KEY LINK: Chase Sapphire Preferred® Card – Earn 60,000 bonus points after $4,000 in purchases in your first 3 months from account opening. $95 annual fee.
I generally believe there are three reasons to apply for and keep a credit card.
First is any welcome offer on the card.
The second reason is if the card has attractive spending categories.
The final reason is any ongoing benefits you receive for having the card.
Most credit cards check at least one of these boxes, but it’s rare that a card will check all three. The Chase Sapphire Preferred card, with its current welcome offer of 60,000 bonus points after spending $4,000 in the first 3 months checks maybe 2 and a half. It has a great welcome offer and excellent ongoing benefits. The rewards you get from ongoing spending are okay but not extraordinary. Still, the welcome offer alone makes it worth considering.
Outstanding Welcome Offer
The biggest reason to get the Chase Sapphire Preferred card right now is that its welcome offer is at an outstanding level. The Chase Sapphire Preferred was one of the first credit cards I ever got, and the signup bonus was 40,000 Ultimate Rewards points. That was 6 or 7 years ago, and over time, the welcome offer on the Sapphire Preferred has gradually continued to go up and up. First we saw 50,000 points, then 60,000 and then 80,000 Ultimate Rewards points. We have seen it go as high as 100,000 Ultimate Rewards points but I don’t know if or when that offer will ever come back.
Now you can get 60,000 bonus Ultimate Rewards points after spending $4,000 in the first 3 months. And if you have a spouse with a Chase Sapphire Reserve®, it could be worth even more. Even better, you can often get even more value by transferring to Chase’s travel partners. Like the time I turned 100,000 Ultimate Rewards points into a $6,500 train trip.
Combining Chase Ultimate Rewards Points
Another great reason to consider signing up for the Chase Sapphire Preferred® Card is the ability to combine Chase Ultimate Rewards points. You can combine your Ultimate Rewards points that you’ve earned on different cards, and you can also combine points with authorized users on your account. That makes it fairly straightforward to combine points between spouses / partners as well.
The reason this is so important and valuable is that the value of your Ultimate Rewards points depends on the card that you earn them on. If you only have a no-fee Chase card like the Ink Business Cash® Credit Card or Chase Freedom Unlimited®, then your points are only worth 1 cent each. But if you have a premium card like the Chase Sapphire Preferred® Card or Ink Business Preferred® Credit Card, then your points become worth 1.25 cents per point through Chase Travel. So if you already have a lot of Ultimate Rewards that you’ve earned with a Chase Freedom Flex® or other no-fee Chase card, then applying for the Sapphire Preferred not only lets you earn extra bonus points, but it makes all of your EXISTING points worth 25% more. Having a premium Chase card like the Sapphire Preferred also unlocks the ability to transfer your Ultimate Rewards points to Chase’s hotel and airline transfer partners.
Points for those who have the Chase Sapphire Reserve® are worth 1.5 cents per point. Unfortunately, you can’t hold both the Sapphire Reserve and the Sapphire Preferred at the same time. But if you have a spouse or partner who does have the Sapphire Reserve, then you should be able to combine points with them. That might make the welcome bonus worth $1,000 or more.
Primary Car Rental Insurance
Another great reason to have the Sapphire Preferred is for the car rental insurance. Like the Chase Sapphire Reserve, the Sapphire Preferred has outstanding car rental insurance. Paying for a rental car with the Sapphire Reserve saved my parents nearly $1000 when they ran into problems with their rental car. The best part about the rental insurance with the Sapphire Preferred is that it is primary, unlike the insurance with many other credit cards. That means that it comes into play before you would be required to make a claim with your own auto insurer.
Flexibility of Redeeming Chase Ultimate Rewards
I think Chase Ultimate Rewards are the best miles and points currency out there, and one reason for that is how flexible they are. You can redeem them for travel (with a 25% bonus if you have the Sapphire Preferred). Sometimes that is the best way to use your Ultimate Rewards points. You can also transfer them to travel partners like United, Hyatt, Marriott and others. I have earned and redeemed hundreds of thousands of Ultimate Rewards points over the last few years and they have had a huge impact on our family’s ability to travel for free / cheap.
The Bottom Line
KEY LINK: Chase Sapphire Preferred® Card – Earn 60,000 bonus points after $4,000 in purchases in your first 3 months from account opening. $95 annual fee.
If you’re eligible to get the welcome bonus on the Chase Sapphire Preferred, you should highly consider it. This is an outstanding offer. In order to be eligible for the bonus you must:
- Be under Chase 5/24
- Not be a current cardholder of any Chase Sapphire card – aka the Chase Sapphire Preferred or Chase Sapphire Reserve
- Not have received a new member bonus for any Sapphire card in the past 48 months
If you have any questions about this offer or want to talk over how it might work for you, please email me at dan at pointswithacrew dot com. I am more than happy to talk to anyone about this or any other offer and how it might work for you.
Are you planning on applying for the Chase Sapphire Preferred with its current welcome offer? Leave a note in the comments.
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Dan Miller travels with his wife and 6 (SIX!) children. He loves to help families travel for free / cheap, especially larger families. If you are looking for help, drop him an email at 
Crossing my fingers for a new SUB hopefully 80k of 100k
That would be super nice for sure!
Wow- no mention of the increased in-branch sign up offer? I’m underwhelmed with you now. My p3 needs the extra ~30k Ultimate Rewards
I have had this card for years, but after getting the Venture X, I don’t see the point in holding the CSP anymore as a lot of the benefits overlap. CSP’s 2x on travel isn’t as lucrative as it used to be, especially when the Venture X offers 2x on everything.
The only reason I consider staying in the Chase ecosystem is for potential Hyatt transfers. I think Chase needs to reevaluate their strategy for staying competitive.
Yeah – that is a valid point. I do think that there is value in having at least one Chase premium card (to enable point transfers such as the one you mentioned to Hyatt), but that could be Ink Preferred, Sapphire Preferred or Sapphire Reserve.