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In our expert opinion, the Chase Sapphire Preferred Card is one of the best credit cards out there—and it recently got some serious upgrades. Thankfully, these new benefits don't increase the $95 annual fee. In fact, Chase unveiled a couple yearly perks that help knock it down. Best of all: There’s an out-of-this-world welcome bonus that's worth up to $1,250 for new cardholders.
The Sapphire Preferred is our best travel credit card for ongoing benefits like two points per dollar spent on travel as well as one-to-one transfers to JetBlue, Southwest, United and other airline loyalty programs. But the just-introduced rewards work for those of us who aren’t straying too far from home. Typically, dining racks up two points. Now, it’s three points at restaurants, on takeout and with eligible delivery services. More of a home cook? That rate extends to three points on online grocery orders (except for Target, Walmart and wholesale clubs, which is typical among the best credit cards for groceries).
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There’s even a boost to the usual two points per dollar spent on airfare, hotels, car rentals and other vacation expenses. Sapphire Preferred cardholders now get an incredible five points on travel booked through Ultimate Rewards, which any Chase member will want to familiarize themselves with. Points redeemed through the portal earn an additional 25%. For instance, 50,000 points is equivalent to a $500 statement credit—or $625 when booking a trip with the issuer.
Now for the unbelieveable welcome offer: New cardholders who spend $4,000 within three months can receive 100,000 bonus points. In the Ultimate Rewards portal, that’s $1,250 to spend on your next getaway. Even if you’re not headed anywhere anytime soon, rewards don’t expire for the life of your account.
These impressive benefits come with a $95 annual fee, though the cost is offset by a few new perks, including a yearly $50 hotel credit. You can knock down the remainder further with an anniversary bonus. Every year, cardholders will earn 10% of the amount they’ve spent on the credit card.
Of course, these benefits are for responsible cardholders who pay their bills on time, a vital practice to maintain healthy credit. We also recommend paying in full when possible. Otherwise, charges are subject to a variable APR (15.99% to 22.99%) and other penalties, like a late payment fee of $40. Before signing on the dotted line, we suggest reading the fine print for yourself.
Please note: The offers mentioned above are subject to change at any time and some may no longer be available.
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Prices were accurate at the time this article was published but may change over time.
This article originally appeared on Reviewed: The Chase Sapphire Preferred now has a $1,250 bonus—Here's how to get it