeout, eligible delivery services, and international restaurants
- Three points per dollar on select streaming services—including Disney+, Hulu, ESPN+, Netflix, Sling, Vudu, FuboTV, Apple Music, SiriusXM, Pandora, Spotify, and YouTube TV
- Three points per dollar on online grocery purchases (except for Target, Walmart, and wholesale clubs)
- Two points per dollar on travel not booked through Chase—including airfare, hotels, trains, rideshares, and more
- One point per dollar on other purchases
Credits: Earn $50 back each year in statement credits for hotel stays purchased through Chase Ultimate Rewards. Also, cardholders earn bonus points equivalent to 10 percent of the total purchases they made the previous year. For example, if you spend $25,000 during the year, you will earn 2,500 bonus points. Not a lot, but every bit counts!
Key perks: Chase points are exceptionally versatile and can be transferred to 11 airlines and three hotel partners, including Hyatt, Southwest, United, and Air Canada Aeroplan. This means cardholders can rack up points on everyday spending then convert them into points or miles with the partner program they choose when they need them for a specific redemption. Chase points can also be redeemed at 1.25 cents apiece for bookings through the Chase travel portal or with select categories, which change quarterly, under the “Pay Yourself Back” feature.
Why apply for the Chase Sapphire Preferred right now
We didn’t expect to see such a generous offer again on this card, and we’re not sure if it will return. These 80,000 Ultimate Rewards points can easily score you a one-way international business-class seat through transfer partners like Aeroplan and British Airways or multiple nights in posh properties in Santorini or Paris through transfer partner World of Hyatt. They can also be redeemed for gift cards or the travel purchase of your choice through the Chase travel portal.
Regardless of a glossy sign-up bonus, this card is arguably the best low-fee travel credit card and one you’ll want to keep around. Earning points is remarkably easy thanks to bonuses when spending in categories like travel, dining, and streaming services. The sky’s the limit when it comes to redeeming points, and Chase’s Ultimate Rewards portal makes it easy to do so. We also love the card’s comprehensive travel protections, including trip interruption and cancellation coverage, trip delay coverage, primary rental car collision, and lost luggage protection.
Takeaway on the Chase Sapphire Preferred
Those who thought they missed out on the big welcome bonuses of years past now have their chance. If you don’t already have it, now is the time to get the Chase Sapphire Preferred Card before the offer disappears at the end of the day on May 24, 2023.
This article was originally published in April 2022; it was updated with new information on May 18, 2023.
While the offers mentioned above are accurate at the time of publication, they are subject to change at any time, and may have changed or may no longer be available.