Sapphire Preferred 100,000-point offerHow does a signup bonus worth $1,250 sound? The Chase Sapphire Preferred® Card is now offering new cardholders 100,000 bonus Chase Ultimate Rewards® points when you spend just $4,000 in the first three months of card membership. It's the highest ever offer on this card, among the most attractive we've seen on any card, and we think it's one you don't want to miss.

Sapphire Preferred® routinely rises to the top of the CardRatings' Best Credit Cards of the Year list not only for its healthy bonus offers – they've ranged from 50,000 points to 80,000 points over the past couple of years with the new 100,000-point offer coming in as the most generous – but also because of its ongoing rewards, excellent "fine print" perks and easy-to-use, flexible rewards.

Let's break it down a little bit:

The Chase Sapphire Preferred® Card signup bonus

The bonus on this card has been sitting at 60,000 Ultimate Rewards® points for some time now. Certainly not stingy, but it pales in comparison to the new 100,000-point offer. While the bucket of points is itself eye-popping, what's perhaps just as impressive is that the spend required to earn it didn't change even though the the new offer is 67% higher than the old one. New cardholders can spend just $4,000 in the first three months to earn those 100,000 points. 

Now, 100,000 is a big number, but what's really important is what are those points worth?

What is the Chase Sapphire Preferred® signup bonus worth?

The value of the Sapphire Preferred® signup bonus varies depending upon how you choose to redeem the points. Here is a general breakdown of what 100,000 points is worth for a Sapphire Preferred® cardholder:

  • Redeem for travel through the Chase portal: 100,000 points = $1,250
  • Pay Yourself Back program redemptions: 100,000 points = $1,250
  • Transferring points to a travel partner: 100,000 points = Varies (This redemption depends on where you move your points to. For many people, this will be, by far, the most lucrative way to use your points. It's also potentially the most complex in terms of squeezing out value)
  • Cash back: 100,000 points = $1,000 (statement credit or deposit to linked bank account)
  • Apple products: 100,000 points = $1,250 (Until 6/30/21 or while supplies last, after that $1,000)
  • purchases: 100,000 points = $800

One of the most straightforward ways to redeem Chase Ultimate Rewards® points is for travel through the Chase portal, which is certainly a good way to redeem them since points are worth 25% more for Chase Sapphire Preferred® cardholders who redeem them that way. Notice, too, that Chase Sapphire Preferred® cardholders can also redeem them for 25% more through the Pay Yourself Back program, a redemption option introduced recently that allows you to essentially erase from your statement purchases made in qualifying categories. 

>>Check out our Guide to Chase Pay Yourself Back

Chase Sapphire Preferred® rewards

Beyond that mega signup bonus, it's worth noting that the Chase Sapphire Preferred® Card offers solid everyday rewards earning opportunities as well. Cardholders earn five points per $1 on travel purchased through Ultimate Rewards; three points per $1 on dining, select streaming services and online grocery store purchases (excluding Target, Walmart and wholesale clubs); two points per $1 spent on travel; and one point per $1 on your other purchases. With no foreign transaction fees to worry about, this card is an excellent travel companion for your next trip abroad; earn points for your next vacation while on your current one.

Is there trip cancellation insurance with the Sapphire Preferred® Card?

Yes, the Sapphire Preferred® Card offers trip cancellation/interruption insurance for prepaid trip-associated costs charged on your card. Of course there are caveats and terms, but here's the general idea:

  • $10,000 per person/$20,000 per trip coverage when your trip is canceled or cut short due to sickness, severe weather or another covered reason.
    • Note that neither pre-existing conditions nor fear of contracting COVID-19 are considered covered reasons.
    • Your child, who isn't traveling with you, getting sick on the way to see you off at the airport, however, potentially could be a covered situation as the coverage extends to the primary cardholder and immediate family members.
  • You must charge all or a portion of the trip on your card or redeem points from your account for all or a portion of your trip.
  • Covered expenses include pre-paid, non-refundable travel expenses such as fares, tours, lodging and more.

The above is not an exhaustive list of terms for this coverage, so you'll want to consult your full Guide to Benefits for all the details. Suffice it to say, however, that this kind of perk rarely shows up on cards with just a $95 annual fee.

Additional travel-related features include auto rental collision damage waiver (that's rental car insurance) as well as lost luggage insurance among things. 

Is Chase Sapphire Preferred® worth the annual fee?

A 100,000-points, highest-ever signup bonus (worth $1,250 when redeemed for travel through the Chase portal, as a reminder), solid ongoing rewards, money-saving perks and incredibly popular and flexible rewards redemption options mean that Chase Sapphire Preferred® is more than worth the annual fee. The signup bonus alone offsets the annual fee for 13 years, which is a bit ridiculous to think about that way. Instead, think about the fantastic trip you could take if $1,250 of that trip was covered by points.

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