Chase has tweaked its offer for new cardholders on the popular Chase Sapphire Preferred® Card. Overall, the new offer provides more value to cardholders than the previous version, but the annual fee is no longer waived in the first year.
- The sign-up bonus is as follows: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®. Previously, the bonus was 50,000 points for the same amount of required spending. Points are worth 1.25 cents each when redeemed for travel booked through Chase. So the new bonus is worth up to $125 more than the old one.
- The annual fee of $95 remains the same. But it is no longer waived for the first year, as it was previously.
Combined, the changes mean the offer for new cardholders is $30 more valuable than before, assuming cardholders use their bonus points to book travel via Chase.
Otherwise, features of the Chase Sapphire Preferred® Card remain the same, including:
- 2 points per dollar spent on travel and dining at restaurants worldwide and 1 point per dollar spent on all other purchases.
- 1:1 point transfers to many airline and hotel loyalty programs.
- No foreign transaction fees.
It’s notable that the new bonus on the Chase Sapphire Preferred® Card matches the value of the bonus for its premium-card sibling, the Chase Sapphire Reserve®: Earn 50K bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards® . Points with that card are worth 1.5 cents each when buying travel through Chase.