Chase offers up to $1,000 value in new Sapphire Preferred signup bonus

Posted: 15 September 2020 9:19 am
News

Chase Sapphire Preferred credit card

Eye-catching increase offers new cardholders extra points, statement credits and more.

Chase announced a sizable increase to the popular Chase Sapphire Preferred’s signup bonus on Tuesday. New cardholders of the travel and dining card can earn 80,000 Ultimate Rewards points after spending $4,000 in the first three months the account is open. This is a 20,000 point increase over the old signup bonus of 60,000 points. If redeemed through Chase’s Ultimate Rewards travel portal or used to offset purchases through the new Pay Yourself Back feature, this is a value of up to $1,000.

This point boost comes on the back of several shake-ups across the Chase lineup, including big changes to the Chase Freedom and Freedom Unlimited last month. With this change, the Chase Sapphire Preferred now sports one of the best signup bonus values for the requirements and card cost on the market.

How does the Chase Sapphire Preferred signup bonus compare to other cards?

The Chase Sapphire Preferred offered a strong signup bonus prior to this boost, thanks in part to the price of the card. At $95 a year, the Preferred serves as the midway point to the more expensive luxury offering in the Chase Sapphire Reserve. And while the Reserve requires an annual fee of $550, the signup bonus rests at just 50,000 points — less than even the old value of the Chase Sapphire Preferred signup bonus.

Here’s a look at a few other mid-tier rewards cards and their respective welcome offers.

Credit card Annual fee Welcome offer Welcome offer value
Chase Sapphire Preferred $95 80,000 points after you spend $4,000 in your first 3 months Up to $1,000
American Express Gold Card $250 35,000 points after you spend $4,000 in your first 3 months Up to $350
Blue Cash Preferred Card from American Express $95 $250 statement credit after you spend $1,000 in your first 3 months $250
Capital One Venture Rewards $95 50,000 miles after you spend $3,000 in your first 3 months Up to $700

The Capital One Venture Rewards comes close but still falls $300 short of the Preferred’s value. And this doesn’t factor in the various travel benefits offered by the Sapphire Preferred, including point-transfer capabilities to various airline and hotel partners.

Airline or hotel cards that come close to this value typically limit what you can redeem your bonus on, while others like American Express Platinum Card simply carry a much higher annual fee to offset that welcome offer and other card benefits.

Is the Chase Sapphire Preferred with it?

The Chase Sapphire Preferred was already a great card for travel enthusiasts who didn’t want to pay a high annual fee for a travel card. If you’ve been in the market for a new travel card, the Preferred’s new signup bonus should move this card to the top of your review list.

Photo supplied by Chase

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