For credit card enthusiasts, while ongoing perks and rewards are great, it’s the welcome bonuses that are really exciting. In particular, when a low or no annual fee card features an offer that crosses into six figures, people talk. On that note, one of the most often discussed deals in recent years was a 100,000-point welcome bonus for the Chase Sapphire Preferred — which I took advantage of myself back in 2021. Well, now that legendary offer has returned!
For a limited time, new Chase Sapphire Preferred customers can earn 100,000 bonus Chase Ultimate Rewards points after spending at least $5,000 in purchases on the card within their first three months. Since the Sapphire Preferred enabled cardholders to redeem points at a rate of 1.25¢ per point via the Chase Travel portal, this 100k point bonus is worth up to $1,250! Alternatively, you could transfer points to one of Chase’s numerous partners and potentially see even greater value.
By the way, while I often write about special offers here and on Fioney, this is where subscribing to newsletters like Daily Drop can really be useful. Not only will you find out about these new deals right away but you’ll get some insight on to how to make the points/miles you earn go further. In fact, I actually received a special second daily edition of the newsletter yesterday thanks to this new Chase offer — that’s how big of a deal this is.
Needless to say, this 100,000-point offer is awesome — but what does the Chase Sapphire Preferred offer beyond that? First, the card earns 3x on dining and 2x on all travel purchases. Plus, when booking hotel rooms or rental cars via Chase Travel, you’ll earn 5x points. As I mentioned earlier, with the Sapphire Preferred, you’ll also see 25% more value on Chase Travel redemptions, meaning that you could effectively be earning 3.75% back on dining and 2.5% back on travel purchases if you redeem your points using Chase’s booking portal.
While the welcome bonus is a one-time thing, the Chase Sapphire Preferred does feature some perks for renewing customers as well. Each anniversary year, you’ll receive a $50 credit for Chase Travel hotel bookings. Previously, we used this on a stay at the Hilton Grand Vacations Tuscany Village Orlando, which was great. But, in addition to this credit, you’ll also get a 10% anniversary points boost. This means that, if you earned 100,000 points in a year (through spending and not the welcome bonus), you’d get a 10,000-point bonus upon card renewal.
Of course, I should note that the Chase Sapphire Preferred does carry a $95 annual fee. However, between this welcome bonus and the $50 Chase Travel Hotel credit in subsequent years, you should still be able to get plenty of value from the card.
All in all, this is definitely a credit card bonus I’d consider taking advantage of — and I say that was someone who previously has! Just make sure that you can comfortably hit the minimum spending requirement without buying things you wouldn’t otherwise buy. As long as you can do that, I’d recommend picking up the Chase Sapphire Preferred before this deal goes away.
P.S. You can read more about my thoughts on the Chase Sapphire Preferred in my full review.