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Official application link: Chase Sapphire Preferred Card with a 60,000-point bonus.
In the fast paced ever changing world of travel rewards, the Chase Sapphire Preferred Card has stayed refreshingly consistent. While other issuers have updated their card offerings left and right, adding and removing benefits, the Chase Sapphire Preferred looks nearly identical to when it launched almost 10 years ago. It’s still a great first card for someone new to the world of travel rewards, especially those who aren’t ready to pay the $450 annual fee for the premium Chase Sapphire Reserve.
For most of its 10 year history the Chase Sapphire Preferred has also offered the exact same sign-up bonus, though that is now changing for the better. The Chase Sapphire Preferred just upped its bonus to offer new applicants 60,00 Ultimate Rewards points after spending $4,000 in the first 3 months. This is 10,000 points higher than the normal offer, and based on TPG’s valuation of Ultimate Rewards points at 2 cents each, this works out to an impressive $1,200 bonus. Whether this is your first credit card with Chase or the last of your valuable 5/24 slots, let’s take a look at the best ways to redeem these 60,000 bonus points.
A Whole Wide World Of Hyatt
Generally speaking, flights provide a much better redemption value than hotels do (on paper at least). Hyatt, a 1:1 transfer partner of Chase Ultimate Rewards, is a notable exception. Whether you’re looking at the top or the bottom of Hyatt’s award chart, this is a great option for redeeming your Chase Sapphire sign-up bonus.
Category 1 hotels start at just 5,000 points a night, meaning your 60,000 point bonus will get you a full 12 nights. When you add in the $4,000 you’ll spend earning the bonus, it’s actually closer to 13 nights.
It’s not uncommon for many of these category 1 hotels, like the Hyatt Place Phoenix-North, to sell for over $100 a night making this an easy way to get $1,200 or more from your bonus.
Of course, you can get a much better value looking at the top category on the award chart. Your 60,000 points are enough for two nights at a category 7 hotel like the Park Hyatt Sydney or Park Hyatt New York. Rooms can easily start at $1,000 a night or more during peak season at these properties.
Round-Trip Economy or One-Way Business Class to Europe
Chase has an especially close relationship with United Airlines, issuing its co-branded credit cards and offering 1:1 points transfer to United MileagePlus. 60,000 points is enough for a round-trip saver economy award from the US to Europe on United or any of its Star Alliance partners. Alternatively, you could use those 60,000 miles for a one-way business class award on United operated flights. If you want to fly a partner airline like Swiss or Lufthansa it will cost an extra 10,000 miles.
Back when the Chase Sapphire Preferred first launched, a business class flight on United wasn’t something to get excited about. But United has invested heavily in retrofitting much of its long haul fleet with its brand new proprietary Polaris business class seats. Some of its 767-300ERs which operate many routes from the US to Europe are being retrofitted with a very premium heavy configuration- a whopping 46 Polaris seats. United’s first plane to get this business-heavy remake just rolled out of the shop, meaning you might even have an easier time finding award space on some flights moving forward.
Double Your Value With The Southwest Companion Pass
Normally earning the elusive Southwest Companion Pass requires a carefully choreographed dance of credit card applications, but earlier this year the airline made it incredibly easy for people to get their hands on one of the most valuable travel perks by offering it as a limited time welcome bonus on several Southwest credit cards.
Chase points transfer 1:1 to Southwest, and while that isn’t normally the best value you can squeeze out of them, the Companion Pass instantly doubles your return. TPG values Southwest points at 1.5 cents each, and you don’t need to put in any extra work to get that value as Rapid Rewards redemptions are revenue based. This would make 60,000 points worth $900, but when you double down and book airfare for you and your designated companion, you can expect to get closer to $1,800 out of your points.
Southwest recently began selling tickets for its long awaited flights to Hawaii. While the introductory fares of $49 each way sold out in a matter of hours, you can still find round-trip flights from Los Angeles (LAX) to Maui (OGG) for under 20,000 points per person. If you have a Companion Pass, you and your companion can take three trips to Hawaii using the points earned from the Chase Sapphire Preferred.
Book $750 Of Flights And Hotels Through The Chase Portal
The Chase Sapphire Preferred comes with a 25% bonus if you redeem your points directly through the Chase portal. This is a helpful baseline as you know that it’s always possible to get at least 1.25 cents per point, but it also means there’s no room for you to grind out a better redemption with careful research and planning.
Still, there are plenty of times this can come in handy. If you find a good fare sale, you might end up paying fewer points than if you transferred to a partner with a fixed award chart. This $420 round-trip ticket from Chicago (ORD) to London (LHR) would only cost ~33,000 Ultimate Rewards points, as opposed to 60,000 if you tried to book through United.
Tickets booked this way also code as revenue tickets, meaning you’ll still earn miles and elite qualifying miles/dollars/segments. Just be careful that you don’t accidentally book a basic economy fare as the Ultimate Rewards portal doesn’t always display that information clearly.
Also note that if you book a hotel through a third party OTA like the Chase portal, you generally won’t earn points or elite credits or receive elite benefits. Still, this can be a great way to stay at boutique or non-chain hotels for fewer points by leveraging cheap cash fares.
The Chase Sapphire Preferred is one of the all around best travel rewards cards on the market, and if you are eligible to apply and don’t already have one, there’s no reason to wait. Hopefully this elevated sign-up bonuses and all the amazing ways you can redeem it while give you the final push you need.
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NEW INCREASED OFFER: 60,000 Points
TPG'S BONUS VALUATION*: $1,200
CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
- Chase Sapphire Preferred named "Best Credit Card for Flexible Travel Redemption" - Kiplinger's Personal Finance, June 2018
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards