On March 23, Chase launched a limited-time offer for new Chase Sapphire Preferred and Chase Sapphire Reserve cardholders. The two top-tier travel rewards credit cards are offering hundreds of dollars more in rewards to eligible applicants.

Key Takeaways

  • New Chase Sapphire Preferred cardholders will earn 80,000 bonus points after they spend $4,000 in the first three months, as well as a $50 statement credit on grocery purchases.
  • New Chase Sapphire Reserve cardholders who spend $4,000 in the first three months will get 60,000 bonus points.
  • The Chase Ultimate Rewards program is arguably the most versatile credit card rewards program available, and these promotions are among the best the program has ever offered.

Limited-Time Offers Worth Hundreds More

New Chase Sapphire cardholders are in for a treat with the increased sign-up bonuses. The Chase Sapphire Preferred, which typically offers a 60,000-point bonus when you meet the spending requirement, is now offering an additional 20,000 points. That makes the bonus worth $250 more when you use your rewards to book travel through Chase.

Likewise, the Chase Sapphire Reserve is offering 60,000 bonus points after you meet the spending requirement, an increase of 10,000 points. That's worth $150 more in travel bookings through Chase.

Booking travel through Chase isn't the only way to use your rewards, though. Among other things, the program also allows you to get cash back at a generous rate of 1 cent per point—rare for travel-focused cards—and you can transfer your points to one of Chase's airline or hotel partners for potentially even more value.

The bonuses are also equal to the top promotions on both cards in recent times. Bonuses have gotten as high as 100,000 points, but it's unlikely we'll see those again.

It's also important to note that Sapphire cardholders can still take advantage of the travel redemption rate—25% more for the Preferred and 50% more for the Reserve—for statement credits in certain categories. That includes grocery stores, home improvement stores, and dining, takeout, and eligible delivery services.

That redemption option is available through April 30, 2021.

Which Card Should You Choose?

If you're trying to decide between the two Sapphire cards, the decision comes down to your budget and how often you travel. The Chase Sapphire Preferred has a $95 annual fee and offers some solid trip protections but doesn't have a lot of other significant travel perks.

In contrast, the Sapphire Reserve offers a long list of premium perks, including a $300 annual travel credit, complimentary airport lounge access, car rental perks, and more. However, the annual fee is significantly higher at $550. 

If you're a regular traveler, you'll likely be able to get enough value from the Reserve to make up for the higher annual fee. But if you travel infrequently, the Sapphire Preferred may be the better of the two for you.

One thing to note is that you cannot get the bonus on either card if you've received a bonus on a Sapphire card in the last four years.