Chase has today increased the bonuses on their Sapphire cards, with both the Chase Sapphire Preferred and Chase Sapphire Reserve offering elevated bonuses that make this a good time to go after whichever best suits your needs if you qualify.
The Offers & Key Card Details
|Card Offer and Details|
|Card Offer and Details|
These bonuses are both excellent and are the highest we’ve seen in recent memory (the Sapphire Reserve famously offered 100K points when it debuted about 4.5 years ago, but it has mostly featured a 50K bonus in the years since).
Of utmost important, you’ll need to be under 5/24 to qualify for these offers.
|Chase's 5/24 Rule: With most Chase credit cards, Chase will not approve your application if you have opened 5 or more cards with any bank in the past 24 months.
To determine your 5/24 status, see: 3 Easy Ways to Count Your 5/24 Status. The easiest option is to track all of your cards for free with Travel Freely.
Also keep in mind that a new cardmember bonus on either Sapphire card is not available to those who currently have a card in the Sapphire family or who have received a new welcome bonus on a Sapphire product in the past 48 months.
However, if you do qualify, these offers are as probably as good as it gets in terms of Ultimate Rewards points for spend. I think that most people who don’t have an immediate need for using Ultimate Rewards points at a value of 1.5c each would be better off going after the additional points (and lower fee) of the Chase Sapphire Preferred for now with an eye to upgrade to the Reserve down the road when it makes sense for your travel patterns.
On the other hand, keep in mind that the Sapphire Reserve comes with $300 in travel credits that can be used on gas and grocery purchases through June 30, 2021 and a $60 DoorDash credit that is valid through 12/31/21. You can also get up to $120 in statement credits with Peloton digital or all-access memberships and a year of Lyft Pink. Depending on how you value all of those benefits this year, the effective fee on the Sapphire Reserve may be considerably less than the sticker price.
Either way, it is hard to go wrong as these cards offer nice bonuses and the ability to transfer to Chase transfer partners. For those who won’t hold the Chase Ink Business Preferred, one of these two cards is your path to value through partners. Opening that door wile the bonus is increased is wise for those who qualify.
H/T: Doctor of Credit