Chase is offering a sky-high 100,000-point sign-up bonus on its Chase Sapphire Preferred® Card, a popular credit card with travelers who try to maximize rewards.
As of June 4, 2021, Chase has this offer: New cardmembers can earn 100,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. That's $1,250 when redeeming points for eligible purchases with the new Pay Yourself Back tool, or for travel through Chase Ultimate Rewards®.
The new offer is a 20,000-point boost from the card's previous sign-up bonus without requiring more spending during the first three months.
If you choose to redeem those points for cash back, they are worth 1 cent each. But their value rises to 1.25 cents each when you redeem them for travel through the Chase Ultimate Rewards® portal.
Points are also worth 1.25 cents each when using Chase’s Pay Yourself Back tool. It allows for the higher redemption rate on everyday categories, currently grocery, dining and home improvement. At that rate, the sign-up bonus is worth $1,250.
Or, you can choose to transfer your points to a variety of travel partners at a 1:1 ratio, like Marriott, Hyatt, United and Southwest, among others.
The annual fee remains the same at $95.
'Sapphire'-themed airport lounges are also in the works
Also this week, Chase announced it would be opening a new airport lounge brand — Chase Sapphire Lounge by The Club — in partnership with lounge company Airport Dimensions.
Details, including locations of the lounges and how cardholders might access them, weren't immediately available. But Chase says lounges will be announced "in select markets over time."
"We're investing in meeting our customers where they want to be as more and more of them have the confidence to travel again," said Marianne Lake, co-CEO of Chase, in a news release.
Airport Dimensions runs nearly 30 airport lounges across the globe, most of them in the United States.
The news from Chase follows closely on the heels of a similar move from Capital One, which announced in April 2021 that it, too, would be debuting its first airport lounges: one at Dallas-Fort Worth, coming in late summer 2021, and one at Washington-Dulles, in 2022.
What the new Sapphire Preferred bonus means for travelers
Among sign-up bonuses, this new one from the Chase Sapphire Preferred® Card is quite valuable, especially for a card in its annual fee range.
Indeed, it’s worth more than the sign-up bonus on the Sapphire Preferred's pricier sibling card, the Chase Sapphire Reserve®. That $550-annual-fee card offers the following to new cardholders: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®.
Other features of the Chase Sapphire Preferred® Card remain the same.
The card will continue to earn ongoing rewards of:
2 points per $1 spent on travel and dining at restaurants.
1 point per $1 spent on all other purchases.
Limited-time perks of the card include:
DashPass, DoorDash's subscription service. It offers unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year. You must activate the benefit by Dec. 31, 2021.
Earn 5 points per $1 spent on Lyft rides (including bikes and scooters) through March 2022. (That’s 3 points per $1 spent on top of the 2 points per $1 you already earn on travel.)