Chase Sapphire Preferred best ever 80k sign-up bonus, Reserve increased to 60k

Chase has increased the Sapphire Preferred sign-up bonus to the highest ever 80,000 Ultimate Rewards (UR) points after spending $4,000 within the first 3 months.  The usual sign-up bonus is 60k, so this is a remarkable increase.  In addition, Chase has increased their flagship Reserve card's sign-up bonus from the usual 50k to 60k UR after spending $4,000 within the first 3 months.


Sapphire Preferred vs Reserve

You can only have one Chase Sapphire card at a time, meaning that you can only choose one or the other.  Let's take a look at the differences between the two cards.

2x on dining and travel
$50 grocery credit (one time)
Transfer points 1:1 to loyalty programs or redeem for 1.25 cents each for travel purchases
$60 Peloton credit (one time)
1-year Doordash Dashpass membership
$95 annual fee

3x on dining and travel
$300 annual travel credit (includes grocery and gas purchases through 12/31/2021)
Transfer points 1:1 to loyalty programs or redeem for 1.5 cents each for travel purchases
$120 Peloton credit (one time)
1-year Doordash Dashpass membership
$60 Doordash credit (one time)
1-year Lyft Pink membership, which includes GrubHub+
Priority Pass airport lounge membership
Global Entry or TSA Precheck credit (once every 4 years)
$550 annual fee

As you can see, both cards are loaded with benefits, with the Reserve coming out on top but also with an annual fee that is $455 higher.  The Preferred's $95 annual fee is offset by the $50 in grocery credit, and the $60 Pelton credit for the first year if you like at-home workout virtual classes or have a spin bike.  Both cards come with Dashpass membership for 1 year (up to $120 value), which gets you free delivery and reduced service fees on Doordash orders of $12+.

Access lounges like the Turkish Airlines lounge at Washington-Dulles Airport with Priority Pass membership

On the other hand, if you foresee yourself traveling, then you'll definitely find value in Global Entry ($100 value) and Priority Pass airport lounge access.  The $550 annual fee is also offset by the $300 annual travel credit and the one-time $60 Doordash credit.  And if you're going to use Peloton, the $120 one-time credit is also twice that of the Preferred's.  The 1-year Lyft Pink membership (up to $240 value) gets you 15% off all rides as well as priority services and other discounts.  Lyft Pink also automatically gets you GrubHub+ membership, which gets you free delivery on GrubHub orders.

Access all of Peloton's on-demand and live classes with both Sapphire cards

Which card is for you?

The Chase Sapphire Preferred is arguably the best "starter" credit card for those just getting into the points and miles business.  It's a simple card with many benefits for a lower annual fee.  On the other hand, the Chase Reserve is loaded with more benefits, but you'll need to use most of them to justify the higher annual fee.  It does take some tracking to ensure that you're maxing out on the Reserve's benefits, such as actually applying for Global Entry, using airport lounges and Lyft, and ordering with Doordash and GrubHub.  I would say that anyone who flies a few times a year would find that the Reserve is more suited for them with all the expanded travel benefits.

Transfer both Sapphire card's UR to Virgin Atlantic to book with partner ANA first class

My recommendation

Tough choice with this extreme first world problem?  My advice would be to get the Sapphire Preferred right now with the all-time high 80k sign-up bonus.  Then upgrade (no additional credit check required, but also no additional bonus points) to the Reserve after 12 months when travel picks up entirely.  That way, you can essentially get the 80k sign-up bonus, and then all the benefits of the Reserve after one year.  Do note that some of the benefits, such as Dashpass and the $60 Doordash credit do need to be activated by the end of this calendar year, so you may no longer be eligible for those benefits when you decide to upgrade one year from now.


Who can get the Chase Sapphire cards?

Per Chase's terms and conditions, these products (both the Preferred and the Reserve) are only available to you if you do not have any Sapphire card and have not received a new cardmember bonus for any Sapphire card in the past 48 months.  48 months is a long time, so double check to see if you've had a Chase Sapphire card in the past 4 years.

Both cards also fall under Chase's dreaded 5/24 rule, meaning 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

These are great sign-up offers for both the Chase Sapphire Preferred and the Reserve.  Both are great cards with loads of benefits, and choosing between the two will really come down to how much you would use and value the benefits.  You can actually get the best of both worlds if you sign-up for the Preferred today with the higher 80k UR bonus, and then upgrade to the Reserve next year for all the extra benefits without another credit check.

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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