Update: Even with already having 3 other personal Chase cards (Continental Presidential Plus MC, United Visa, and Chase Freedom) I was able to get instant approval on the Sapphire Preferred card!
With 25,000 points on this card you can:
-Get a plane ticket worth up to $312.50.
-Transfer the points into BA or Continental miles, or Marriott or PC hotel points at a 1:1 ratio.
-Get a $250 refund check.
The card has a $95 annual fee, which is waived for the first year.