The Chase Sapphire Preferred card is currently running a limited time welcome offer of 80,000 Ultimate Rewards points. In addition, Chase is also offering a statement credit of $50 on grocery purchases in the first year. This is the highest ever bonus on the card that’s been publicly available. This limited time offer ends soon on May 22, 2021.
CHASE SAPPHIRE PREFERRED OFFER
With this limited time offer, you’ll earn a welcome bonus of 80,000 Ultimate Rewards points and a $50 statement credit on grocery purchases after you spend $4,000 in the first 3 months.
In response to changing consumer behavior due to the Covid-19 pandemic, Chase has also added some really valuable temporary credits and benefits:
- Pay Yourself Back option to redeem your points for categories other than travel
- Complimentary DoorDash DashPass (no delivery fees)
- $60 credit on Peloton Digital or All Access Membership
- 5x points on Lyft rides
In short, if you max out all the credits, you’ll end up with 80,000 Ultimate Rewards points and statement credits up to $110. This will more than pay for the annual fee of $95 for the first year.
Before you apply, you need to keep in mind the different application restrictions that Chase enforces for the Chase Sapphire Preferred Card. Here’s a quick list that you can refer to before you apply.
48 MONTH RESTRICTION
Chase will deny you the welcome bonus if you’ve received a welcome bonus for the Chase Sapphire Preferred or the Reserve in the last 48 months. Please note that the date when you received the bonus is what starts the clock instead of the date of card approval.
This product is available to you if you do not have any Sapphire® card and have not received a new cardmember bonus for any Sapphire card in the past 48 months
According to this rule, Chase will not approve you for one of their cards if you’ve successfully applied for two or more Chase cards in the last 30 days.
ONE SAPPHIRE RULE
If you already hold a Chase Sapphire Preferred or Reserve, Chase will not approve you for the other Sapphire card unless you downgrade one of the cards you currently hold.
CHASE 5/24 RULE
Chase will not approve you for their credit cards if you’ve been approved for 5 or more cards from any issuer in the last 24 months.
If your answer to any of the questions below is YES, then you won’t qualify for this 80,000 point offer on the Sapphire Preferred:
- My last welcome bonus for the Sapphire Preferred or the Reserve posted after May 16, 2017
- I have already been approved for 2 Chase cards in the last 30 days
- I currently hold the Chase Sapphire Reserve
- I’ve been approved for 5 or more credit cards (from any issuer) in the last 24 months
THE PUNDIT’S MANTRA
Overall, this offer gives a great opportunity to not only earn valuable Chase Ultimate Rewards points, but the $50 statement credit helps offset over half of the $95 annual fee. Also, it’s really easy to meet the minimum spend of $4,000 as you only need to spend $1,334 each month in order to meet the minimum spend requirement.
When I first signed up for the Chase Sapphire Preferred, I signed up back in day when the offer was still only 60,000 Ultimate Rewards points. However, if you’re eligible, then this is a great time to apply for this best ever offer on the Chase Sapphire Preferred. As per Doctor of Credit, this offer is slated to expire on May 22.