Last Chance for Chase Sapphire Preferred’s 80,000-Point Bonus
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If you’ve been eyeing the Chase Sapphire Preferred Card, now is the time to get it: The card’s 80,000-point sign-up bonus worth up to $1,000 is on its way out.
If you spend $4,000 on the card within three months of opening it, you can earn 80,000 bonus points. When this offer expires Nov. 8, the card is expected to revert to the previous 60,000-point sign-up bonus, which is still competitive but worth less at about $750.
The limited-time offer is a large sign-up bonus from a card that has added value to respond to cardholders’ rapidly changing needs in 2020. Here’s more about this offer.
What Is the Offer?
The Chase Sapphire Preferred Card’s 80,000-point sign-up bonus is only available to new cardholders. You’ll earn the bonus after spending $4,000 on the card within three months of activating it.
Your points can be redeemed for cash back or other rewards. How you choose to redeem your points will determine how much your bonus is worth, though.
If you opt for cash back, you will get $750. But these three options to redeem your points give you 25% more value and are worth $1,000:
- Travel booked through the Chase Ultimate Rewards portal
- Statement credits after using your card at grocery stores, home improvement stores, select charitable organizations and restaurants, including takeout and eligible delivery services, through April 2021
- Local takeout orders, virtual dining experiences and more through April 2021 using the Chase Dining program through the Ultimate Rewards portal
Is the Offer Worthwhile?
Any sign-up bonus valued at up to $1,000 is worth considering, especially if you plan to meet the spending requirement. Although the card charges a $95 annual fee, the sign-up bonus easily outpaces the cost.
The card’s perks and opportunities to earn points include:
- Two points per dollar spent on travel and dining, including eligible delivery services and takeout orders
- Five points per dollar on Lyft rides through March 2022
- Two points per dollar on grocery store purchases November 2020 through April 2021
- One point per dollar on all other purchases
- 25% more value when you redeem rewards for travel, grocery store, home improvement and dining purchases, plus select charitable donations
- Unlimited free deliveries and reduced service fees on orders more than $12 for at least one year on qualifying food purchases with DashPass, DoorDash’s subscription service
- Travel insurance
- No foreign transaction fees
Comparing Sign-Up Bonuses
Before you apply for the Chase Sapphire Preferred Card, see how its sign-up bonus compares with others:
- Capital One Venture Rewards Credit Card. With this card, you can earn 100,000 bonus miles – worth $1,000 – when you spend $20,000 in the first 12 months. Can’t quite swing that? You can still earn 50,000 miles if you spend $3,000 in the first three months.
- The Platinum Card from American Express. When you spend $5,000 on the card in the first three months, you’ll earn 6,000 bonus points worth $600.
- Chase Sapphire Reserve. You’ll earn 50,000 bonus points – worth up to $750 – when you spend $4,000 in the first three months.
Should You Claim the Offer?
A sign-up bonus worth $1,000 with flexible, high-value rewards is a rare gem. The 80,000-point sign-up bonus won’t stick around for too much longer, but the card creates significant value with rewards earning and redemption options through at least April 2021.
If you are not swayed by a big sign-up bonus, don’t plan to spend $4,000 in the first three months or prefer a more straightforward rewards structure, you will do better with a different card. A cash back card with no annual fee may be a better choice for you.