The Chase Sapphire Preferred is offering its highest-ever bonus to new cardholders, and it’s worth up to $1,000

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For years, the Chase Sapphire Preferred® Card has offered one of the best sign-up bonuses among rewards credit cards: 60,000 Chase points after new cardholders spend $4,000 in the first three months.

That bonus has just increased by 20,000 points, to 80,000 Ultimate Rewards points after you meet the same minimum spending requirement of $4,000 in the first three months. That gets you an extra $250 if you value each Chase point at 1.25 cents — which is how much points from the Sapphire Preferred are worth when you redeem them for travel, dining, grocery purchases, and more through Chase.

Chase Sapphire Preferred® Card 80,000 Chase points is hard to beat

Some credit card welcome bonuses fluctuate every few months, but the Chase Sapphire Preferred® Card has held steady with a 60,000-point offer for the last several years. That means this increase is extremely rare, so you shouldn’t expect it to come back any time soon.

Not only are Chase Ultimate Rewards points some of the best rewards for booking travel, but they’re also great for saving money on common spending categories thanks to a recently introduced feature.

The new Pay Yourself Back tool lets you use points from the Sapphire Preferred (or the Chase Sapphire Reserve®) to cover purchases in the following categories:

Dining (including takeout and delivery services)
Grocery stores
Home improvement
Charity

This is one of the most valuable new credit card features that’s been introduced during quarantine. Each of your points is worth 1.25 cents apiece when you redeem them through Pay Yourself Back, and you can apply points to purchases made up to 90 days in the past. 

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Redeeming 80,000 Chase points for travel booked through Chase or through Pay Yourself Back would get you $1,000 in value, since your points are worth 1.25 cents apiece when used this way. You can also transfer Ultimate Rewards points to travel partners such as British Airways, Hyatt, Marriott, and United and potentially get even more value per point, but that may not be top of mind right now, as many of us are still holding off on traveling.

It’s one of the best rewards cards, even beyond the new bonus

Getting $1,000 in value from the sign-up bonus is a great reason to consider the Sapphire Preferred, but this is a great travel card even without factoring in the welcome offer.

 

In exchange for a $95 annual fee, you get 2x points on dining and travel, 5x points on Lyft rides through March 2022, and 1 point per dollar on everything else. You also get some of the best travel insurance available on a credit card — including trip delay insurance and primary rental car insurance.

Especially now that you can get solid value out of your Chase points for non-travel purchases such as groceries and dining, the Chase Sapphire Preferred® Card is a great option if you’re looking to maximize rewards during quarantine. You could always choose to …read more

Source:: Business Insider

      

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