Sapphire Bonuses up: 60K Reserve or 80K + $50 Preferred

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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
Chase Sapphire Preferred Card
80K Points + up to $50 in statement credits
80K after $4K spend in 3 months + up to $50 in statement credits for grocery purchases within the first year

$95 Annual Fee

Recent better offer: None. This is the best we've seen.

FM Mini Review: Great signup bonus. Solid option to pair with fee-free Ultimate Rewards cards such as the Freedom cards, Ink Business Cash, and Ink Business Unlimited in order to unlock ability to transfer points to airline and hotel partners.


Card Type: Visa Signature

Base
Travel
Dine
Other

Earning rate: 2X Travel and Dining ⚬ 5X Lyft (through March 2022)

Noteworthy perks: Primary auto rental collision damage waiver ⚬ Free DashPass for at least 1 year (activate by 12/31/21)

See also: Chase Ultimate Rewards Complete Guide

Card Offer and Details
Chase Sapphire Reserve Card
60K Points
60K after $4K spend in 3 months

$550 Annual Fee

FM Mini Review: Excellent all-around card for frequent traveler. Best when paired with no-fee Chase Freedom Flex, no-fee Freedom Unlimited & no-fee Chase Ink Cash


Card Type: Visa Infinite

Base
Travel
Dine
Other

Earning rate: 3X Travel and Dining ⚬ 10X Lyft (through March 2022)

Noteworthy perks: $300 Annual Travel Credit ⚬ Points worth 1.5 cents each towards travel ⚬ Primary auto rental collision damage waiver ⚬ Priority Pass Select lounge access ⚬ $100 Global Entry fee credit ⚬ $60 annual DoorDash credit in 2020 & 2021 ⚬ Free DashPass for at least 1 year (activate by 12/31/21) ⚬ One year Lyft Pink membership ⚬ Earn 10X on Lyft spend

See also: Chase Ultimate Rewards Complete Guide

Quick Thoughts

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

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