WOW: Chase Sapphire Preferred with 80,000 point sign-up bonus!!

On the heels of the release of their coveted no annual fee Freedom Flex card, Chase has increased the sign-up bonus for their Chase Sapphire Preferred card to 80,000 Ultimate Rewards (UR) points after spending $4,000 within the first 3 months!  This represents their best ever public offer for the Sapphire, and a 20k increase over the standard sign-up offer of 60k.  The Sapphire card has a $95 annual fee which is not waived for the first year, but comes with the following benefits:
  • 2x on all dining and travel purchases
  • 5x on Lyft rides through March 2022
  • 1x on all other purchases
  • Primary car rental insurance
  • Redeem UR for 1.25 cents each towards grocery, dining, home improvement purchases, and travel purchases via the UR travel portal
  • DoorDash Dashpass membership for at least one full year, which gets you reduced service fees and free delivery on $12+

How much are Chase UR worth?

Chase UR are one of the most valuable currencies out there as they can be transferred at a 1:1 ratio to many loyalty programs such as United, Southwest, British Airways, Virgin Atlantic, Hyatt, and many more.  In this unprecedented COVID-19 pandemic era where traveling has been held to a minimum, Chase has adapted to the times and implemented a "Pay Yourself Back" feature which enables you to redeem your UR for 1.25 cents each towards grocery, dining, and home improvement purchases.  Thus, the 80k bonus is worth at least $1,000.  Also, through September 30, 2020, you'll get the following benefits:
  • $50 statement credit towards Instacart Express monthly or annual membership, which gets you reduced service fees and free delivery on $35+
  • 3x on Instacart purchases
  • 3x on gas purchases
  • 5x on select streaming services like Netflix and Spotify
Transfer UR points to partner Virgin Atlantic and redeem for ANA first class to Japan

Until the Freedom Flex came along, the Sapphire has been the go-to card for both beginners and veterans alike.  The no annual fee Freedom Flex card does have much better UR earning categories than the Sapphire, but Freedom Flex UR cannot be transferred to loyalty partners and are worth only 1 cent each towards travel purchases.  But if you hold an annual fee UR card like the Sapphire, you can transfer your Freedom Flex UR to your Sapphire UR account, and then get the 1.25 cent valuation or transfer to loyalty partners.  So for the long run, the Sapphire card may be worth holding onto despite the $95 annual fee.

Who can apply for the Chase Sapphire Preferred card?

You can only have one Sapphire card, so if you already have the Sapphire Preferred card or the Chase Sapphire Reserve, then you won't be eligible for this card.  In addition, in order to qualify for the 80k sign-up bonus, you cannot have received a new cardmember bonus for any Sapphire card (Reserve or Sapphire Preferred) in the past 48 months (4 years).

This card falls under Chase's dreaded 5/24 rule, which means that you won't be eligible if you opened 5 or more consumer credit card accounts (not business cards) across the board with any financial institution over the past 24 months.

Bottom line

This is the best public offer we have ever seen for the Chase Sapphire Preferred card, and it's definitely worth capitalizing on if you're eligible.  We don't know yet how long the increased sign-up offer will be good for, but if you are approved for it today, you should get your card in time to take advantage of the Instacart $50 statement credit, which is good through the end of this month.

From all of us at Flying for Fitness, please stay healthy during this trying time.  We hope you enjoyed this post.  Please consider visiting one of our sponsors by clicking on the advertisements.  Our sponsors pay us for customer visits and help us to keep the lights on.  Thanks!


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