The Chase Sapphire Preferred card offers a 10% points bonus on your account anniversary, but it's not as lucrative as it sounds

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• The Chase Sapphire Preferred® Card offers a 10% anniversary points boost each year you renew your card.
• This bonus multiplies the dollar amount you've spent on the card in the past anniversary year by 10%
• You'll hardly benefit from this bonus unless you spend a significant amount on your card each year.
• Read Insider's guide to the best rewards credit cards.

The Chase Sapphire Preferred® Card has long been considered the best beginner points credit card for those just discovering the world of (nearly) free travel. Its rewards are valuable and easy to use, its earning rates are strong, and it has numerous benefits that make the card worth much more than its Chase Sapphire Preferred® Card annual fee. 

Here are some of the most enticing attributes of the card:

• Welcome bonus of Chase Sapphire Preferred® Card (worth around Chase Sapphire Preferred® Card in travel, per Insider's points and miles valuations)
• Up to $50 in statement credits toward hotel stays booked through Chase
• Complimentary DoorDash DashPass membership through December 31, 2024 (activation required)
• Incredible travel insurance (primary car rental insurance, trip delay insurance, baggage delay insurance, and more)

The Chase Sapphire Preferred® Card - Editorial Name Only also comes with a 10% anniversary points bonus. Let's take a look at how this works (spoiler alert: It's not as great as it sounds).

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.

How does the Chase Sapphire Preferred 10% anniversary bonus work?

The Chase Sapphire Preferred® Card comes with a 10% anniversary points bonus! Could that mean you'll receive a deposit totaling 10% of the Chase Ultimate Rewards® points you've earned in the last year? Or perhaps a 10% rebate on all the points you've redeemed?

It's neither of these — the way this benefit actually works is underwhelming. Here's what Chase says:

Each account anniversary year, you'll earn bonus points that equal 10% of your total spend in points from purchases made with your credit card during the previous account anniversary year at a rate of 1 point for each $1 spent.

The key phrase here is "10% bonus of your total spend." In simple terms, you'll earn 1 point for every $10 you spend each year. Chase will not factor in any points you earn from a welcome bonus or from referral bonuses — or even bonus points you earn from bonus categories like dining and travel. If you spent $10,000 on your card each year, you'll receive 1,000 points after your account anniversary (in other words, after you pay your annual fee).

This windfall is not meaningful to most cardholders. I've spent $5,030 on my card since my last cardmember anniversary, so I'm poised to receive 1,341 Chase points from this benefit if my spending habits stay consistent. Insider estimates that Chase points are worth 1.8 cents each when used for travel, meaning I'll receive $24.14 in value.

The Chase Sapphire Preferred® Card is a great card, but this benefit isn't meaningful enough to move the needle if you're hesitant to apply. It's a nice peripheral benefit, but it's nothing to be excited about unless you're spending hundreds of thousands of dollars each year.

If you need help locating your 10% bonus progress, here's what you do.

Step 1. Log into the Chase Travel Portal

Head to the Chase Ultimate Rewards Travel Portal and choose your Chase Sapphire Preferred® Card account. If you've got more than one Chase Ultimate Rewards points earning card, you'll have to choose which card you want to view.

Step 2. Click "Rewards Activity"

Click the lefthand menu (the three horizontal lines) and find "Rewards Activity" near the bottom of the list.

Step 3. Locate "10% Anniversary points boost"

Here you'll see a summary of your points earnings, accompanied by your 10% anniversary bonus progress. This section reminds you of your anniversary period, as well — and notes that your 10% bonus can deposit into your account as late as 90 days after your anniversary date.

What to know about the Chase Sapphire Preferred 10% bonus

The Chase Sapphire Preferred® Card 10% anniversary bonus multiplies the dollar amount you've spent on the card by 0.1, and deposits that amount of points back into your account. For example, if you spend $20,000 on the card during an anniversary year, you'll earn 2,000 points after you renew your membership.

In short, this is an extra 0.1% back on all your spending. As long as you continue to renew your card, you'll effectively earn:

• 5.1 points per dollar on travel purchased through Chase Ultimate Rewards
• 3.1 points per dollar on dining 
• 3.1 points per dollar on select streaming services
• 3.1 points per dollar with online grocery purchases (excluding Target, Walmart, and wholesale clubs)
• 2.1 points per dollar on other travel 
• 1.1 points per dollar on everything else

This benefit is better than nothing, but it's certainly not a main feature of the card. Unless you're a big spender, the bonus isn't a reason to get the Chase Sapphire Preferred. Read our full Chase Sapphire Preferred card review to learn why the card is worth keeping year after year.