Just recently, the Chase Sapphire Preferred card announced their highest sign-up offer we’ve ever seen. With 100,000 points after spending $4,000 on the card within the first three months, it is one of the best credit cards to apply for right now — especially if you are looking to travel on points and miles. Now only can the points be used towards free hotel rooms or flights, if you aren’t traveling right now, they can also be used towards groceries or dining out.
The card is one of the most popular cards out there and with just a $95 annual fee, it’s an inexpensive card to earn the points and to figure out if the card works for you for the long term.
So let’s look at the top for reasons to apply for the card.
Application link: Chase Sapphire Preferred
1. An all-time high sign-up bonus
New applicants for the Chase Sapphire Preferred credit card will receive 100,000 points after spending $4,000 on the card within the first 3 months. This is the highest offer we’ve ever seen for the card. In fact, it is the highest offer out of any of the other Chase Ultimate Reward credit cards.
If you use the “pay with points” option through the travel portal, the 100,000 bonus points are worth a fixed $1,250 towards travel. This can be used towards any travel experience, including hotels, airfare, car rentals and even house rentals.
Or, you can also transfer your points to many different hotel and airline partner loyalty programs where points are typically worth 2 cents per point. This makes the the 100,000 points earned worth about $2,000.
2. Chase Ultimate Rewards points are extremely flexible
The Chase Sapphire Preferred earns Chase Ultimate Reward points. The points earned can be used in a magnitude of ways, making your points extremely flexible. This allows you to truly redeem your points for a vacation that works for you and not be pigeonholed into just one program.
Typically, you’ll receive the best value by transferring your points to one of 14 different loyalty programs. The airline partners include: Aer Lingus, Air Canada, Aeroplan, Air France/KLM, British Airways, Emirates, Iberia, JetBlue, Singapore Airlines, Southwest, United and Virgin Atlantic. The hotel partners include: Hyatt, IHG and Marriott.
For example, on the hotel front, Hyatt has one of the most valuable programs and you can redeem the 100,000 bonus points for a free 4-night stay at the Hyatt Ziva Cancun (one of Hyatt’s all-inclusive resorts). Or, you can stay at the Grand Hyatt Baha Mar that costs just 20,000 points at night for 5 nights with the current sign-up bonus.
If you are looking to travel overseas at some point, you can fly business class roundtrip from Boston to Spain for just 68,000 points on Iberia. These flights in the front of the plane costs many thousands of dollars if you actually pay for your flight… or you can use your points.
Or, you can use your points at a fixed rate through Chase’s travel portal. Typically, points can be redeemed for one cent per point on any travel booking, but points redeemed through the Chase Sapphire Preferred receive a 25% bonus. This means the 100,000 points earned are worth $1,250 towards travel. Through this method, you don’t have to worry about transferring your points and award availability.
Now, if travel is truly not in your horizon right now, for a limited time, you can instead redeem your points for purchases made at grocery stores, dining establishments (including delivery and takeout orders) and home improvement stores. Through Sept. 30, 2021, your points are worth the same 1.25 cents per point and you can use Chase’s “Pay Yourself Back” tool to offset your purchases. This means, you can use the 100,000 bonus points earned on $1,250 worth of purchases in these three categories.
3. Increased bonus points and statement credits
The Chase Sapphire Preferred earns one point per dollar spent on most everyday purchases, but on select categories, you’ll earn even more points. You’ll now earn 2 points on travel (or 5 total points on travel purchased through Ultimate Rewards), 3 points on dining (including eligible delivery services, takeout and dining out), select streaming services and select online grocery purchases. And through March 2022, you’ll earn 5 points per dollar spent on all Lyft purchases.
Fortunately, the travel category is incredibly broad and includes almost every travel-related purchase you make. Unlike some other cards, you aren’t limited to just airfare purchases or hotel purchases. Even taxi’s are included in “travel”.
Also, through Dec. 31, 2021, cardmembers can receive up to $60 back in statement credits on Peloton Digital and All-Access memberships. If you have a Peloton, this is an incredibly easy way to receive $60 back and help offset the card’s annual fee.
A recently added perk is also the $50 annual credit on hotel stays purchased through Ultimate Rewards. New cardmembers will start earning towards the credit immediately and existing cardmembers (those who opened an account prior to Aug. 16, 2021) will start earning their next statement credit after their next account anniversary.
Additionally, you’ll earn a 10% anniversary point bonus. Each account anniversary, cardmembers will earn bonus points equal to 10% of total purchases made the previous year. For example, $10,000 in purchases will earn an additional 1,000 bonus points.
4. Great travel protection
When traveling, it is important to have travel protection in case the unfortunate happens. Of course you can always purchase insurance for your trip… or you can just use a credit card that offers many benefits. Fortunately, the Chase Sapphire Preferred offers great travel protection at no additional cost.
As long as you use your card, you’ll receive primary auto rental insurance, trip-cancellation insurance, baggage delay insurance, trip delay protection and no foreign transaction fees. Even if you are using points or miles for your trip, as long as you pay for the taxes with the card, you are still covered.
This will come in handy if you get sick before or during your trip or if your flight is delayed 12 or more hours or require you to spend the night at a hotel. Or even if there is severe weather and you need to cancel your trip, you’re covered.
I’ve personally used the trip delay protection a few times in the past and it has covered all out of pocket expenses up to $500 per person, such as an extra night at a hotel, taxis, food and even clothes.
With the record-high sign up bonus, right now is the best time to apply for the card. The 100,000 points can easily jump start that much needed vacation — especially after a year of no travel for most. It is an ideal card with a low annual fee, flexible points and great benefits.
Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,250 when you redeem through Chase Ultimate Rewards®
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