Chase Sapphire Preferred Card 100,000 Point Bonus: Highest Offer Ever

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Increased credit card bonuses come and go, but it’s not often one of the best rewards credit cards launches an even better offer on the heels of a record-high bonus. If you’ve been thinking about opening the Chase Sapphire Preferred® Card — one of the very best cards for travel rewards beginners — now is the time to apply.

The Chase Sapphire Preferred® Card is offering an unprecedented 100,000 points after you spend $4,000 in the first three months of account opening. That beats the most recent offer by 20,000 points, and it’s a full 40,000 points higher than the standard offer.

Read more: The best Chase credit cards in 2021

Yes, there are other six-figure credit card offers out there, but the points or miles you earn are usually not as valuable as Chase Ultimate Rewards points. At a bare minimum, 100,000 Chase points are worth $1,000 in cash back or gift cards, and there are other ways to use points — including travel bookings through Chase, Pay Yourself Back redemptions, and transfers to airline and hotel partners — that can get you even more value.

The Chase Sapphire Preferred® Card is the first rewards credit card I ever opened, and it’s still the card I recommend to friends and family when they’re getting started with credit card rewards. This welcome offer makes opening the Chase Sapphire Preferred® Card a no-brainer if you’re eligible (more on that in a bit), as the value you can get from the sign-up bonus far exceeds the card’s modest $95 annual fee.

Here’s everything you need to know if you’re considering applying for the Chase Sapphire Preferred® Card.

New Chase Sapphire Preferred® Card cardholders can earn 100,000 points after spending $4,000 on purchases in the first three months of account opening. You’ll earn 2x points on travel and dining worldwide, and 1 point per dollar on all other purchases. For a limited time, the Chase Sapphire Preferred® Card also earns 10x points on Chase Dining purchases (on up to $500 in total spending through June 30, 2021), and 5x points on Lyft rides (through March 2022).

The last time a personal Chase Ultimate Rewards card had a 100,000-point offer like this was in 2016, when the Chase Sapphire Reserve® was first introduced. That offer proved so popular that Chase actually ran out of metal cards for a short time and had to issue temporary plastic cards while it got caught up!

Read more: Chase Sapphire Preferred card review

You’ll typically get the biggest return from your Chase Ultimate Rewards points when you transfer them to airline and hotel partners like Hyatt and United Airlines for award travel. The exact value you’ll get depends on the partner and how you redeem your points, but it’s not unusual to get 2 or more cents per point when you use them this way.

If you prefer a more straightforward approach, you can still get huge value from 100,000 Chase Ultimate Rewards points:

• $1,250 in travel booked through Chase: With the Chase Sapphire Preferred® Card, your points are worth 1.25 cents each when you use them to pay for airfare, hotels, rental cars, and more through the Chase Travel Portal
• $1,250 toward eligible everyday purchases through Pay Yourself Back: Cardholders can redeem points at 1.25 cents apiece toward grocery, dining, and home improvement purchases (through September 30, 2021), and eligible charity purchases (through December 31, 2021)
• $1,000 in cash back: You can cash in Chase points at a rate of 1 cent each toward a statement credit or direct deposit to your bank account
• $1,000 via Chase Dining: Use points for takeout and dining experiences at a rate of 1 cent apiece 
• $1,000 in gift cards: Your points are worth 1 cent each toward gift cards from popular merchants like Lowes, Macy’s, Best Buy, Door Dash, Grubhub, REI (and sometimes there are discounts that can get you more value)
• $1,000 in Apple purchases: Chase points are worth 1 cent apiece when you use them at checkout with Apple
• $800 in Amazon purchases: At Amazon, your points are only worth 0.8 cents each toward purchases, which isn’t a good value — you’re better off paying for your Amazon purchase with the card then redeeming points at 1 cent apiece toward a statement credit

Read more: How to earn, redeem, and maximize Chase Ultimate Rewards points

Aside from the eye-popping bonus, the Chase Sapphire Preferred® Card comes packed with travel and shopping benefits — including excellent travel insurance that can save you a ton of money if things go awry when you’re on the road.

Read more: Beyond the sign-up bonus and rewards, 5 benefits make the Chase Sapphire Preferred one of the most valuable credit cards

When you use your Chase Sapphire Preferred® Card to pay for an eligible trip or purchase, you’ll get:

• Primary car rental insurance: When you pay for the entire rental with your card and decline the rental company’s collision coverage, you’ll get coverage for damage due to theft or collision on most cars (some countries and vehicles are excluded, so check the terms and conditions).
• Trip interruption/cancellation: If your trip is cut short or canceled for a covered reason like illness or severe weather, you can be reimbursed up to $10,000 per person and $20,000 per trip for pre-paid, non-refundable travel expenses.
• Trip delay insurance: Get reimbursed up to $500 per ticket for hotel rooms, food, toiletries, clothes, or other reasonable expenses when your flight is delayed overnight or by 12 hours or more.
• Baggage delay insurance: If your bags are delayed for six hours or more, you could be reimbursed for essential purchases (like clothing and toiletries) up to $100 per day for up to five days.
• Lost luggage reimbursement: If the carrier damages or loses your bags, you and your immediate family members could be covered for up to $3,000 per passenger.
• Extended warranty: The card extends the time period of a US manufacturer’s warranty on eligible items by an additional year, on warranties of three years or less when you pay with your card.
• Purchase protection: If an eligible item is damaged or stolen within 120 days of purchase, you could be eligible for up to $500 in reimbursement per claim, and up to $50,000 per account.
• Travel and emergency assistance services: If you’re traveling away from home and run into a problem, you can get help with medical and legal referrals or other emergency assistance. This service is free, but any third-party costs are the cardholder’s responsibility.
• Travel accident insurance: When you pay for your air, bus, cruise, or train transportation with the card, you’re eligible for accidental death or dismemberment coverage of up to $500,000.
• Roadside dispatch: Cardholders can contact the roadside dispatch hotline for help with arranging services like towing and flat tire repair for a set fee.

I’ve used the trip delay insurance from the Chase Sapphire Preferred® Card on several occasions when my flight was canceled and I had to stay overnight near the airport. It was easy to file a trip delay claim and I was quickly reimbursed for my hotel and meals, which would have cost over $200 each time. It’s a great protection to have if you travel a lot.

Additionally, for a limited time, Chase Sapphire Preferred® Card cardholders can get up to $60 back on eligible Peloton Digital or All-Access memberships through December 31, 2021.

Like other Chase cards, the Chase Sapphire Preferred® Card is subject to application restrictions, most notably the Chase 5/24 rule. If you’ve opened five or more new credit cards in the past 24 months — from any bank, except for some small-business cards — you won’t be approved.

There are also rules specific to the Chase Sapphire cards:

• You can only have one Sapphire card at a time — so if you’ve already got a Chase Sapphire Preferred® Card or Chase Sapphire Reserve® open, you’re out of luck
• If you’ve earned a bonus from either of these cards in the past 48 months (even if the card is now closed), you’re not eligible for these offers

There are plenty of other excellent travel credit card offers to consider if you don’t qualify for the Chase Sapphire Preferred® Card, including some with elevated welcome bonuses.

Read more: The Chase Sapphire Preferred is offering a sky-high sign-up bonus — here’s how to check if you’re eligible

If you’re looking to earn flexible points, the Citi Premier® Card with its intro bonus of 60,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first three months of account opening is worth considering. And if you’re looking for a premium card, it’s hard to beat the current offer to earn 75,000 points after you spend at least $5,000 in your first 6 months of card membership with The Platinum Card® from American Express
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Jasmin Baron is an associate editor at Personal Finance Insider, where she helps readers maximize rewards and find the best credit cards to fit their lifestyles. She has covered credit cards, points and miles, and loyalty programs for over seven years, and she’s a Certified Educator in Personal Finance (CEPF).