The Chase Sapphire Preferred® Card recently underwent a major refresh, and the changes are a mixed bag, with some people better off, and some worse off. It’s still one of my top recommendations for beginners and people who value Chase Ultimate Rewards points, and don’t mind the recent Hyatt devaluation (or are willing to pair this card with one that makes the devaluation immaterial).
Also keep in mind that thanks to some updates to welcome bonus eligibility requirements, some people may not even realize that they’re now eligible for the bonus, even though they weren’t in the past.
Link: Learn more about the Chase Sapphire Preferred® Card
What is the current Chase Sapphire Preferred bonus?
The Chase Sapphire Preferred is currently offering a welcome bonus of 75,000 Ultimate Rewards points after spending $5,000 within the first three months. The annual fee is $95, which isn’t waived for the first year.
Personally, I value Ultimate Rewards points at 1.7 cents each, so to me, the 75,000 bonus points are worth $1,275. If eligible, there’s absolutely no reason not to apply.
When it comes to earning the bonus, the clock starts from your account opening date, not when you receive the card, so plan accordingly. Once you hit the spending requirement, the bonus points typically post within a statement cycle, if not before.
The $5,000 threshold isn’t too high for most, in my experience, especially compared to what we’re seeing on other cards these days. If you’re planning any large purchases, timing your application around those expenses makes earning the bonus straightforward. Furthermore, try to take advantage of the card bonus categories when reaching your minimum spending, so you can truly earn as many points as possible.
Who is eligible for the Chase Sapphire Preferred bonus?
When it comes to eligibility for the Chase Sapphire Preferred, here’s the official language in the application:
This credit card is unavailable to you if you currently have one open. The new cardmember bonus may not be available to you if you previously held this card or received a new cardmember bonus for this card. We may also consider the number of cards you have opened and closed in determining your bonus eligibility.
As you can tell, the terms here aren’t that explicit. However, you’re definitely not eligible for the bonus if you currently have this exact card, and you also may not be eligible for the bonus if you previously held this card, regardless of whether or not you received the bonus. Then there’s also the vague language about how other factors may be used in determining your eligibility for the card.
Furthermore, eligibility for the card (including the bonus) is unrelated to whether or not you have or have had the Chase Sapphire Reserve® Card (learn more). Note that these restrictions are based on whether you’re the primary cardmember on one of these cards — if you’re currently an authorized user (or have been one in the past), you’d be eligible.
Also keep in mind the general rules of applying for Chase cards, including the 5/24 rule (though there are increasingly reports of people being approved in spite of being over the 5/24 limit).
Nowadays Chase will typically let you know during the application process if you’re eligible for the bonus on a card, before there’s a hard pull, so that’s good news if you want to try to apply and see if you qualify.
In terms of credit score, aim for 700 or higher, though 740+ is ideal. There’s no hard cutoff, but this is considered a premium product and Chase tends to be selective.
Is the Chase Sapphire Preferred worth it?
The Chase Sapphire Preferred is a great card at its price point. As I see it, here are the main selling points:
- The Sapphire Preferred has an annual fee of under $100; given the amount of credit card fee inflation we’ve seen over the years, that’s very compelling
- The Sapphire Preferred has an impressive number of bonus categories — earn 5x points on Chase Travel℠ purchases, 3x points on dining (including eligible delivery services), 3x points on online grocery stores, 3x points on vacation homes (at brands like Airbnb, VRBO, and more), 3x points on gas stations and EV charging, 3x points on select streaming services, 2x points on other travel purchases, and more
- The Sapphire Preferred offers a $100 hotel credit every anniversary year, valid for a hotel booking made through Chase Travel℠ (there’s no minimum stay required, and no minimum spending, so you could save $100 on a hotel stay costing the same amount)
- The Sapphire Preferred lets you transfer points to the Ultimate Rewards airline and hotel partners, though the catch is that transfers to World of Hyatt are at a 4:3 ratio rather than a 1:1 ratio, unlike on the more premium Chase Sapphire cards
- The Sapphire Preferred offers excellent travel coverage, including for flight cancelations, delays, rental cars, and more
As I see it, the Chase Sapphire Preferred is a phenomenal card for beginners. It has a low annual fee, huge upfront bonus, great bonus categories, and also offers excellent travel protection, which every traveler should have. But even for those who aren’t beginners, this could be an excellent alternative to all the more premium cards out there, with very high annual fees.
Chase Sapphire Preferred bonus FAQs
Bottom line
The Chase Sapphire Preferred is offering a welcome bonus of 75,000 points upon completing minimum spending.
It’s hard to argue with the card’s reasonable $95 annual fee, especially with the $100 annual hotel credit. On top of that, the bonus categories are now really well rounded, so many people will want to actually spend money on this card.
The only catch is that this card has a devalued transfer ratio to World of Hyatt, and points now move at a 4:3 ratio. However, in conjunction with either the personal or business version of the Sapphire Reserve, you can still get a 1:1 transfer ratio on all of your points.
Do you plan on taking advantage of the Chase Sapphire Preferred 75K bonus points offer?
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