The Chase Sapphire Preferred now offers 50,000 bonus Ultimate Rewards after spending $4,000 on the card in the first three months. Plus it offers 5,000 bonus points for adding an authorized user. (Since that person doesn’t get a credit check and the card is sent to you, those are free points you shouldn’t miss.)
Intriguingly, The Points Guy reports that this is a permanent increase in the sign up bonus from the previous 40,000 and not a limited time offer.
This card was #5 on my list of top ten credit cards, and its bonus just went up by about $200 in value, so this is huge news!
- Sign Up Bonus: 55,000 Ultimate Rewards after $4,000 in spending in the first three months and adding an authorized user on the card
- Category Bonuses: 2x on travel and restaurants
- Value of Ultimate Rewards: Worth 1.25 cents toward the purchase of any cash ticket OR can be transferred to six airlines and four hotels for higher value
- Global Acceptance: Chip technology and no foreign transaction fees
- Annual Fee: $0 for the first 12 months, $95 per year afterwards
Sign Up Bonus
The Chase Sapphire Preferred now offers 50,000 bonus Ultimate Rewards after $4,000 in purchases within the first 3 months of account opening.
You also get 5,000 bonus points if you add an authorized user to the account on the application. Definitely do this. The authorized user does NOT get a credit check. The authorized user is NOT disqualified from opening his own Sapphire Preferred and getting his own sign up bonus. The extra card is sent to you, and need not ever be used to earn you the 5,000 points.
Ultimate Rewards have two primary uses.
- Use them like cash to purchase any flight on any airline with no blackouts.
- Transfer them to miles with six airlines or four hotels. Then they are whatever miles or points you chose, subject to those rules.
If you use these like cash toward any flight, you will get 1.25 cents each of value, making the sign up and authorized user bonuses worth $687.50 toward any flights with no blackouts. When you redeem Ultimate Rewards like cash toward any flight, the operating airline sees you as a cash-paying passenger, so you earn miles for your flights.
As good as that sounds, don’t use Ultimate Rewards like this.
Instead of redeeming the points like cash, you can transfer your Ultimate Rewards to one of the 10 airline and hotel partners.
The airline partners are awesome because of their versatility. The partners include at least one member of each alliance plus Virgin Atlantic and Southwest. And they include at four programs with region-based miles, one with distance-based miles, and one with airline points.
The most valuable hotel partner is Hyatt, but you’ll generally get more value transferring to airlines.
The Chase Sapphire Preferred offers 2x Ultimate Rewards on travel and restaurants. Those are broad categories that include flights, hotels, car rentals, cruises, tolls, parking, Uber, taxis, restaurants, bars, fast food, and night clubs.
The Chase Sapphire Preferred has no foreign transaction fees. It also has chip technology for global acceptance, so it’s a great card for overseas travel.
The card has no annual fee for the first 12 months and only $95 thereafter.
Eligibility to Be Approved
I have documented that if you apply for a Chase branded credit card (ie Sapphire Preferred, Freedom, Slate, Ink Plus, Ink Cash), and you have 5+ new card accounts from all banks combined in the last two years, you will be denied.
You can get the Chase Sapphire Preferred and its bonus again if you last got the bonus more than 24 months ago.
This is a great card with a huge sign up bonus, solid category bonuses, and no annual fee the first year. If you don’t have five other cards in the last 24 months, apply.------------------------------------------------------------
Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.
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