Chase isn’t messing around with its entry-level travel card.
The Chase Sapphire Preferred has suddenly become one of the most valuable pieces of plastic in your wallet. Why? Because Chase just cranked the welcome offer to 100,000 Ultimate Rewards points. That is a record high for this card.
If you spend $5,000 in the first three months, you get those points. That’s it.
It ends soon. Like, seriously soon.
Let’s break down why this specific Chase Sapphire Preferred current offer is worth your time, what those points are actually worth, and whether the card still makes sense with all the recent tweaks.
What the Chase Sapphire Preferred current offer actually means
The deal is simple. Spend $5,000. Get 100,000 Bonus Points.
But don’t just look at the number. Look at the value.
According to our July 2023 valuation (and recent updates), those points are worth roughly $2,050 when redeemed through the Chase Travel portal.
Wait. A $95 annual fee card is giving you $2,050?
Yes. That is a 21x return on the annual fee, before you’ve even bought a single plane ticket.
This is the highest bonus Chase has ever offered on the Sapphire Preferred. It puts this card in a different league compared to competitors offering 40k or 60k points. If you’ve been on the fence, this is the nudge.
Is the Chase Sapphire Preferred worth it in 2024?
The short answer? Absolutely.
But here is the nuance.
Chase is changing things. They aren’t just resting on their laurels. In fact, they’re adding features while simultaneously adjusting transfer ratios for some partners.
The earning categories have expanded. You are now earning bonus points on gas stations. And EV charging stations. And Peloton gear. And vacation homes booked with specific brands like Airbnb or Vrbo.
This matters if you want to rack up points on everyday spending without needing a separate card for groceries or gas.
How the new earning categories work
Here is exactly where you earn points:
- 5 points per $1: All travel booked through Chase Travel. This includes flights, hotels, cars, and cruises.
- 5 points per $1: Lyft rides. This deal lasts through September 30, 2026.
- 5 points per $1: Peloton equipment and accessories over $150. Valid through December 31, 2026.
- 3 points per $1: Dining. Always a safe bet.
- 3 points per $1: Online groceries (excluding big box stores like Target and Walmart).
- 3 points per $1: Select streaming services.
- 3 points per $1: Gas stations and electric vehicle charging.
- 3 points per $1: Vacation homes booked with Airbnb, Vrbo, Plum Guide, etc.
- 2 points per $1: All other travel.
- 1 point per $1: Everything else.
It is flexible. It is broad. It is easy to maximize.
The hidden costs and changes to watch
Not everything is a sunshiny day.
Chase has adjusted the World of Hyatt transfer ratio.
If you apply on or after June 2023 (or whenever this specific devaluation window opens, check current terms), you will transfer Hyatt points at a 4:3 ratio.
Instead of 1:1.
That means you lose points. If you live and breathe Hyatt, this hurts.
If you are a Hyatt loyalist, act fast or reconsider.
Existing cardholders who already have the card can keep transferring at 1:1 until the transition period ends. New applicants get the bad news.
Also, the annual 10% anniversary point bonus is gone for new cardholders applying on or after mid-2023.
They replaced it with other perks.
New perks replace the anniversary bonus
Chase traded the points bonus for tangible lifestyle benefits.
New cardholders get:
- A one-year complimentary Apple TV+ subscription.
- A DoorDash DashPass membership ($120/year value) plus $10/month for non-restaurant purchases.
- Up to $120 in statement credit every four years for Global Entry or TSA PreCheck.
It is a mix of streaming, food, and travel convenience. Not everyone values Apple TV+. But the TSA PreCheck credit alone pays for half the annual fee.
Travel protections included
You don’t need to buy extra insurance. It is baked in.
- Trip Cancellation/Interruption Insurance: Reimburses up to $10,000 per trip if your trip is cancelled or cut short for a covered reason.
- Trip Delay Reimbursement: If your flight is delayed more than 12 hours or requires an overnight stay, you can claim food and lodging costs.
- Baggage Delay Insurance: If your luggage is delayed more than 6 hours, you can buy essentials.
- Primary Car Rental Insurance: No need for the rental company’s expensive insurance. This covers theft and damage as the primary payer.
- Purchase Protection: Covers eligible purchases against theft or damage for 120 days.
These protections make the card useful for actual emergencies, not just points.
Who can actually get this offer?
Don’t apply blindly.
Chase has a notorious filter called the 5/24 rule.
If you have opened five or more new personal credit cards from any issuer in the last 24 months, Chase will likely reject you. Period.
It doesn’t matter if you have a good score. It doesn’t matter if you’re loyal to them. The rule is rigid.
Also, you generally can’t have an open Sapphire Preferred account. If you canceled yours, there might be a “one-time-only” bonus window, but if you’ve had it before and closed it, you might be ineligible for the welcome bonus entirely.
Check your eligibility. Don’t risk a hard inquiry for nothing.
The bottom line
The Chase Sapphire Preferred remains the gold standard for beginner travel credit cards.
It balances cost, value, and utility better than almost anything else.
The 100,000 Point bonus is rare. It is huge. It turns a modest $95 fee into a no-brainer investment.
Yes, the Hyatt transfer ratio change is annoying for hotel hawks. Yes, you lose the 10% anniversary bonus. But the expanded earning categories and new lifestyle perks fill the gap for most people.
If you travel at all—even if it’s twice a year—this card earns its keep immediately.
The offer is limited. The market is competitive. If you want these terms, you probably need to apply before they vanish.
Don’t overthink it. Just make sure you meet the 5/24 threshold.
Then swipe.
