Chase Sapphire Preferred: Up to 55K Bonus Offer
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Hilary Stockton
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Chase Sapphire Preferred: Up to 55K Bonus Offer

 

The Chase Sapphire Preferred is offering up to 55,000 bonus points (see Best Travel Credit Cards for link, which is not my affiliate link), although the annual fee (waived the first year) has increased to $125. While I have no inside information, I wonder if it's at all related to the United Award Chart Devaluation, since it's well known that United MileagePlus was the best option to transfer Ultimate Rewards points to, and Chase reps have (at least the ones I've spoken with) admitted to receiving a ton of calls related to that, never mind the fact that Chase isn't United...oh well.

Anyway, back to the Chase Sapphire Preferred 55K offer details:

  • 50,000 Ultimate Rewards points after you spend $3000 spend in the first 3 months
  • 5000 Bonus points after your first purchase and adding an authorized user
  • 2 points per dollar spent on travel and dining at restaurants & 1 point per dollar spent on all other purchases
  • No foreign transaction fees
  • Receive a 7% Annual Points Dividend on all new points earned on purchases - even on points already redeemed. This makes your effective earn on travel and dining 2.14X
  • 1:1 point transfer to United and Hyatt (best use of points), Korean Air, Southwest, Marriott, InterContinental, Priority Club, Amtrak
  • Annual fee waived first year, then $125
  • Offer only available to first-time cardholders
This is as high a public offer for the Sapphire Preferred card as we've seen recently, so if you were planning to apply for this card for the first-time anyway, now's a good time to get it. Just keep in mind the United award chart devaluation when you value your Ultimate Rewards points.
 
As noted above and in the terms and conditions, your are NOT eligible for this offer if you're a current or previous Sapphire Preferred cardholder. That's not to say this card hasn't been churned (see Can You Churn the Chase Sapphire Preferred and Other Chase Credit Cards), but officially you're not eligible for the bonus.
 
Chase Sapphire Preferred 55,000 Bonus Offer Terms
 
 
Is the Sapphire Preferred Worth Keeping If You Already Have It?
 
While I do think the 55K Chase Sapphire Preferred is worth getting for a new cardholder for the bonus, for me personally it's not worth keeping the Sapphire Preferred due to the United award chart devaluation.
 
I earn most of my Ultimate Rewards points at a 5X bonus, thanks to the Ink Bold 5X category for office supply stores, which I leverage into 5X for all Amazon spend and 5X for all Whole Foods grocery spend, not to mention higher bonuses sometimes when stacked with Ultimate Rewards Mall deals. Plus there's the Chase Freedom rotating 5X categories, which enabled us to get 5X off most restaurant spend thanks to prepaying for gift cards. So in a nutshell, my threshold to want to earn Ultimate Rewards points has gone up to 5X: 2.14X just doesn't cut it for me any longer after the United devaluation. Instead, for otherwise non-bonused spend I'll work on minimum spend for other cards (my top choice), pay with my SPG AMEX in the U.S., or pay with my Barclays Arrival card abroad for the 2.2% cash back if abroad, since there are no foreign transaction fees.
 
Do you plan to apply for the Sapphire Preferred 55K bonus offer?
 
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