Chase Sapphire Credit Card is the baseline credit card you will need to transfer your Chase Flexible points a.k.a "Chase Ultimate Rewards Points" to various airlines and hotels partners of Chase Ultimate Rewards program (Apart from there Ink Preferred card). The good news is Chase has increased the sign up offer for their "Chase Sapphire Preferred Card" which has $95 annual fee to 80,000 points after $4,000 spend in 3 months after sign up. In addition it is throwing in additional $50 for grocery purchase reimbursement in your first year of the card.
The best part of the offer is Chase has "Chase Pay Yourself back" feature where with Sapphire Preferred card you can redeem the points in select rotating category at 1:1.25 ratio. So, 80,000 points can technically be redeemed for $1,000 in those select categories as well if you are not looking to transfer to any travel partners (Airlines or Hotels). Currently you can redeem those points in "Groceries" as an eligible category till Sept 30th, 2021 which makes this card more compelling.
One of the important things to note is that you need to be careful about Chase 5/24 rule. If you have opened 5 or more cards in last 24 months then Chase would not approve you for this card. But, if are under 5 new opened credit cards (excluding certain business cards) then you may be eligible for this offer. Also since Chase Sapphire Preferred is counted as premium card for Chase it would increase the odds of approval if you have good credit score as well as existing banking relationship with Chase.
Also there are additional benefits such as free 12 months of Doordash subscription membership (DashPass) and $60 back on eligible Peloton membership. Overall its a great value for the card in year 1 for sure. Another great thing is if you have Chase Freedom or other Ultimate Rewards earning card you can move points from those card to Sapphire Preferred and get a value of ~1.25 times or transfer to partner airlines and hotels. Since there is no end date currently for this offer, get it while its still there as it does not get better than this!!
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