4 reasons to apply for the Chase Sapphire Preferred Card now, beyond an excellent welcome bonus

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  • The Chase Sapphire Preferred® Card is currently offering 60,000 points after you spend $4,000 in the first three months of account opening.
  • The sign-up bonus is worth up to $750 if you redeem the points for travel through Chase Ultimate Rewards, or if you use Pay Yourself Back to cancel out purchases made with your card.
  • If you have a no-annual fee Chase card like the new Chase Freedom Flex℠, adding the Sapphire Preferred makes your points 25% more valuable when you redeem for travel through Chase.
  • The Sapphire Preferred also comes with great travel benefits, including primary car rental insurance.
  • See Business Insider's list of the best rewards credit cards »

The Chase Sapphire Preferred card welcome offer is currently 60,000 points after spending $4,000 in the first three months of having the card. That's an excellent bonus, and because the card earns flexible Chase Ultimate Rewards points, you've got multiple options for redemption.

Here are four reasons why you should apply for the Sapphire Preferred now.

Chase Sapphire Preferred® Card

Chase Chase Sapphire Preferred® Card

Chase has several different credit cards that offer Ultimate Rewards points. Some of its cards, like the Sapphire Preferred, 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 per point and you are not eligible to transfer your Ultimate Rewards to hotel or airline partners.

So if you have a large collection of Ultimate Rewards or cash back from an existing Chase Freedom card, that's a great reason to apply for the Sapphire Preferred. You can then combine your Ultimate Rewards accounts and even your existing Ultimate Rewards points instantly become worth 25% more. 

You get benefits like primary car rental insurance coverage

In addition to the Ultimate Rewards points that you earn for signing up for the Sapphire Preferred and the points you'll earn from everyday spending, the Sapphire Preferred also comes with a variety of useful benefits.

One of its best perks is primary car rental insurance. That means you can use it instead of your own insurance, and you don't need to purchase any coverage from the rental company. While the coverage is not as good as that of the ultra-premium Sapphire Reserve, the Chase Sapphire Preferred is still one of the best credit cards for car rental insurance.

Make sure you're eligible before applying

There are several great reasons to apply for the Sapphire Preferred card, but you'll want to make sure you're eligible before you hit "apply."

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 Sapphire Preferred until enough time has passed.

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

If you do already have a Chase Sapphire Reserve® (and have had it at least four years), you might even consider  ditching the Sapphire Reserve for the Sapphire Preferred offer. You would need to cancel your Sapphire Reserve card before applying for the new Sapphire Preferred card.

Chase Sapphire Preferred® Card

Chase Chase Sapphire Preferred® Card

Annual Fee
Regular APR
Credit Score
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 4.8 out of 5 Stars
    Editor's Rating

    Our editor's ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we've reviewed.A tooltipOur editor's ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we've reviewed.Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

    Annual Fee

    $95

    Regular APR

    15.99%-22.99% Variable

    Credit Score

    Recommended credit score. Note that credit card lenders may use many different variations of credit score models when considering your application.A tooltipRecommended credit score. Note that credit card lenders may use many different variations of credit score models when considering your application.Good to ExcellentA five pointed star

  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 4.8 out of 5 Stars
    Editor's Rating

    Our editor's ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we've reviewed.A tooltipOur editor's ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we've reviewed.

    Featured Reward

    80,000 points after you spend $4,000 on purchases in the first three months.A tooltip80,000 points after you spend $4,000 on purchases in the first three months.60,000 pointsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Details
  • Pros & Cons
    • The information related to the Chase Sapphire Preferred® Card has been collected by Business Insider and has not been reviewed or provided by the issuer
    • 80k bonus points after you spend $4,000 on purchases in the first 3 months from account opening
    • 5X points on Lyft rides through March 2022 (3X points in addition to the 2X points you earn on travel purchases)
    • 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out
    • 1 point per dollar spent on all other purchases
    • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards
    • Unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
    Pros
    • High sign-up bonus starts you off with lots of points
    • Strong travel coverage
    Cons
    • Doesn't offer a Global Entry/TSA PreCheck application fee credit or any other statement credit benefits

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    Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.

    Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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