The Chase Sapphire Preferred Card introduces a new promotion: Gain 60,000 bonus points and up to $300 in statement credits.
New Chase Sapphire Preferred® Card members can earn 60,000 bonus points after spending $4,000 on purchases in the first three months from account opening.
This offer is worth up to $1,050 in TravelSM value and provides up to $300 in statement credits on Chase Travel purchases within the first year.
If you're a beginner traveler looking to maximize rewards, the Sapphire Preferred is an excellent credit card choice. With most of the benefits anyone would want, it's a great option for anyone who loves to travel. Plus, there's typically an increased bonus offer on this card once a year, so now is the perfect time to apply.
CNBC Select provides information on qualifying for a bonus and maximizing its benefits.
New Chase Sapphire Preferred intro bonus
The new intro bonus for the Chase Sapphire Preferred® Card is $300 more than the previous offer.
- After opening an account, spend $4,000 on purchases within the first three months to receive a bonus of 60,000 points, as well as up to $300 in travel credit for eligible Chase TravelSM bookings.
- After opening an account, spend $4,000 on purchases within the first three months to earn 60,000 bonus points.
You will receive a $50 Chase Travel Hotel credit annually, which is simple to use and applicable to eligible hotel bookings through Chase TravelSM, in addition to the welcome bonus.
You will receive a comprehensive list of valuable insurance benefits, including:
- Rental car collision coverage
- Baggage delay insurance
- Travel and emergency assistance
How to make the most of the Chase Sapphire Preferred's intro bonus
The value of the intro bonus from the Chase Sapphire Preferred® Card depends on how you redeem the 60,000-point bonus.
You can redeem 60,000 points for one cent per point for various redemptions, including $600 in cash back or $600 in gift cards. Additionally, you can increase the value of your redemptions by booking travel through Chase Travel,SM, as the Sapphire Preferred offers a 25% bonus on these redemptions.
A potential total bonus value of $1,050 can be earned by accumulating 60,000 points worth $750 in travel.
Maximizing Chase points is usually the optimal path, as the Sapphire Preferred grants full access to all 14 Chase travel partner programs and allows for a 1:1 point transfer ratio to all of them. Partner programs include World of Hyatt, Air Canada Aeroplan, United MileagePlus, and Southwest Rapid Rewards.
By utilizing the best deals provided by these partners, the value per point can significantly increase. For instance, one-way business class awards from the U.S. to Europe (under 4,000 miles) start at 60,000 points with the Aeroplan program. You can book awards on Air Canada and most of its partner airlines at that price. These flights can easily cost more than $3,000, which means you're getting a value of around five cents point (not accounting for taxes and fees).
Who's eligible for the Chase Sapphire Preferred's welcome bonus?
To qualify for the Sapphire Preferred's new welcome bonus, you must meet two additional requirements.
- You do not currently possess any Sapphire card, including the Sapphire Preferred or Chase Sapphire Reserve®.
- No Sapphire card member has received a new bonus in the past 48 months.
If you have opened five or more credit cards from any bank in the last 24 months, it may be more difficult to get approved for a new Chase credit card. However, some business credit cards may not be included in the 5/24 count because they are not reported on your personal credit report.
Alternative cards to consider
If you can't qualify for the Chase Sapphire Preferred or you're not interested in its new offer, the Capital One Venture Rewards Credit Card is a great alternative. It has the same annual fee and spending requirement ($4,000 on the card in the first three months) to earn 75,000 bonus miles. Those miles are worth $750 in travel purchases, which is less valuable than the Sapphire Preferred's bonus. However, you can transfer Capital One miles to 18 partner airline and hotel loyalty programs, which can boost its value.
The Capital One Venture Card provides more transferable rewards compared to the Sapphire Preferred.
The Wells Fargo Autograph℠ Card is a great alternative to the Chase Sapphire Preferred for travelers who are unsure about the annual fee. The Autograph Card has no annual fee and earns transferrable points, making it a good option for purchases such as restaurants, travel, gas stations, and popular streaming services. Additionally, the Autograph Card offers several insurance perks, including cell phone protection, travel accident insurance, and trip cancellation/interruption coverage.
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