Chase increases welcome bonus for Sapphire Preferred and Reserve cards to 75,000 points.

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If you're considering applying for either the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, you should act quickly. Both cards are currently offering a limited-time increased welcome bonus, but it's ending soon.

You can earn 75,000 bonus points after spending $4,000 on purchases with either card during the first three months after opening an account. This is an increase from the previous 60,000 bonus points offered by both cards and it's worth an additional $187 to $225 in travel depending on the card and how you redeem the points. To take advantage of this offer before it expires, follow these steps.

Chase Sapphire Preferred and Sapphire Reserve bonus offers

The Sapphire Preferred or Reserve card offers a 75,000 Chase Ultimate Rewards® point bonus after spending $4,000 in the first 3 months, which can be redeemed for $750 in cash back or gift cards. However, the points are worth even more when used for travel through Chase Travel℠.

Here's a breakdown of the travel redemption value for each card:

• With a Sapphire Preferred card, each point is worth 1.25 cents, so 75,000 points are worth $937.50.
• The value of Sapphire Reserve points is 1.5 cents each, so 75,000 Chase points are worth $1,125.

You can transfer your points from Chase's travel partners at a 1:1 ratio to maximize your points. These partners include 14 airlines and hotels, such as World of Hyatt, Air Canada Aeroplan, Emirates Skywards, and more.

Who's eligible for these offers?

To receive the bonus on either Sapphire card, you must be a new applicant. Current Sapphire Preferred or Sapphire Reserve cardholders are not eligible.

To be eligible for a welcome bonus from a Sapphire card, you must not have earned one in the previous 48 months and you must not have opened five or more credit cards from any bank in the past 24 months.

Alternative cards

If you're not interested in either Chase card, the Citi Strata Premier℠ Card is a great travel rewards card to consider. It offers a welcome bonus of 70,000 ThankYou® Points after spending $4,000 in the first 3 months of account opening and a range of travel perks such as a $100 annual hotel savings benefit. However, unlike Chase, Citi lacks popular loyalty programs such as World of Hyatt and Southwest Rapid Rewards in its network.

The American Express Gold Card is a great alternative to the Sapphire Reserve, particularly for those who spend a significant portion of their budget on food. The Amex Gold earns 4X Membership Rewards® points at restaurants worldwide and 4X points at U.S. supermarkets (up to $25,000 a year). Additionally, its annual fee of $250 (see rates and fees) is significantly less than the Chase Sapphire Reserve's $550 annual fee.

Bottom line

The Chase Sapphire Preferred® Card and Chase Sapphire Reserve® Card are currently offering increased welcome bonuses. For a limited time, you can receive 70,000 bonus points after spending $4,000 on purchases with either card in the first three months of account opening. This is a 15,000 increase from previous offers. However, the offer is set to expire soon, so you must act quickly to take advantage of it.

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