The Chase Sapphire Preferred bonus is 80,000 points for spending $4,000 within 3 months of opening an account. Those Chase Sapphire Preferred bonus points are worth $800 when redeemed for a statement credit or $1,000 in travel booked through the Chase Ultimate Rewards portal. Either option will easily offset Sapphire Preferred’s $95 annual fee.
In addition to the initial bonus points, Chase Sapphire Preferred offers rewards for everyday spending: 2 points for every $1 spent on travel and dining purchases, along with 1 point per $1 on everything else. Each point is worth 1.25 cents in travel or 1 cent toward a statement credit. Reward points never expire as long as your account is active.
Finally, you’ll have a chance to earn more Chase Sapphire Preferred bonus points through the Chase Refer-A-Friend program. You’ll get 10,000 bonus points (worth $125 in travel) for each friend you invite to apply for Chase Sapphire Preferred who gets approved for an account. You can refer up to five friends per year and earn up to 50,000 points (worth $625 in travel). Visit Chase’s Refer-A-Friend website to get started.
It takes six to eight weeks for a Chase Sapphire Preferred bonus to show up in your account once you meet the spending requirement. So don’t stress if you don’t see it right away. That goes for both the initial bonus and referral bonuses. But you should see your bonus points from dining and travel purchases in your account after your statement closes each month.