The Chase Sapphire Preferred offers new cardholders 60,000 bonus points for spending $4,000 in the first 3 months. And you also get extensive ongoing rewards: 5 points per $1 spent on travel purchased through Chase, 2 points per $1 on all other travel purchases, 3 points per $1 on dining and online grocery purchases, 3 points per $1 on select streaming services, and 1 point per $1 on all other purchases.
Cash: You can also redeem reward points either to get a statement credit or a deposit to a U.S. checking or savings account. Log in to the Ultimate Rewards portal and choose " Cash Back."
Transfer points to Chase's travel partners: You can transfer Chase Sapphire Preferred rewards points to partnered airline and hotel loyalty programs. Just confirm that you have a loyalty account, then select "Transfer to Travel Partners" in the Ultimate Rewards portal.
“Pay with Points”: You can use your Chase Sapphire Preferred rewards points when checking out on Amazon.com or with PayPal. Follow the instructions for both Amazon and PayPal to get started.
Apple purchases: You can use your points to pay for all or part of your Apple purchases.
Gift cards: You can convert Chase Sapphire Preferred rewards into cash or gift cards for your favorite stores. Log in to the Ultimate Rewards portal and choose "Gift Cards."
Experiences: You can trade your points to attend exclusive experiences like sport and dining events, concerts, and more. Simply log in to the Ultimate Rewards portal an choose "Experiences."
The Chase Sapphire Preferred card has a $95 annual fee, but its rewards definitely have the potential to offset it and bring you added value. And your reward points don't expire as long as your account remains open and in good standing. Chase Sapphire Preferred is one of the best rewards cards on the market, well worth getting if you use it regularly and travel often.
You can get the Chase Sapphire Preferred sign-up bonus of 60,000 points by spending $4,000 within the first 3 months of opening an account. You can redeem the Chase Sapphire Preferred credit card bonus for $750 in travel booked through Chase Ultimate Rewards or a $600 statement credit. That’s one of the biggest sign-up bonuses on the market.… read full answer
Who is Eligible for the Chase Sapphire Preferred Sign-Up Bonus?
Keep in mind that you will not be eligible for the sign-up bonus if you currently have the Chase Sapphire Preferred credit card, regardless of whether you previously received the bonus. You also may not be eligible if it’s been less than 48 months since you last earned an initial bonus with either the Chase Sapphire Preferred card or the Chase Sapphire Reserve® card.
Best Ways to Use the Chase Sapphire Preferred Sign-Up Bonus
Through Chase Ultimate Rewards: You get 25% more value when you redeem your bonus points for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards.
1:1 Point Transfer: Another way to maximize the value of your bonus points is with Chase Sapphire Preferred’s transfer partners. You can transfer points at a 1:1 ratio, and then redeem them through that partner’s loyalty program.
In addition to the sign-up bonus, the Chase Sapphire Preferred credit card offers 1 - 5 points per $1 spent on purchases, as well as several other benefits and perks.
Chase Sapphire Preferred Rewards
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
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.
With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
Chase Sapphire Preferred Refer-a-Friend Bonus
You can also get a referral bonus for each friend who you invite to apply for the card and gets approved. The referral bonus is 15,000 points for every referral who is approved, and the limit is 75,000 points per calendar year.
Ultimately, it’s also worth noting that the card’s annual fee is $95, and you need at least good credit to get approved.
Redeeming for travel through Chase with one of the three fee-based cards is the only dependable way to get more than a penny apiece for your Chase Sapphire Preferred points. More specifically, you’ll get 1 cent per Chase Sapphire Preferred point with each of the following redemption methods:
Cash back/statement credit
These two options offer the most versatility in terms of what you can spend your points on. But it costs you 25% in lost value. When you “Shop with Points” on Amazon.com, the points are worth just 0.8 cents each.
Finally, you also have the option of transferring your Chase Sapphire Preferred points to one of Chase’s 13 travel partners. Transfers are done on a 1:1 basis, in 1,000-point increments. And how much you get for transferred points depends on how much the particular travel partner’s points or miles are worth. This offers a certain amount of boom-or-bust potential. Your Chase Sapphire Preferred points could wind up being worth a lot more than normal or a lot less.
At the end of the day, if you don’t plan to redeem for travel through Chase, you might do better with a different credit card. It’s not as rewarding when used as a cash-back vehicle, and there are plenty of more versatile rewards cards available.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.