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If you’re eyeing Chase Sapphire’s favorite card, now is the time to get it: The card’s 80,000-point sign-up bonus is up to $ 1,000.
If you spend $ 4,000 on the card within three months of opening it, you can earn 80,000 bonus points. When the offer expires on November 8, the card is expected to revert to its previous 60,000-point sign-up bonus, which is still competitive, but is under $ 750.
The limited-time offer is a large sign-up bonus from a card that has added value in 2020 to respond to the rapidly changing needs of cardholders. Here is more about this proposal.
What is the offer?
Chase Sapphire Favorite Card The 80,000-point sign-up bonus is available only to new card holders. You will earn a bonus after spending $ 4,000 on the card within three months of activating it.
Your points can be redeemed for cash back or other rewards. How you choose to redeem your points will determine how much your bonus is worth, however.
If you opt for cash back, you will get $ 750. But these three options to redeem your points give you 25% more value and are worth $ 1,000:
- Chase traveled through Ultimate Rewards Portal
- Select statement credits, charitable organizations, and restaurants after using your card at grocery stores, home improvement stores, including takeout and eligible delivery services, through April 2021
- Local takeout orders, virtual dining experiences and until April 2021 using the Chase Dining Program through the Ultimate Rewards Portal
Is the proposal worthwhile?
Any sign-up bonus worth up to $ 1000 is worth considering, especially if you plan to meet the spending requirement. Although the card charges a $ 95 annual fee, the sign-up bonus easily increases the cost.
Card allowances and opportunities to earn points include:
- Two points per dollar spent on travel and meals including eligible delivery services and takeout orders
- Five bucks per ride on Lyft by March 2022
- Two points per dollar buys at the grocery store, April 2020 through April 2021
- One point per dollar on all other purchases
- 25% more value when you redeem rewards for travel, grocery store, home improvement and food shopping, as well as select charitable donations
- DashPass, unlimited free delivery and reduction in service fees on orders over $ 12 for at least one year on purchase of food with Dordash’s subscription service
- travel insurance
- No foreign transaction fees
Compare sign-up bonus
Before applying for the Chase Sapphire Preferred Card, see how its sign-up bonus compares to others:
- Capital One Venture Rewards Credit Card. With this card you can earn 100,000 bonus miles – $ 1,000 – when you spend $ 20,000 in the first 12 months. Can’t Swing Enough? If you spend $ 3,000 in the first three months, you can still earn 50,000 miles.
- Platinum card from American Express. When you spend $ 5,000 on the card in the first three months, you will earn 6,000 bonus points worth $ 600.
- Chase Sapphire Reserve. When you spend $ 4,000 in the first three months, you will earn up to $ 50,000 – 50,000 bonus points.
Should you claim the offer?
A $ 1,000 value sign-up bonus with flexible, high-value rewards is a rare gem. The 80,000-point sign-up bonus will not last very long, but the card creates significant value at least through April 2021 with reward earnings and redemption options.
If you’re not swayed by a large sign-up bonus, don’t plan on spending $ 4,000 in the first three months or prefer a more straightforward prize structure, you’d do better with a different card. A cash back card with an annual fee may be a better option for you.