Last chance! Don’t miss your shot at 80,000 bonus points with the Chase Sapphire Preferred

Nov 2, 2020

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Update: Some offers mentioned below are no longer available. View the current offers here – Chase Sapphire Preferred Card

Editor’s note: This is a recurring post, regularly updated with new card details and information.

In many award travelers’ eyes, the Chase Sapphire Preferred Card is the OG rewards card — the perfect first pick to get you started earning valuable transferable points. It offers a 2x earning rate on travel and dining, DoorDash delivery perks, strong travel protections and a sub-$100 annual fee that’s easy to justify.

Right now, the Chase Sapphire Preferred is offering a lucrative bonus — 80,000 Chase Ultimate Rewards point when you spend $4,000 in the first three months of account opening. Unfortunately, there’s less than a week left to earn this bonus before the offer disappears on Nov. 8, 2020.

If you’re relatively new to points and miles, the Chase Sapphire Preferred is a great first credit card. Any well-balanced rewards-earning strategy will include a credit card that earns Chase Ultimate Rewards points. If you’re just getting started (or simply don’t want to pay the higher $550 fee) the Chase Sapphire Reserve may not be the best option for you.

It shouldn’t necessarily be the deciding factor, but the CSR still has a sign-up bonus of 50,000 points after spending $4,000 on purchases in the first three months of account opening — so the CSP currently offers new cardholders 30,000 more points with a significantly lower annual fee.

Why the 80,000-Point Offer Is a great offer

Based on TPG’s valuations, 80,000 Ultimate Rewards points are worth a whopping $1,600 — so the 30,000 extra points, compared to the bonus from the Sapphire Reserve, gets you an additional $600 in value. Any time you can get more than $1,000 from a single credit card, it’s an easy win.

Let’s take a look at the value you can get from those 80,000 Ultimate Rewards points.

$1,000 of travel through the Chase portal or Pay Yourself Back program

The Chase Sapphire Preferred offers a 25% bonus when you redeem your points directly through the Chase travel portal or on eligible purchases through Chase’s new Pay Yourself Back program. This means that 80,000 points will get you $1,000 of travel, an effective $905 profit after you pay your annual fee.

When booking through the Chase portal, you won’t have to worry about award availability or blackout dates. As a bonus, flights booked through the portal are considered cash tickets, meaning you’ll earn miles and elite credits on them.

mother and child paying with credit card at store
(Photo by Hero Images / Getty Images)

Chase’s Pay Yourself Back program allows you to redeem points for select purchases. Through April 30, 2021, Chase Sapphire Preferred cardholders can redeem for a 25% bonus on purchases made at grocery stores, home improvement stores and dining establishments, including take-out and delivery services.

If you’re not currently traveling but still looking for a way to use your points at a solid value, this is a great option — especially going into the holiday season when you might be more interested in saving money for gifts and groceries for family gatherings rather than flights.

10 nights at a Category 2 Hyatt

Hyatt Regency at Long Beach
(Photo by Ken Wolter/Shutterstock)

Chase points transfer 1:1 to World of Hyatt. With Hyatt’s Category 2 hotels bookable for 8,000 points per night, you could essentially “buy” up to 10 free Hyatt nights for only $95. Depending on where you’re staying, Category 2 hotels can cost $250 or more per night.

Of course, you can also splurge on more luxury Hyatt locations, such as the Category 8 Le Grand Bellevue. A weekend night in 2021 costs $950, so booking for 40,000 Hyatt points transferred from Chase per night is a steal. TPG values Hyatt points at 1.7 cents each, which makes the hotel chain a very valuable Chase transfer partner.

Related: 5+ ways to redeem the Chase Sapphire Preferred’s 80K sign-up bonus

Other Considerations

It could make sense to start with the Chase Sapphire Preferred and down the line move to the Chase Sapphire Reserve, but just keep in mind that you can’t have both open at the same time. You’ll need to wait at least 48 months between receiving the sign-up bonus on the Sapphire Preferred and receiving the bonus on the Reserve, so it’s a pretty big commitment (although you may be able to product change from one to the other after your first year with the card).

Another important restriction to keep in mind when debating the Chase Sapphire Preferred is Chase’s 5/24 rule. This prevents you from being approved for Chase cards, including the Sapphire Preferred, if you’ve opened five or more personal credit cards across all banks in the last 24 months. This won’t be as much of an issue for those who are new to the award travel hobby, but if you’ve applied for several credit cards lately, you’ll want to make sure you’re eligible for this card and its sign-up bonus. The 5/24 rule also may make it worth prioritizing this application over other cards.

Bottom Line

The Chase Sapphire Preferred is our go-to credit card recommendation for those looking to get started earning points and miles. It has strong earning rates on travel and dining purchases and a diverse selection of travel partners that make it easy to get great value out of your points. The CSP has long offered one of the most competitive sign-up bonuses out there and now it’s even better. So if you don’t already have a Sapphire credit card in your wallet, getting the Chase Sapphire Preferred with an 80,000-point sign-up bonus is an easy decision as it is one of the best travel credit cards.

Just make sure to apply before Nov. 8, 2020, or you’ll miss out on this fantastic bonus.

Want to learn more about the Chase Sapphire Preferred Card? Check out TPG’s full card review. 

Official application link: Chase Sapphire Preferred Card with a 80,000-point bonus.

Additional reporting by Madison Blancaflor.

Featured photo by The Points Guy.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.