Chase Sapphire Preferred’s New 100K Welcome Bonus Is Too Good to Miss. Here’s How I’d Spend It
Chase just announced an eye-catching welcome bonus ahead of summer travel.
You can earn 100,000 Chase Ultimate Rewards points after spending $4,000 within the first three months of opening the Chase Sapphire Preferred® Card*. That’s 40,000 more than the card’s typical 60,000 bonus. We don’t have the offer’s expiration date but I don’t recommend waiting because Chase’s boosted welcome bonus offers don’t usually last long.
TAX SOFTWARE DEALS OF THE WEEK
Deals are selected by the CNET Group commerce team, and may be unrelated to this article.
The CSP is my favorite low annual-fee travel card. Beyond the welcome bonus, I love the card’s annual $50 statement credit when booking hotels through the Chase Travel℠ portal, plus trip cancellation and interruption insurance. I’ve had the card for about two years and it’s saved me a lot of money on flights and hotels — especially when I earned the welcome bonus.
If you’re considering getting a travel card, here’s how I’d maximize the 100,000 welcome bonus points and other rewards.
How I’d spend the Chase Sapphire Preferred 100,000-point welcome bonus
I’d go after the new welcome bonus myself but I heard about Chase’s 48-month rule. If you’ve earned a welcome bonus on your Chase Sapphire card in the past four years, you can’t qualify for the new bonus. But because I’ve had the card for two years and I’ve used the card responsibly, I reached out to Chase and am waiting for a decision. The offer’s just too good not to ask.
Chase points are typically valued at one cent per point, but you’ll get more value if you redeem them in the Chase Travel portal, where points get a boosted rate of 1.25 cents. That would make those 100,000 bonus points worth $1,250.
Hands down, I’d use the points toward flights. Let’s say I wanted to book roundtrip economy tickets for my family of four from Charlotte, North Carolina, to New York City (June 4 to June 8). If I book through the Chase Travel portal, it would cost about $1,016. So I’d have enough points to cover the cost of plane tickets for my whole family.
You can also book hotels, rental cars and cruises at the boosted rewards rate.
Before you book via the Chase Travel portal, be sure to look for deals and other redemption options. Chase has airline and hotel partners that offer higher redemption rates if you transfer your points. You can earn the most through transfer partners but can still get extra redemption value when booking through Chase’s portal.
Other ways to redeem the Chase bonus
If you don’t have any upcoming trips, there are other redemption options but at a lower value. For example, you can redeem one cent per point toward a $1,000 statement credit to lower your credit card balance.
Chase also has a “Pay Yourself Back” program that lets you use your rewards for statement credits on purchases from select categories at a rate of 1.25% per point. However, this offer is only available for select charities.
If you’re considering getting the Chase Sapphire Preferred, look at the card’s other features first. Welcome bonuses are usually a one-time deal, so you’ll need to make sure the card is worthwhile beyond the bonus rewards and that you earn enough rewards with your regular spending to offset the $95 annual fee.
Most important, don’t accrue debt trying to earn credit card rewards. The average credit card interest rate is over 20%, so any value you’d get from the rewards would be wiped out by the interest you accrue, leaving you in debt.
*All information about the Chase Sapphire Preferred Card has been collected independently by CNET and has not been reviewed by the issuer.