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When the Chase Sapphire Preferred® Card increased its welcome bonus to 80,000 points after spending $4,000 in the first three months of account opening, I jumped at the chance of getting the card.
It's the perfect card for me because it complements the other Chase credit cards I have and it's exceptionally rewarding for my favorite type of spending — dining. It's also a card I'll keep in my wallet for the long term because its built-in travel insurance protections easily save me more in a year than what I pay for the $95 annual fee.
I have a specific trip in mind to book with the bonus points, but even if my plans change, I can always cash out the points for a cool $705 profit (after paying the $95 annual fee). So it's a no-lose situation.
If you're looking for a new travel credit card or rewards credit card, here are three reasons why it's hard to go wrong with the Chase Sapphire Preferred.
Why I applied for the Chase Sapphire Preferred Card
To qualify for the Chase Sapphire Preferred's welcome bonus, you must not currently have a Sapphire card (Preferred or Chase Sapphire Reserve®) and it needs to have been at least 48 months since you've earned a welcome bonus for any Sapphire card. You'll also need to be under Chase's 5/24 limit and likely need good to excellent credit.
Chase points are incredibly flexible
Chase Ultimate Rewards® points are some of my favorite travel rewards because there are many options for redeeming them. The most basic option is to cash out Chase points for a statement credit. Chase points are worth one cent each as cash-back, so the Sapphire Preferred's new welcome offer is worth at least $800. And there are lots of ways to get even more valuable.
I recently redeemed Chase points for Airbnb gift cards that were on sale for 10% off, yielding 1.1 cents per point in value. When you're using the Chase Sapphire Preferred to book through the Chase travel portal, points are worth 25% more (1.25 cents per point). So the 80,000-point bonus is worth $1,000 for travel booked through Chase and it's easy to use your points this way.
Sapphire Preferred cardholders can also transfer Chase points to any of Chase's airline and hotel partners at a 1:1 ratio. Experts generally value Chase points at two cents each when redeeming them this way. By strategically transferring points I could book 16 nights at a Category 1 Hyatt hotel or a round-trip off-peak business-class flight to Europe with Iberia.
The Sapphire Preferred is loaded with exceptional travel insurance
I usually rent cars three to four times a year and I plan on always paying with my Sapphire Preferred because it comes with primary rental car insurance that covers theft and collision damages. That means I can avoid paying the $10 to $15 daily fee the rental car company charges for similar coverage.
I also plan to use my Sapphire Preferred as my go-to travel card because it has baggage delay insurance and trip delay reimbursement. These coverages apply to trips you pay for with the card and include travel booked with points (if you pay for the taxes with your Sapphire Preferred card). The trip delay reimbursement kicks in if your trip is delayed by 12+ hours or requires an overnight stay. You can be reimbursed for up to $500 in reasonable expenses, including hotels, transportation, food and toiletries. If your bags are delayed for more than six hours, you can be reimbursed up to $100 a day (for up to five days) for essential items you purchase, such as clothing, toiletries and chargers for your electronics.
Don't miss: How does credit card travel insurance work?
It complements the other cards I have
My wife and I have a handful of Chase cards, including the Chase Freedom Unlimited® (see rates and fees) and the Ink Business Cash® Credit Card (see rates and fees). With the Freedom Unlimited, we earn 1.5% cash back on all other purchases, which is great for spending that falls outside of traditional bonus categories like groceries or travel. And the Ink Business Cash rewards my wife for her freelance business expenses.
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus. Plus, if you pair it with a premium Chase credit card that allows point transfers, you can convert your cash back into flexible travel rewards.
- Users get a high rewards rate and strong welcome bonus
- Purchases and balance transfers receive an intro APR
- No annual fee
- Has a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
The Ink Business Cash® Credit Card is a no-annual-fee cash-back business card that's especially rewarding at office supply stores and gas stations.
- Valuable welcome bonus
- Intro APR for purchases
- No annual fee
- Bonus spending categories have annual limits
- Has a foreign transaction fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $1,000 when you spend $8,000 on purchases in the first four months after account opening
- Earn 5% cash back at office supply stores and on internet, cable and phone services each account anniversary year on the first $25,000 in combined spend
- Earn 2% cash back on dining and gas each account anniversary year on the first $25,000 spent in combined spend.
- Earn 1% cash back on all other purchases with no limit to the amount you can earn.
- Earn 5% total cash back on Lyft rides through 9/30/27.
- As a Chase cardmember, you'll be automatically checked for a credit line increase at least every 6 months.
- Complimentary three-month lnstacart+ membership.
- No Annual Fee
- 0% introductory APR for 12 months on purchases
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
3% of each transaction in U.S. dollars
I can pool the points from all of our Chase Ultimate Rewards® credit cards onto my new Sapphire Preferred and they instantly become more valuable. Once combined, I'll be able to transfer those points to any Chase travel partner, and if I use them to book travel through Chase Ultimate Rewards, they'll be worth 25% more.
So getting a Sapphire Preferred card makes spending on all of our Ultimate Rewards cards more flexible and lucrative.
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Bottom line
I just signed up for the Chase Sapphire Preferred Card and I am on my way to earning 80,000 bonus points after spending $4,000 on purchases in the first three months from account opening. This is one of the best welcome bonuses currently available and it's worth at least $800 in cash back but could be worth even more depending on how I use the points.
I plan on using my Sapphire Preferred card for all my travel spending so I don't have to worry about purchasing additional travel insurance. I'll also be pooling the points from my family's other Chase Ultimate Rewards cards onto my Sapphire Preferred so they can be freely transferred to Chase's airline and hotel partners. And that's all before considering the card's many other benefits, such as the up to $50 in annual Ultimate Rewards Hotel Credit and 10% anniversary points boost.
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