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The welcome offer of the Chase Sapphire Preferred® card is currently 100,000 points after spending $ 4,000 in the first three months of having the card. This is a great bonus, and since the card earns flexible Chase Ultimate Rewards points, you have several redemption options.
You also don’t have to use your points to travel. If you’re not yet ready to hit the road, you can convert your points into cash back, gift cards, or merchandise, or even redeem them for qualifying daily purchases through Pay Yourself Back.
Here are four reasons why you should apply for the Chase Sapphire Preferred® Card now.
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Chase Sapphire Preferred 100,000 points are worth up to $ 1,250
We’ll start with the number one reason to apply, and that’s the 100,000 points you’ll earn after spending at least $ 4000 on purchases in the first three months of your Chase Sapphire Preferred® card.
Read more: Chase Sapphire Preferred Card Review
If you redeem them for statement credits, 100,000 points are worth $ 1,000. But if you redeem through the Chase Ultimate Rewards travel portal, you get a 25% bonus, which makes your 100,000 points worth $ 1,250. You can also use Chase’s Pay Yourself Back feature, which also gets you the 25% bonus when you redeem points for purchases made at grocery stores, restaurants, home improvement stores, and charities. eligible until September 30, 2021.
Beyond the sign-up bonus, the Chase Sapphire Preferred® Card earns:
- 5 points per dollar on Lyft trips through March 2022
- 5 points per dollar on purchases of Peloton, Trad bikes and accessories over $ 1,800 (with a maximum of 25,000 points) until March 2022
- 2 points per travel dollar
- 2 points per dollar on meals
- 1 point per dollar on all other purchases
You will have access to valuable Chase transfer partners
Transferring your Ultimate Rewards points to Chase partner hotels and airlines can be one of the most cost-effective ways to redeem your Chase points. Chase currently has 10 airlines and three hotel partners, and they all transfer at a 1: 1 ratio.
This means that 1 Ultimate Rewards point will turn into 1 air mile or hotel point. It is possible to get 2 cents per point value or even more by transferring your Ultimate Rewards points to travel partners instead of redeeming them through the portal.
It goes well with the Freedom Flex or Freedom Unlimited
Chase has several different credit cards that earn Ultimate Rewards points. Some of its cards, like the Chase Sapphire Preferred® Card, come with an annual fee. Other Chase credit cards like the Chase Freedom Flex℠ or Chase Freedom Unlimited® do not have an annual fee.
If you only have Chase credit cards with no annual fee, you still earn ultimate rewards, but your points are only worth 1 cent each for travel booked through Chase or for cash back, and you are not. eligible to transfer your ultimate rewards to hotel or airline partners.
Read more: Holding 3 Chase Cash Back Cards, including the new Chase Freedom Flex, can earn you over 1% on every dollar spent, with no annual fee
So if you have a large collection of Ultimate Rewards points from an existing Chase Freedom card, this is a great reason to apply for the Chase Sapphire Preferred® card. You can then combine your Ultimate Rewards points with your Sapphire Preferred, and your existing Ultimate Rewards points instantly become potentially more valuable.
You get benefits such as primary car rental insurance coverage
In addition to the Ultimate Rewards points you earn from the Chase Sapphire Preferred® Card welcome bonus and the points you earn from your daily spending, the card also offers a variety of useful benefits.
Read more: 5 Chase Sapphire Preferred Perks Make It One Of The Most Valuable Credit Cards Beyond Huge Signup Bonus And Rewards
One of its best perks is Primary Car Rental Insurance – which covers damage due to collision or theft when you use your card to pay for your rental and decline the company’s collision insurance. rental – and you won’t have to bill your personal insurance first. (note that liability insurance is not included). While the coverage is not as comprehensive as that of the Chase Sapphire Reserve® premium, the Chase Sapphire Preferred® card is still one of the
for car rental insurance.
Make sure you are eligible for the Sapphire Preferred program before applying
There are several good reasons to apply for the Chase Sapphire Preferred® card, but you should make sure you are eligible before submitting your request.
The first question in determining your eligibility is whether you have opened five or more new credit card accounts in the past 24 months. If so, due to Chase’s 5/24 rule, you will not be approved for the Chase Sapphire Preferred® card until sufficient time has passed.
Read more: Chase Sapphire Preferred Offers Record Signup Bonus – Here’s How To Check If You’re Eligible
Second, you are only eligible for this offer if you currently do not have the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, and you have not received any welcome bonus on any of these cards during of the last 48 months.
If you already own a Chase Sapphire Reserve® (and have had it for at least four years), you might even consider getting rid of the Sapphire Reserve for the Sapphire Preferred offering. You will need to cancel your Chase Sapphire Reserve® (or downgrade it to a no annual fee card) before applying for a new Chase Sapphire Preferred® card.
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Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families travel free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and six children.