Earn a $50 grocery statement credit and 80,000 Points With the Chase Sapphire Preferred Card

Earn a $50 grocery statement credit and 80,000 Points With the Chase Sapphire Preferred Card

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If you're shopping around for a new credit card, the Chase Sapphire Preferred® Card offers a strong rewards program, along with tons of redemption options meant for a variety of lifestyles. And the deal gets even better — the Chase Sapphire Preferred® Card comes with the following sign-up bonus: New cardmembers can 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®. Plus earn a $50 statement credit towards grocery store purchases within your first year of account opening.

This is one of the best welcome bonuses out there among competing travel rewards credit cards. Since you get a 25% bonus for redeeming points for travel through Chase Ultimate Rewards®, this welcome bonus is worth at least $1,000. You can squeeze even more value out of it by transferring points to one of Chase’s travel partners. With the limited-time statement credit for groceries, this sign-up bonus is worth a whopping $1,050.

If the sign-up bonus isn’t enticing enough, consider these other card benefits and limited-time offers that come with the Chase Sapphire Preferred® Card.

Chase Sapphire Preferred® Card

  • On Chase's Secure Website

$95

15.99% - 22.99% Variable

Excellent

  • 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®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
  • Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 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®. For example, 80,000 points are worth $1,000 toward travel.
  • With Pay Yourself BackSM, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.

Current Chase Sapphire Preferred® Card sign-up bonus

With the Chase Sapphire Preferred® Card, you have the chance to 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®. Plus earn a $50 statement credit towards grocery store purchases within your first year of account opening. Note that the card comes with an annual fee — a reasonable $95 per year. At the bare minimum, the sign-up bonus comes with a value that will cover at least six years of the annual membership cost.

In order to effectively compare how good this sign-up bonus really is, we've aggregated other offers from competing cards with similar annual fees. With the Chase Sapphire Preferred® Card's unique travel bonus, this card can hold its own against its competitors.

Credit Card
Annual Fee
Sign-up bonus
Sign-up bonus value
Chase Sapphire Preferred® Card$95Earn 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®. Plus earn a $50 statement credit towards grocery store purchases within your first year of account opening.$800
Capital One Venture Rewards Credit Card$95Earn 100,000 bonus miles when you spend $20,000 on purchases in the first 12 months from account opening, or still earn 50,000 miles if you spend $3,000 on purchases in the first 3 months$600
Citi Premier® Card$95Earn 60,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening.$600
The Amex EveryDay® Preferred Credit Card from American Express$95Earn 15,000 bonus points after you use your new card to make $1,000 in purchases in your first 3 months from account opening.$150
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Keep in mind that this isn't the highest bonus that Chase has offered with the Chase Sapphire Preferred® Card. Nonetheless, this sign-up bonus is still impressive if you're in the market for a new card. In the past, the Chase Sapphire Preferred® Card has had sign-up bonuses going as high as 80,000 points. It's not often that Chase offers an elevated bonus, so the current offer is still a solid deal worth considering.

Other benefits of the Chase Sapphire Preferred® Card

Other benefits of the Chase Sapphire Preferred Card

If you travel and dine at restaurants often, this could be the card for you. You can earn 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases worldwide. The categories that fall under travel are quite broad, and with airfare, car rentals, tolls and even parking included, this presents many potential opportunities to rack up Ultimate Rewards points. Additionally, Chase’s dining category includes eligible delivery services, takeout and dining out, providing flexibility necessary during the ongoing pandemic.

And until April 30, 2021, you can earn 2X points on grocery store purchases on up to $1,000 per month. This includes eligible pick-up and delivery services, offering plenty of ways to maximize this monthly spending limit.

As for the Chase Sapphire Preferred® Card's benefits, you'll enjoy the ability to transfer your points to a variety of airline and hotel programs, receive complimentary top-tier travel insurance and protections and pay $0 foreign transaction fees.

Best ways to redeem the Chase Sapphire Preferred® Card's sign-up bonus

So what exactly can you redeem your sign-up bonus and Ultimate Rewards points for? We take a look at the variety of redemption options available. While some options are better than others, it's nice to know that you have the flexibility to choose rewards on your own accord.

Redemption option
Value (per point)
Amazon.com Shop with Points0.75 cents
Statement credits1 cent
Cash back1 cent
Gift cards1 cent
Apple.com1 cent
Travel through the Chase Ultimate Rewards portal1.25 cents
Limited-time offer Pay Yourself Back tool on the following purchases: grocery stores and dining at restaurants (including takeout & eligible delivery services), home improvement stores and select charitable organizations1.25 cents
Transfer your miles to airline or hotel partnersDepends on the program
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Depending on how you transfer your miles to Chase's airline or hotel partners, you may even score a better deal for your Ultimate Rewards points. The other two best options are to book travel directly through the Chase Ultimate Rewards portal, or to take advantage of the Pay Yourself Back tool for eligible purchases. You'll gain an elevated 25% redemption bonus for either of these options, which offer excellent value and flexibility for your rewards.

Get 25% more value in travel redemption

Get 25% more value in travel redemption

When booking travel — including airfare, hotels, car rentals and cruises — through Chase Ultimate Rewards portal, you’ll gain 25% more value in your points. As a result, this welcome bonus could be worth at least $1,000 in travel, according to our points valuation of 1.25 cents each. This can result in any number of redemptions, so you’ll want to be sure to nab this offer while you can.

Transfer your Ultimate Rewards points for even more value

You can also transfer your points at a 1:1 ratio to Chase's 14 travel partners. Some loyalty programs are better than others, so you’ll want to make sure that you’re gaining the most value from your Ultimate Rewards points. With Chase’s portfolio of transfer partners, the welcome bonus will transfer at a 1:1 ratio into the following programs:

  • Aer Lingus AerClub
  • British Airways Executive Club
  • Emirates Skywards®
  • Flying Blue Air France KLM
  • Iberia Plus
  • JetBlue TrueBlue
  • Singapore Airlines KrisFlyer
  • Southwest Airlines Rapid Rewards®
  • United MileagePlus®
  • Virgin Atlantic Flying Club
  • IHG® Rewards Club
  • Marriott Bonvoy™
  • World of Hyatt®

Limited-time (but timely) offers

Since the Chase Sapphire Preferred® Card is targeted largely towards travelers, you may wonder if it’s still worth applying for during the pandemic. Thankfully, Chase has added a number of thoughtful limited-time offers:

  • Earn 5X points on Lyft rides (including bikes and scooters) through March 2022.
  • DoorDash DashPass: Get 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. You must activate this offer by Dec. 31, 2021.
  • NEW Pay Yourself Back Tool: Cardmembers can redeem Ultimate Rewards points for 25% more in everyday categories towards a statement credit used to offset purchases at:
    • Grocery stores
    • Dining establishments
    • Home improvement stores
    • Select charitable organizations
    • Peloton credits Earn up to $60 in statement credits on Peloton Digital and All-Access Memberships through Dec. 31, 2021.

Chase Sapphire Preferred® Card sign-up bonus restrictions

Before you get too excited about this introductory offer, remember there are several restrictions to be aware of. You won’t receive the sign-up bonus if you’re a current cardmember of any Sapphire credit card, or if you were a previous Sapphire cardmember who received a bonus within the last 48 months.

Additionally, the Chase Sapphire Preferred® Card is subject to Chase's 5/24 rule. Simply put, you won’t qualify for this card if you’ve opened more than five credit cards in the last 24 months. Before you apply for the Chase Sapphire Preferred® Card, you’ll want to be sure that this card is worth taking up another slot in your wallet.

Chase Sapphire Preferred® Card vs. Chase Sapphire Reserve® sign-up bonuses

The Chase Sapphire Reserve® Card is the next step up from the Chase Sapphire Preferred® Card, and comes with a $550 annual fee. Meant for luxury travelers, the Chase Sapphire Reserve® Card comes fully equipped with benefits such as Priority Pass lounge access, a $300 annual travel credit, a better rewards rate and 50% more redemption value for travel.

To decide whether these benefits are worth the extra annual cost, you may also consider the sign-up bonuses in play. The Chase Sapphire Reserve® Card offers the following sign-up bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. When those points are used to book travel through the Ultimate Rewards (UR) portal it works out to a value of $900.

With the 50% redemption bonus, the Chase Sapphire Reserve® Card and the Chase Sapphire Preferred® Card offer a very similar value when it comes to their sign-up bonuses. Therefore, you'll want to consider all of the added benefits that come with the Chase Sapphire Reserve® Card to determine whether the $550 annual fee is worth splurging on.

ValuePenguin’s verdict

While the Chase Sapphire Preferred® Card is traditionally known as a travel rewards credit card, Chase has expanded its versatility by adding key features such as the Pay Yourself Back tool and new ways to earn points besides travel. Although this card has a $95 annual fee, you’re getting a great value from this card and a huge potential to earn some serious Ultimate Rewards points.

Interested in learning more about the Chase family? Read about the best Chase cards.

The information related to the Citi Premier® Card and The Amex EveryDay® Preferred Credit Card from American Express has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

Stella Shon

Stella Shon is a travel credit cards writer with ValuePenguin. After studying abroad in Paris three years ago, she became determined to keep traveling. That’s when she discovered the world of points and miles, which enabled her to travel on a student budget. Since then, she’s flown over 150,000 miles and earned more than 500,000 points and miles with eight different credit cards. While in college, she even co-founded her own travel agency, helping her peers plan and book trips on a budget. As a recent journalism graduate from UNC-Chapel Hill, her goal is to write about travel to make it simpler and achievable for everyone. Her work has also appeared on JetBlue, The Points Guy, Travel + Leisure and CNBC.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

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