In light of the new Chase Freedom Flex and new capabilities for the Freedom Unlimited (5X travel through Chase, 3X drugstore, 3X dining), I’ve argued that Chase was going to have to significantly enhance the card to make it attractive again. Chase had other ideas. Instead of improving the card itself, Chase has improved the Sapphire Preferred welcome bonus: Earn 80K points after $4K spend in the first 3 months (the previous offer was for 60,000 points).
80,000 points is worth $1,000 when redeeming points for eligible purchases via Pay Yourself Back or for purchasing travel through the Chase Ultimate Rewards® portal. The value gets even better if someone in your household has the Sapphire Reserve because it’s possible to move points to the Sapphire Reserve account in order to get 1.5 cents per point value. 80,000 points with the Sapphire Reserve is worth $1,200 via Pay Yourself Back or for travel booked through Chase.
Chase Ultimate Rewards Points earned with the Sapphire Preferred card can also be transferred to airline and hotel partners. Personally, I regularly transfer points to Hyatt for fantastic value. See our Chase Ultimate Rewards Complete Guide for information about transfer partners and much more.
80K after $4K spend in the first 3 months
$95 Annual Fee
This card is subject to Chase’s 5/24 rule (click here for details). This card is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months.
Recent better offer: None. This is the best offer we’ve seen.
FM Mini Review: Great signup bonus. Solid option to pair with fee-free Ultimate Rewards cards such as the Freedom cards, Ink Business Cash, and Ink Business Unlimited in order to unlock ability to transfer points to airline and hotel partners.
Card Type: Visa Signature
Earning rate: 2X Travel and Dining ⚬ 5X Lyft (through March 2022)
Noteworthy perks: Primary auto rental collision damage waiver ⚬ Free DashPass for at least 1 year (activate by 12/31/21)
See also: Chase Ultimate Rewards Complete Guide
Are you eligible?
To get this card, you must not be a current Sapphire Preferred or Sapphire Reserve cardholder, and at least 48 months must have passed since you last received a new cardmember bonus for the Sapphire Preferred or Sapphire Reserve card. Plus, you must be under 5/24.
Chase’s 5/24 Rule: With most Chase credit cards, Chase will not approve your application if you have opened 5 or more cards with any bank in the past 24 months.
To determine your 5/24 status, see: 3 Easy Ways to Count Your 5/24 Status. The easiest option is to track all of your cards for free with Travel Freely.
How to apply
You can always find the best current welcome bonus offer and application link at the top of our Chase Sapphire Preferred Complete Guide.
After you apply, you can call (888) 338-2586 to check your application status.
If your application is denied, I recommend calling for reconsideration (1-888-270-2127). It’s surprising how often denials can be changed to approvals just by asking.
Should you apply?
Chase is offering a terrific welcome bonus for the Sapphire Preferred. If you can qualify for the card, then yes it makes sense to apply.
My primary hesitation to recommending this to everyone who can qualify is the possibility that Chase will soon follow with a 100K Sapphire Reserve offer. To be clear: I don’t have any inside knowledge that this will happen. I’m just guessing that it might. Signing up for the Sapphire Preferred makes you ineligible to sign up for the Sapphire Reserve (and vice versa).
Another consideration: The Sapphire Reserve card is harder to get approved than the Sapphire Preferred. Chase requires a minimum of a $10K credit line for the Sapphire Reserve, compared to only $5K with the Sapphire Preferred. If you think you might not get approved for the Sapphire Reserve anyway, then it doesn’t make sense to wait for a possible better offer.
- If you’re confident that you can get approved for the Sapphire Reserve, then wait a bit to see if Chase announces an increased bonus for that card. We don’t know when the Sapphire Preferred 80K offer will end, though, so it’s a game of chicken… How long should you wait before losing the chance for this 80K offer? My guess is that it’s safe to wait approximately 3 weeks. If we don’t see an improved Sapphire Reserve offer by October 5, then consider jumping on the Sapphire Preferred offer.
- If you think that you’re much more likely to get approved for the Sapphire Preferred over the Sapphire Reserve, then there’s no reason to wait. Go for it.
Is the Sapphire Preferred worth keeping long term?
The Sapphire Preferred is a very good companion to the fee-free…
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