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This summer, we’re all dreaming about a safe getaway—and you may want to plan it with the Chase Sapphire Preferred Card, considering the major bonus the issuer just announced. The card has been a favorite traveling companion for more than a decade, thanks to no foreign transaction fees and a suite of perks that comes with its $95 annual fee. Indeed, we recommend it as the best travel credit card on the market. As more of us get vaccinated and travel restrictions loosen, this higher-than-ever sign-up bonus makes it an especially great time to consider the Sapphire Preferred.
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For new cardholders, Chase introduced a whopping 100,000 point bonus when you spend $4,000 within the first three months. (For a bit of perspective, that number was at 60,000 points last year.) That rewards offer translates to a $1,000 statement credit! Even better, it’s worth $1,250 when you book travel through Chase Ultimate Rewards, as an automatic 25% boost applies anytime you’re planning a trip via the issuer’s portal. (And, if you happen to already have a card like the no-annual-fee Freedom Flex, you can combine your Chase Ultimate Rewards points.)
Initial incentive aside, this card has plenty of other features for jet-setters to write home about. Cardholders earn two points per dollar spent on travel expenses like airfare, hotel stays, car rentals and cruise tickets, and two points per dollar on dining, including at restaurants and takeout with eligible delivery services. All other purchases rack up one point per dollar. Each point has a cash value of $0.01, and 100 points equals $1—or $1.25 on travel through Chase Ultimate Rewards.
Redemption options outside of travel include statement credits and gift cards. You can also transfer points—at the same value—as a frequent flyer with airlines such as JetBlue, Southwest, United and Virgin Atlantic. With the current signup bonus, that may equate to one, two or three(!) round trips depending on your destination. The one-to-one transfer also applies to loyalty programs with Hyatt, IHG and Marriott hotels.
These perks, of course, come at a price: a $95 annual fee. If you spend about $800 per month on purchases worth one point, you’d break even for the year. Someone with a higher budget or lots of travel expenses would get there sooner, however. In the world of travel rewards, an annual fee means a bounty of benefits. Your vacations can go smoother with trip cancelation and interruption insurance, plus delayed baggage insurance, too.
Chase markets this card toward applicants with good-to-excellent credit. As always, read the fine print yourself, and pay your credit card on time, and—if possible—in full every month, otherwise the variable interest rate (18.24% - 25.24%), penalty APR and a $40 late payment fee may apply.
Pack those suitcases already!
Please note: The offers mentioned above are subject to change at any time and some may no longer be available.
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This article originally appeared on Reviewed: Travel credit card: Get a $1,250 bonus with the Chase Sapphire Preferred