4 reasons to apply for the Chase Sapphire Preferred Card now, including a 80,000-point welcome bonus worth $1,000+ in travel

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

• The Chase Sapphire Preferred® Card is currently offering a welcome bonus of Chase Sapphire Preferred® Card.
• This bonus is worth, on average, Chase Sapphire Preferred® Card, based on Insider's points and miles valuations.
• The card comes with excellent travel and purchase protections, including primary car rental insurance.
• Read Insider's guide to the best Chase credit cards.

The Chase Sapphire Preferred® Card is one of the very best credit cards on the market right now, especially now that it's offering an increased welcome bonus of Chase Sapphire Preferred® Card. That's an excellent offer, and because the card earns flexible Chase Ultimate Rewards® points, you've got multiple options for redemption.

You don't have to use your points for travel, either — you can turn your points into cash back, gift cards, or merchandise. Here are four reasons why you should apply for the Chase Sapphire Preferred® Card now.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Chase Sapphire Preferred welcome bonus value

We'll start with the most obvious reason to apply — the card's intro bonus of Chase Sapphire Preferred® Card - Intro Bonus.

If you redeem these points for statement credits, this bonus is worth $800. But if you redeem through the Chase Ultimate Rewards Travel Portal, you get a 25% bonus, making your points worth $1,000 in travel. And you can get a lot more value from it, as we'll see in a minute.

Beyond the welcome bonus, the Chase Sapphire Preferred® Card earns:

• 5 points per dollar on Lyft rides through March 2025
• 5 points per dollar on all travel purchased through Chase Ultimate Rewards
• 3 points per dollar on dining, including eligible delivery services, takeout, and dining out 
• 3 points per dollar on select streaming services
• 3 points per dollar on online grocery purchases (excluding Target, Walmart, and wholesale clubs)
• 2 points per dollar on other travel 
• 1 point per dollar on everything else

You'll have access to Chase's valuable transfer partners

Transferring your Ultimate Rewards points to Chase's hotel and airline partners can be far and away the best method for redeeming your Chase points. Chase currently has 11 airline and three hotel partners, and they all transfer at a ratio of 1:1.

That means that 1 Chase point will turn into 1 airline mile or hotel point. It's possible to get 2 cents per point worth of value or even more by transferring your Ultimate Rewards points to travel partners instead of redeeming them through the portal.

It pairs well with the Freedom Flex or Freedom Unlimited

Chase has several different credit cards that earn Ultimate Rewards points. Some of its cards, like the Chase Sapphire Preferred® Card, come with annual fees. Other Chase credit cards like the Chase Freedom Flex℠ or Chase Freedom Unlimited® have no annual fee.

If you only have no-annual-fee Chase credit cards, you still earn Ultimate Rewards, but your points are only worth 1 cent each toward travel booked through Chase or for cash back — and you're not eligible to transfer your Ultimate Rewards to hotel or airline partners. An annual fee-incurring Chase points card such as the Chase Sapphire Preferred® Card unlocks the true potential of those rewards.

If you have a large collection of Ultimate Rewards points from an existing Chase Freedom card, this is a great reason to apply for the Chase Sapphire Preferred® Card. You can combine your Ultimate Rewards points to your Sapphire Preferred, and your existing Ultimate Rewards points instantly become more valuable. 

You get solid travel benefits that outweigh the $95 annual fee

In addition to the Ultimate Rewards points that you earn from the Chase Sapphire Preferred® Card welcome bonus and the points you'll earn from everyday spending, the card also comes with useful travel insurance and purchase protection.

One of its best perks is primary car rental insurance — which covers damage due to collision or theft when you use your card to pay for your rental and decline the rental company's collision damage waiver  — and you won't have to bill your personal insurance first (note that liability insurance isn't included). While the coverage is not quite as comprehensive as that from the premium Chase Sapphire Reserve®, the Chase Sapphire Preferred® Card is still one of the best credit cards for car rental insurance.

Chase Sapphire Preferred® Card members also receive up to $50 in annual statement credits toward hotel stays booked through Chase, a 10% anniversary points bonus, $10 per month in Gopuff delivery credits, and benefits with DoorDash and Instacart.

What to know before you apply for the Chase Sapphire Preferred

There are several great reasons to apply for the Chase Sapphire Preferred® Card — not the least of which is its current increased bonus. But you'll want to make sure you're eligible before you submit your application.

The first question to determine your eligibility is whether you've opened five or more new credit card accounts in the last 24 months. If you have, due to Chase's 5/24 rule, you will not be approved for the Chase Sapphire Preferred® Card until enough time has passed.

Second, you're only eligible for this offer if you do not currently hold either the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®, and if you haven't received a welcome bonus on either of those cards in the past 48 months.

Be sure to read our full Chase Sapphire Preferred card review for a closer look at everything the card has to offer.