Usually, we only see one increased welcome bonus on the Chase Sapphire Preferred® Card each year. But this year, Chase surprised us by offering a second limited-time bonus that is going on right now.
However, some are overlooking this great deal — my guess is that they are assuming it isn’t as strong as the spring offer. But I’d argue that this increased Sapphire Preferred bonus offer is actually the best one of the year for most people. I’m going to explain why.
Right now, the Chase Sapphire Preferred Card has increased its offer to a 60,000-point welcome bonus after you spend $4,000 in the first three months of card membership, plus up to $300 in Chase Travel℠ statement credits for any purchases made on Chase Travel in the first year from account opening.
The regular offer is normally a flat 60,000 bonus points once you hit the spending requirement, and the increased offer this past spring was for 75,000 total bonus points after hitting that spending requirement.
Technically, according to TPG’s October 2024 valuations, the offer earlier this year for 75,000 bonus points was worth a few dollars more than the current offer — $8, to be exact (because TPG values Chase points at 2.05 cents each). But that’s only true if you maximize the points with Chase Ultimate Rewards transfer partners.
While I love using my points with transfer partners a lot of the time, the reality is many people use them in a far simpler way: at a rate of 1.25 cents each on the Chase Travel site. There, you can book flights, hotels, car rentals and more across brands in a way that is quick, familiar and requires no award charts or transfer partners.
If you want to keep your point redemptions simple, this current offer with $300 in statement credits toward Chase Travel purchases in the first year is actually the best Chase Sapphire Preferred bonus of the year by more than $100.
If you use the 60,000 bonus points and apply for the card while you can get the $300 travel bonus, then cumulatively you could book $1,050 worth of travel on the Chase Travel site — which is an absolutely amazing return for a card with a $95 annual fee.
This offer isn’t going to last forever, so if you want $1,050 in easy-to-book travel from a card with a low annual fee, then I highly encourage you to grab this increased offer on the Chase Sapphire Preferred while you can.
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