5 ways to get over $1,000 in value from 80,000 Chase Ultimate Rewards points

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• The Chase Sapphire Preferred® Card is currently offering a welcome bonus of Chase Sapphire Preferred® Card. 
• This offer is worth an average of Chase Sapphire Preferred® Card in travel, based on Insider's points and miles valuations.
• If you know the best ways to use Chase points, it's possible to get thousands of dollars in free travel from this bonus.
• Read Insider's guide to the best travel rewards credit cards.

The Chase Sapphire Preferred® Card is one of the very best credit cards for both award travel beginners and experts. Its rewards are easy to use, and you can redeem them in a variety of ways to match any travel style. If you don't yet have a firm plan for your points, you can still earn Chase Ultimate Rewards® points and know that they'll serve your goals.

This card is currently offering an elevated bonus of Chase Sapphire Preferred® Card. That's worth an average of Chase Sapphire Preferred® Card, according to Insider's valuation of Chase points — but you can squeeze much more from it if you know the ways to use Chase Ultimate Rewards points.

There are many other reasons to apply for the Chase Sapphire Preferred® Card card, beyond the bonus:

• The card offers excellent trip delay insurance, baggage delay insurance, and primary car rental insurance
• It earns bonus points on everyday spending categories
• It comes with an annual $50 statement credit when booking hotels through the Chase Travel Portal.

That's not bad for a Chase Sapphire Preferred® Card annual fee. If you've been thinking to apply, it's a good time to give the card a test drive. Here are five powerful ways to use its bonus to save $1,000+ on travel.

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.

1. $1,000 in travel booked through the Chase Ultimate Rewards portal

This is one of the easiest ways to redeem Ultimate Rewards points — though, admittedly, not the most valuable.

With the Chase Sapphire Preferred® Card, you can use Chase points to "buy" travel through the Chase Ultimate Rewards Travel Portal at a rate of 1.25 cents each. For example, if you want to book a $300 flight, you can do so for 24,000 Chase points.

Using all 80,000 points this way will yield a value of $1,000 in free travel. You can use your points for flights, hotels, car rentals, cruises, and even "experiences," like a camel ride through Morocco.

2. Round-trip flights to Europe on Air France

Flying Blue is the loyalty program of both Air France and KLM. Each month, it publishes "Promo Rewards," which are award discounts on certain routes.

Even without discounts, Flying Blue offers extremely reasonable award prices to cross the Atlantic. You'll pay as little as 15,000 miles each way when traveling to Europe (and even all the way to Israel). That's much less than the average cost of other airlines like United Airlines and American Airlines.

The catch is that its taxes and fees can be a little high — so the value you save with low award prices is partially negated by your out-of-pocket cost. But if you can use a Flying Blue Promo Rewards, the deal becomes even more enticing.

For example, at the time of writing, Flying Blue is offering flights from Chicago to Paris for 30,000 miles round-trip (plus ~$202 in taxes). That means the Chase Sapphire Preferred® Card bonus is more than enough for two round-trip flights to Paris.

Just note the taxes and fees, however — for two travelers, you'll pay a total of $471. In other words, this airfare is far from "free" — but it's a steep discount.

These same fares cost $2,170 for two travelers. That means you're getting a value of 2.94 cents per point — a much better deal than had you simply booked these flights through the Chase Travel Portal.

3. 4 nights at an expensive Hyatt hotel

World of Hyatt is, in my opinion, the single greatest transfer partner of Chase Ultimate Rewards points. Hyatt charges comparatively few points per night compared to other hotel programs, and Insider estimates Hyatt points value to be 1.5 cents each. 

After you reach minimum spending, you'll have at least 84,000 Chase points. That's enough for four nights at a fancy hotel like the Andaz Napa during off-peak dates (21,000 points per night).

Rooms here typically cost more than $400 per night before taxes and fees, so by redeeming your points you can get excellent value.

4. Round-trip tickets from the US mainland to Hawaii

There are a variety of Chase Ultimate Rewards transfer partners you can use to reach Hawaii for cheap. With this current bonus, you could transfer points to:

• British Airways Executive Club: Non-stop one-way flights from the US West Coast to Hawaii cost 13,000 Avios points. You'll fly on either American or Alaska Airlines. This bonus is enough for three round trips to Hawaii from cities like Los Angeles, San Francisco, San Diego, Seattle, etc.
• Singapore Airlines KrisFlyer: If you live on the East Coast, you can reach Hawaii for 39,000 Singapore Airlines miles round-trip. You'll fly on Alaska Airlines or United Airlines. With the current bonus, you'll have more than enough to book two round trips to Hawaii this way.
• Southwest Rapid Rewards: The value of Southwest points is tied directly to the cost in dollars, so the amount of points varies based on the flight. But you can expect to receive a value of 1.4 cents when you transfer your points to Southwest. That means this current bonus gives you more than $1,100 in free airfare.

You can read our article on the best ways to get to Hawaii with points and miles for more ideas.

5. Round-trip business class flight to Europe on Iberia

Iberia is the flag carrier of Spain, and a surprisingly valuable Chase transfer partner for commuting to Europe.

For as little as 34,000 Iberia Avios points, you can fly one way in a lie-flat business class seat to Madrid from Boston, New York (JFK), or Chicago. You can also fly to Barcelona from Boston and New York (JFK).

Here's a look at a sample round-trip itinerary from Chicago to Madrid in business class. You can transfer 68,000 Chase points to Iberia for a round-trip business class seat — though you'll also have to pay an annoying $293.25 in taxes and fees.

The same itinerary costs $3,457 in cash. That means you're getting an incredible value of 4.65 cents per Chase point. 

What to know about using the Chase Sapphire Preferred bonus

Chase Ultimate Rewards points are one of the most powerful points currencies in the free travel world. When an opportunity to easily scoop up 80,000 points presents itself, you should seize it if you're able. Before you apply, here are a few rules you should know:

• If you currently hold either the Chase Sapphire Preferred® Card or Chase Sapphire Reserve® - Product Name Only, Chase won't let you open this card. You can only hold one Sapphire card at a time.
• If you've received a Sapphire bonus within the past 48 months, you're not eligible to earn another.
• If you've opened five or more cards from any bank in the past 24 months (not counting certain small business cards), you're not eligible to open this card — this is known as the Chase 5/24 rule.

If you're just starting out in the points and miles world, however, this card is a no-brainer. I've had it for eight years and I have no intention of canceling it — it's saved me thousands during my travels.