Chase Sapphire Preferred Has Its Best Welcome Offer Ever—And Even More Perks

Meredith Carey
·2 min read

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This article has been updated with new information since its original publish date.

The Chase Sapphire Preferred is usually thought of as the more affordable, little sister card to the perennial travel favorite, the Chase Sapphire Reserve. But with its latest welcome offer of a whopping 100,000 points—the best welcome offer for the Chase Sapphire Preferred card yet—the card deserves its own moment in the sun.

Thanks to the offer, new cardholders can earn 100,000 Chase Ultimate Rewards points after spending $4,000 on purchases in the first three months. With an annual fee of just $95, it's a stellar deal that's equivalent to about $1,250 in the Chase travel portal—and we have a few ideas on how to spend those reward points, from a round-trip flight to Europe to a few nights at the Readers' Choice Award–winning Wailea Beach Resort on Maui. (Note: the Chase Sapphire Reserve is currently offering new cardholders 60,000 points after spending $4,000 on purchases in the first three months, and has a higher annual fee of $550.)

The Best Ways to Spend Your Chase Sapphire Preferred Welcome Bonus

Stretch your new cache of 100,000 points as far as possible.

But it's not just the welcome offer that makes the Chase Sapphire Preferred worth applying for. In mid-August, Chase updated its points-earning perks for Preferred cardholders, meaning you earn three points per dollar on dining, including takeout and delivery services, up from two points. You'll also earn three points per dollar on certain streaming services, three points per dollar on online grocery purchases (with the exception of Target, Walmart, and wholesale clubs like Sam's Club), and five points per dollar on all travel purchased through Chase Ultimate Rewards—all new spending categories for the card. You'll continue earning two points per dollar on all other travel purchases and one point per dollar on anything else you buy.

Chase Sapphire Preferred cardholders also get unlimited free deliveries and reduced service fees on Doordash orders over $12 when you sign up for Dashpass, DoorDash's subscription service by December 31. You also earn five points per dollar on Lyft rides through March 2022, and can get up to $60 back on eligible Peloton Digital or All-Access Memberships, which gives you access to Peloton's full digital workout library.

Preferred cardholders can also get 25 percent more value from their points with Chase's temporary Pay Yourself Back feature, which allows you to redeem points for cash back against existing dining, grocery store, home improvement store, and select charity purchases. (This program runs through September 2021.)

If you're looking to compare the perks of the two Chase Sapphire cards—or see how they stack up against cards like the American Express Gold Card or the Capital One Venture Rewards Credit Card—be sure to check out our list of the best travel credit cards.

Learn more about applying for the Chase Sapphire Preferred here.

Condé Nast Traveler has partnered with CardRatings for our coverage of credit card products. Condé Nast Traveler and CardRatings may receive a commission from card issuers.

Originally Appeared on Condé Nast Traveler