Credit Card News

80k Chase Sapphire Preferred Welcome Bonus Offer Ending Soon

by Kyle BurbankMay 17, 2023

“Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.”

Those who have been considering adding the Chase Sapphire Preferred to their rewards credit card portfolio may want to act soon as an enhanced welcome bonus offer is coming to an end. While Chase has not revealed exactly when the current offer will expire, the bank has announced that it will be “soon” — leaving prospective cardholders little time to claim the offer valued at up to $1,000 in travel.

Currently, new Chase Sapphire Preferred cardholders can earn 80,000 bonus Ultimate Rewards points after they spend $4,000 in purchases on the card during their first three months. Since the Sapphire Preferred enables customers to redeem these rewards points for 1.25¢ each when booking travel on the Chase Ultimate Rewards portal, this offer could be even more valuable. For comparison, the card’s “standard” offer is 60,000 bonus points, meaning that this current deal amounts to 33% more points and up to $250 more in value.

Looking outside of the lucrative bonus, the Chase Sapphire Preferred has a lot to offer while carrying a modest annual fee. With the card, customers can earn 3 points per dollar spent on dining purchases, 3x points on select streaming service purchases, and 3x points on online grocery purchases. Plus, the Preferred earns 5x points on travel bookings made via Chase’s portal as well as 2x points on other travel purchases. All other purchases earn 1x points.

The card does come at a cost of $95 annually, which (unlike some cards) is not waived for the first year. However, that fee is partially offset by some other benefits. For example, each year that cardholders renew, they can earn up to $50 in statement credits for hotel stays purchased through Chase’s travel portal. Additionally, the Sapphire Preferred features an anniversary points boost, allowing cardholders to earn bonus points equal to 10% of their total purchases made the previous year. So, those who spend $10,000 in purchases on the card in a year would earn 1,000 bonus points upon their renewal.

As mentioned, the Chase Sapphire Preferred also gives cardholders 25% more value when they redeem points for travel using the Chase portal. However, customers also have the option to redeem points for statement credits, transfer them to more than a dozen travel partners, use them to purchase gift cards, and more.

For years, the Chase Sapphire Preferred has been regarded as one of the best travel cards for starters. That’s because it not only features rewards in some key categories but also because of the enhanced redemption rate when redeeming for travel via Chase. Plus, with an annual fee of just $95, the investment is far lower than other premium cards, such as the American Express Platinum card or the Chase Sapphire Reserve. With that in mind, while the current 80k welcome bonus offer isn’t a historical high, it is still quite strong and amounts to a good deal for new cardholders. So, if you’ve been considering the Chase Sapphire Preferred, now may be the time to add it to your wallet before this deal disappears.

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Author

Kyle Burbank

Head Writer ~ Fioney

Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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