Tip of the hat to Mark Willard for bringing this offer to our attention. We've been in Egypt with pretty poor internet (and busy sightseeing), so we missed this offer. This is partly why we always try and put dates indicating the last time we checked an offer, by the way.
(if you’re interested in bookmarking a site that focuses on collecting and publishing the best credit card offers, bookmark Doctor of Credit.)
Additionally, we're using out last bit of internet (and power) to write this while on a train in Egypt, but we thought it was important to get what we could out to you ASAP. We may update this post later on in the day when we finally make it to a hotel.
Why The Chase Sapphire Preferred Matters
We've written about the Chase Sapphire Preferred elsewhere, but we'll briefly give an overview of this card. It's the card that got us into travel hacking because of the combination of simplicity, a low annual fee, and the great power of its points, Chase Ultimate Rewards points.
The card has a $95 annual fee, waived first year, and earns 2X Chase Ultimate Rewards points on dining and travel (1X everywhere else). Additionally, when you are a Chase Sapphire Preferred cardholder, your points are worth a minimum of 1.25 cents when redeemed for travel through the Chase travel portal.
You can book Disney hotels through the Chase travel portal. You can also trasnfer your Chase Ultimate Rewards points to partner airlines and use them to book premium cabins on long-haul flights.
New Chase Offer - Up To 80,000 Bonus Points on Chase Sapphire Preferred
Effectively, this alternative offer is for 30,000 bonus points for spending an extra $16,000. As a Chase Sapphire Preferred cardholder, those 30,000 points are worth $375 when you use them to book travel through Chase.
Note that the offer is subject to 5/24, and you cannot get it if you've earned a signup bonus on a Sapphire card in the past 24 months. You also cannot get this card if you are already a Chase Sapphire Reserve cardholder.
This is a Great Offer!
If you've been on the fence about travel hacking and waiting for a great deal, this is it. Yes, there are times when you can get more than 80,000 bonus points for signing up for a card, and for less spend than Chase is requiring. But if you've been on the fence, then this is a great chance to ease in. You only need to get one card, and it's a great one, and you can stick with it for a year knowing there's a big payoff coming (assuming you earn the bonus).
At first glance, an additional 30,000 points for $16,000 spend might not be that great. That $16,000 spend could be used for another four of five bonuses on other cards, maybe earning you 200,000+ points.
While that would be great, it's simply not a guarantee. If you grab this Chase offer now, you can see how your applications for the cards go in the future and put any extra spending on the Chase Sapphire Preferred. If you wind up being able to use the $16,000 spending elsewhere, great! If you wind up not getting all those applications in or not finding deals worth grabbing, then you'll wind up with a bunch of extra Chase Ultimate Rewards points!