Disclaimer: In the name of full transparency, this post contains an affiliate link. If you use it to sign up for and are approved for the Chase Sapphire Preferred card I will be rewarded with Ultimate Rewards points. I only recommend brands and services that I personally use and love.
[Current deal is 80,000 points for referrals only]
Get the best ever sign up bonus + all new perks that make this one of the best Chase credit cards.
Chase Ultimate Rewards (UR) points are definitely a crowd favorite. The flexibility, awesome transfer partners like Hyatt, and a combination of different Chase credit cards make them very valuable. All Chase credit cards, except co-branded (Southwest, Marriott), earn URs. These points can be pooled together between different cards and accounts for spouses. Between Adam and I we have 4 cards that earn URs. Chase Sapphire Preferred (CSP), Chase Sapphire Reserve (CSR), Chase Freedom Unlimited & Chase Ink Unlimited.
Why is now a really great time to sign up for a CSP?
Right now the sign up bonus is 100,000 UR points 80,000 UR points. That is the equivalent of $1,250 $1,000. This is the highest it has ever been. When I applied for mine in March the bonus was 80,000 UR points.
What’s even better about this bonus right now is the Pay Yourself Back feature. Normally all the points you earn get a 1.25X bonus when you use it on travel in the Ultimate Rewards portal. With Pay Yourself Back you get the same multiplier, but to erase your purchases in select categories. So if you spend a good amount on dining out, buying groceries and at the hardware store you can essential get $.0125 per point CASH BACK.
(UPDATE 5/29: CSP Pay Yourself Back categories are now Airbnb and donations)
Chase also JUST revamped the card benefits to add an annual $50 hotel credit benefit. Anyone who had a card before September will have to wait until their anniversary to get that statement credit (I won’t get mine until April), BUT if you sign up now you are eligible to use that credit as soon as you sign up. Between this and the updates to category earnings (Dining, Online Grocery & Streaming Services) this card now gives the CSR a run for its money.
What benefits do I get for the $95 annual fee?
Points & Earning Benefits
- 100,000 Ultimate Rewards Points when you spend $4,000 in the first 3 months: One time sign up bonus. Worth $1,250 when redeemed in the portal for travel or Pay Yourself Back.
- $50 Annual Ultimate Rewards Hotel Credit: A statement credit will automatically be applied to your account when your card is used for hotel accommodation purchases made through the Ultimate Rewards program. Restarts on your card anniversary each year.
- 3x points on dining: Earn 3x points on dining at restaurants, including eligible delivery services, takeout and dining out.
- 3x points on select streaming services: Earn 3x points when you stream movies or music at home or on the go from select streaming services.
- 3x points on online grocery purchases: Earn 3x points on online grocery purchases (excluding Walmart, Target and wholesale clubs).
- 2x points on travel purchases: Earn 2x points on travel purchases, from airfare and hotels to taxis and trains.
- 1X points on all other spend
- 25% more value on travel: Your points are worth 25% more when you redeem them for travel through Ultimate Rewards or through Pay Yourself Back.
- 1:1 Point transfer to travel partners: These partners include Hyatt, Marriott Bonvoy, IHG Rewards, United, Virgin Atlantic, Southwest, Singapore Airlines, JetBlue, Iberia Plus, Flying Blue Air France KLM, Emirates, British Airways and Aer Lingus.
- 10% anniversary points boost: Each account anniversary, you’ll earn bonus points equal to 10% of your total purchases made the previous year. That means if you spend $25,000 on purchases, you’ll get 2,500 bonus points.
- $0 Foreign Transaction Fee
Benefits of Peace of Mind
- Auto Rental Collision Damage Waiver
- Trip Cancellation/Trip Interruption Insurance
- Travel and Emergency Assistance Services
- Extended Warranty Protection
- Purchase Protection
Why the CSP over other cards?
Why choose the CSP over a card like one of the Freedom cards that doesn’t have an annual fee?
- The sign up bonus is one HUGE reason. The current sign up bonus for the Freedom Unlimited and Flex is $200 after spending $500. If you have a large expense coming up, or know you expenses charged will exceed $4,000 in 3 months, the CSP is a no brainer. You can even product change to one of the Freedom cards at your 1 year anniversary to avoid another annual fee if you don’t think you’re getting $45 of value throughout the year.
- You spend a lot in the high value earning categories (Travel & Streaming Services). This is a great reason to combine different UR earning cards. They all have different earning categories.
- You want to get or have more UR earning cards. You can “juice” your points by 25% from all cards by transferring them to your CSP account.
- The 10% annual points bonus if you plan on using this as your daily spender can add up.
- The Peace of Mind benefits can have a lot of value when renting cars often or having to cancel a trip.
Why choose the CSP over a premium travel card like the Chase Sapphire Reserve?
- Again, the sign up bonus is a good reason. The 60,000 UR point bonus on the CSR is valued at $900 on the same $4,000 spend.
- You don’t plan on traveling much. The major perks of travel cards are, well, traveling. The CSR includes a $300 travel credit, $100 towards TSA pre-check every 4 years & lounge access. All of which won’t be valuable if you’re not traveling.
- Apart from the big benefits listed above, they’re not that different anymore. After the latest updates to both cards, they really aren’t all that different.
Choosing a credit card strategy is personal to your spending and traveling habits and goals. There is a lot of value to be had from signing up for this large bonus for almost everyone. You’re never locked in to a card and can always product change up or down after your first year. Hopefully this helped you make the right decision for you. You can apply for any of the cards below using my referral link:
- Chase Sapphire Preferred: https://www.referyourchasecard.com/6p/UNO4P2YKET
- Chase Freedom Unlimited or Flex: https://www.referyourchasecard.com/18g/4M2NW5GZ01
