Time Is Running Out: Chase Sapphire Preferred Offering 80,000 Point Welcome Bonus

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Often you see media channels and bloggers begin an article with “Breaking News” to direct your attention to something that rarely is breaking news. This is NOT one of those articles! Chase is offering the biggest-ever public welcome bonus for the $95 annual fee Chase Sapphire Preferred Card and word on the street is that this offer will disappear on 7 November 2020 so, let’s just dive into the details…

THE 80,000 POINT WELCOME BONUS

Currently, Chase is offering a limited time offer of 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening on the Chase Sapphire Preferred Card.

For context, the welcome bonus has been 50,000 points for the past few years. In early 2019, the welcome bonus increased from 50k to 60k which was all the rage.

Well, it’s even better now as Chase has increased the offer by one third and didn’t even increase the spending requirement. This is incredible for a $95 annual fee card!!

LOOKING BACK

You may remember I recommended this card as the best starter card when it only had a welcome bonus of 60,000 so imagine how I feel about it now.

If you didn’t consider it back then, here are some highlights of having this card:

  • You earn 2x points on travel
  • You earn 2x points on restaurant dining purchases
  • You earn 3x on Instacart (and $50 in statement credits towards yearly or monthly Instacart Express membership) – (temporary because of COVID)
  • You earn 3x on gas – (temporary because of COVID)
  • You earn 5x on some streaming services (temporary because of COVID)
  • You earn 5X points on Lyft rides (through March 2022)
  • You can transfer Chase points to their airline and hotel partners
  • You can redeem Chase points for 1.25 cents each towards travel purchases (in other words, 80,000 is $1,000 worth of free travel and by free, I mean…FREE! FREE! READ THIS!)
  • You can redeem Chase points for 1.25 cents each towards groceries, home improvement, and dining purchases through “Pay Yourself Back.”
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DoorDash’s DashPass (Note: you have to activate this by 31 December 2021).

You could eliminate half of those benefits and the card would still be worth the $95! 

AM I ELIGIBLE FOR THIS CARD?

There are some things you may want to consider if you’re interested in applying for this card.

First, the Chase Sapphire Preferred Card welcome bonus is only available to you if you do NOT currently have the Sapphire Preferred or Sapphire Reserve card, or have NOT received a new cardmember bonus on a Sapphire card in the past 4 years (48 months).

If you’re a fan of welcome bonuses and have accumulated a few credit cards recently, you may also want to consider Chase’s 5/24.

IS THIS A GOOD DEAL?

Yes, yes it is!

For context, Chase Sapphire Reserve debuted in 2016 (4 years ago) with a 100,000 point welcome bonus and everyone went bananas over it. But CSR is also a premium card with an annual fee to match ($550).

Chase Sapphire Preferred is offering A LOT of points without the initial “I’m going all-in” that comes with a premium card.

FINAL STAMP

Let’s be 100% clear, even if you don’t have any travel on the calendar, extracting a minimum of $1000 from the welcome bonus on a $95 card is phenomenal!

Beyond the incredible welcome bonus, this is definitely a time to consider the Chase Sapphire Preferred Card because it’s an extremely well-rounded travel card.

Ultimately, you can extract even more value by transferring your points to amazing travel partners like United, Hyatt, Southwest, British Airways, Virgin Atlantic, Singapore Airlines, Air France KLM, JetBlue, Aer Lingus, Iberia, Emirates, Marriott, IHG Rewards Club.

If you’re looking for a bit of inspiration, this could be yours…

The cash price shown is off-season. This hotel easily prices for $1000 most of the year

If you want to know more about this card and all thing things you could do with the welcome bonus, I’ve written about it: HERE, HERE, HERE, HERE, HERE, HERE…ok, you get the point! 😉

Do you plan on applying for the 80k Sapphire Preferred?

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