Chase Sapphire Preferred Hikes Bonus, Now Worth $1,000 (Limited Time)

by Ann deBruyn

The Chase Sapphire Preferred® Card is once again boosting its offer for new applicants by 20,000 points, meaning it’s now worth $1,000 when redeemed for travel through Chase.

As of April 14, 2022, new applicants will be eligible for the following offer: Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®.

Points are worth a penny each for cash back, but they get a 25% boost — for a value of 1.25 cents each — when you redeem for travel through Chase Ultimate Rewards® . Plus, you can opt to transfer points to various travel partners at a 1:1 ratio.

The card earns the following rewards:

  • 5 points per $1 spent on Lyft (through March 2025).

  • 3 points per $1 spent on dining (including eligible delivery services and takeout).

  • 3 points per $1 spent on select streaming services.

  • 3 points per $1 spent on online grocery purchases (not including Target, Walmart and wholesale clubs).

  • 2 points per $1 spent on travel not purchased through Chase Ultimate Rewards®.

  • 1 point per $1 spent on other purchases.

Additional benefits:

  • Hotel credit : Up to $50 in statement credits each account anniversary year for hotels booked through Chase.

  • Anniversary rebate : Earn bonus points equal to 10% of your total purchases in the previous year.

  • Pay Yourself Back : Redeem points for statement credits applied toward purchases at select categories. Currently: Airbnb (through June 2022) and select charitable organizations (through December 2022).