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You can now earn 60,000 Chase Ultimate Rewards points for opening the Chase Sapphire Preferred Card and spending $4,000 in 3 months.
Additionally with this new offer, you’ll get a $50 grocery statement credit upon opening the card. Your first $50 in grocery spending will be automatically credited back. You have 12 months from account opening to use your grocery credit.
Those points are worth a minimum of $600 cash back or $750 towards travel and other categories, but they can be worth much more as shown below.
There is a $95 annual fee for the primary card and no annual fee for additional cardholders.
Signup bonus terms:
If you received your Sapphire Reserve bonus on 1/27/17 or earlier, you are now eligible to earn another Sapphire bonus!
Keep in mind that:
- You won’t get the signup bonus on this card if you have received a signup bonus on Sapphire Reserve, Sapphire Preferred, or Sapphire card within the past 48 months. You can call Chase to find out when you last earned a bonus on those cards or you can pull up your old statements online to check exactly when you last got a bonus.
- You won’t get approved for this card if you currently have an active Sapphire Reserve, Sapphire Preferred, or Sapphire card. However you can change those cards to a Freedom Unlimited or Freedom Flex card, wait a few days, and then apply for a Sapphire Preferred card.
All Chase cards appear to be subject to 5/24 restrictions, meaning that you are not likely to be approved if you have been approved for 5 or more consumer credit cards in the past 24 months. Note that the Chase system automatically counts cards like authorized user cards and store cards as cards that count towards 5/24, but if you explain to Chase that those cards are merely authorized user cards or store cards they can manually approve you for a new card.
You can check your credit report for free at the federally authorized annualcreditreport.com to check how many accounts are shows as being open in the past 24 months.
- 2 points per dollar on travel, including airfare, hotels, car rentals, cruises, subways, trains, taxis, tolls, parking, Airbnb, Uber, etc.
- 2 points per dollar on dining.
- 2 points per dollar on up to $1,000 in monthly grocery spending through 4/30/21. This includes grocery pickup and delivery.
- 5 points per dollar on Lyft spending through 3/31/22.
- 1 point per dollar elsewhere.
- There are no foreign transaction fees.
You’ll need to spend $4,000 on this card within 3 months.
You can pay your federal taxes for a 1.96% fee. If you overpay your taxes you can request a refund or apply it to your next year’s taxes.
My local natural gas company allows me to prepay up to $1,000 on a credit card for a $1.65 flat fee. That’s a great way to earn miles and help meet a spend threshold. My electricity supplier allows me to pay with a credit card for free as long as I am enrolled in autopay.
- Primary rental car CDW insurance in every country.
- Trip Cancellation/Trip Interruption Insurance
- Lost Luggage Insurance
- Trip Delay Reimbursement
- Baggage Delay Reimbursement
- Travel Accident Insurance
- Purchase protection for items damaged or stolen within 120 days
Charge your Peloton membership fee to your Sapphire Preferred card and you’ll automatically get $60 back through 12/31/21.
Increased points value:
If you or someone in your household has a Sapphire Preferred card you can redeem Chase Ultimate Rewards points earned from any card at a value of 1.25 cents towards paid travel.
If you or someone in your household has a Sapphire Reserve card you can redeem Chase Ultimate Rewards points earned from any card at a value of 1.5 cents towards paid travel.
Pay yourself back:
Back in May, Chase added the ability to pay yourself back and redeem your Sapphire Preferred or Sapphire Reserve Ultimate Rewards points to offset any dining, grocery store, or home improvement purchases at a rate of 1.25 or 1.5 cents per point through 9/30. They also added select charities to the program, which you can offset your donation with points.
Chase has extended those categories through 4/30/21 and tells me that Pay Yourself Back will be a permanent feature of the Ultimate Rewards program, and that they will add more cards and change the categories for the program in the future. This adds a ton of value to the Ultimate Rewards program as you can buy anything from those stores, even gift cards to other stores, and make them free by redeeming points at a value of 1.25 or 1.5 cents each. The ability to get that kind of value from your points even when you’re not traveling is outstanding.
A great feature of the program is that you keep the original points that the purchase earned, even though you paid yourself back for the purchase. That means your points will be worth more than 1.25 or 1.5 cents each!
In other words, if you spend $300 on groceries or dining on Sapphire Preferred, you can use 24,000 points to offset that purchase and make it free. Plus, you’ll still earn the 600 points for groceries or dining, so you effectively used 23,400 points to offset the purchase. That means your points were actually worth 1.28 cents each!
If you spend $300 on groceries or dining on Sapphire Reserve, you can use 20,000 points to offset that purchase and make it free. Plus, you’ll still earn the 900 points for groceries or dining, so you effectively used 19,100 points to offset the purchase. That means your points were actually worth 1.57 cents each!
Airline and hotel transferability:
If you or someone in your household has a Sapphire Preferred card you can transfer Chase Ultimate Rewards points into valuable airline and hotel mileage currencies.
You can call Chase to convert this card or any of the following cards into another card from this list:
- Chase Sapphire Preferred Card ($95 annual fee)
- Chase Sapphire Reserve Card ($550 annual fee)
- Chase Freedom Unlimited Card ($0 annual fee)
- Chase Freedom Card ($0 annual fee)
- Chase Freedom Flex Mastercard ($0 annual fee)
Note that some reps will only allow card conversions after you have had the card for 12 months.
If you or someone in your household has a Sapphire Reserve, then your points will be worth at least 1.5 cents towards travel!
If you want to get a Sapphire Reserve, your best path is to apply for the Sapphire Preferred card and then convert it to a Sapphire Reserve as you’ll get 60,000 signup bonus points+$50 grocery credit instead of 50,000 points!
Stacking multiple Ultimate Rewards cards together can supercharge your earnings by getting you more points per dollar while increasing the value of all your points.
A Chase Bifecta would consist of a household that has the Sapphire Preferred or Sapphire Reserve and the Freedom Unlimited. The total effective annual fees would be either $95 with Sapphire Preferred or $250 with Sapphire Reserve after accounting for that card’s $300 annual travel credit. With the Sapphire Preferred+Freedom Unlimited you would earn 2 points per dollar on all travel, 3 points per dollar on dining and drugstores, and 5 points per dollar on travel booked via Chase. You’ll be able to transfer all of your points into airline miles or hotel points or use the pay yourself back feature. Read more about Freedom Unlimited here.
A Chase Trifecta adds a no annual fee card like Ink Cash or Chase Freedom Flex into the mix, so your total effective annual fee will still be $95 or $250. Both of those cards give options to earn a whopping 5 points per dollar in various categories on top of the 2-3 points per dollar that the Sapphire cards offer and the 1.5-5 points per dollar everywhere else with a Freedom Unlimited card. Read more about Freedom Flex here and read more about Ink Cash here.
A Chase Quadfecta would add both the Ink Cash and Chase Freedom Flex on top of a Sapphire card and an Unlimited card, so your total effective annual fee will still be just $95 or $150. The Quadfecta is the sweet spot and allows you to really supercharge your spending everywhere.
A Chase Quinfecta could add the Ink Preferred to that mix, adding $95 to the annual fee total. This make sense if you spend money on shipping, social media advertising, or search engine advertising, or if you want free cell phone insurance.
Alternatively, you can create a Chase Quinfecta by adding the Chase United Explorer card, Chase United Gateway Card, or Chase United Business Card into the mix. Those cards don’t earn Ultimate Rewards points, but it makes your Ultimate Rewards points more valuable. Having a United card enables you to have access to significantly expanded United saver and standard award space in addition to benefits like 2 free club passes, a free checked bag, a free carry-on bag, and priority boarding, even when you’re on a basic economy fare. See more about those benefits here.
Again, all of these cards don’t need to be in one person’s name. 2 people from the same household can split up the requisite cards that make up the Quinfecta, as they can transfer the Ultimate Rewards points back and forth between themselves freely and they can add each other as an authorized user on their cards!
DoorDash DashPass Membership:
DoorDash DashPass allows you to get free delivery and lower service fees on $12+ orders from select restaurants that have a blue checkmark. There are also lots of promotions and free food offers available to DashPass members.
DashPass normally costs $9.99/month.
If you add your Chase Sapphire Preferred card to your Doordash account and open the Doordash app, you can enroll for free through 12/31/21!
Airline transfer partners:
You can transfer points at a 1:1 ratio to:
- United (Star Alliance)
- Singapore (Star Alliance)
- Air France/KLM Flying Blue (Skyteam)
- British Airways (OneWorld)
- Aer Lingus (OneWorld)
- Iberia (OneWorld)
- Virgin Atlantic
Hotel transfer partners:
You can transfer points at a 1:1 ratio to:
The great thing about Chase Ultimate Rewards is how versatile and valuable they are:
The Sapphire Preferred card allows you and anyone in your household to transfer Chase points into miles. They also allow you to use points at a value of 1.25 cents each towards travel.
The Sapphire Reserve also allows you and anyone in your household to transfer Chase points into miles. Plus it allows you to use points at a value of 1.5 cents each towards travel.
The fixed value is excellent and doesn’t require hunting down award space, but those points can be much more valuable by transferring them into airline miles or hotel points.
- If I want to stay in a 5 star Park Hyatt in the Maldives, Melbourne, NYC, Paris, Sydney, or Tokyo that would cost over $1,000/night, I can instantly transfer 25-30K points to Hyatt to do that, a value of up to 6 cents per point.
- If I need a one-way flight from Cleveland (or Chicago, Detroit, Miami, Montreal, Orlando, Pittsburgh, Toronto, etc) to NYC that can cost $500 each way, I can instantly transfer 7.5K points to British Airways to book a short-haul on American with no last minute booking fees. Or if American doesn’t have availability I can instantly transfer 10K points to United for their short-haul award. That’s a value of up to 7 cents per point.
- If I want to stay in a non-chain hotel that costs $300/night and don’t want to pay cash, I can redeem 20K points for the room thanks to my Sapphire Reserve card’s minimum redemption value of 1.5 cents per point or 24K points with the Sapphire Preferred card’s minimum redemption value of 1.25 cents per point
- If I want to fly in a $25,000 ANA First Class Suite round-trip from the US to Tokyo, I can instantly transfer 110K or 120K points to Virgin Atlantic. That’s a value of up to 23 cents per point.
- If I want to book a $2,281 business class ticket on Air Canada to Tel Aviv I can redeem 152K points for the flight thanks to my Sapphire Reserve card’s minimum redemption value of 1.5 cents per point or 182K points with the Sapphire Preferred card’s minimum redemption value of 1.25 cents per point, plus I’ll earn Qantas miles for more future travel as it’s considered a paid flight instead of an award flight.
- And thousands of other possibilities from Singapore couples suites to booking Southwest awards with 2 free bags and free cancellations, to stealing 2nd base in middle of an MLB game.
Will you signup for the Chase Sapphire Preferred Card?