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Updated: September 15, 2020 1:13 PM ET | Originally published: March 20, 2019
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The Chase Sapphire Preferred® Credit Card is an incredibly popular travel rewards credit card. But after the arrival of COVID, Chase has introduced new rewards and benefits that go well beyond travel.

And to get your attention, Chase just increased its welcome bonus for the Sapphire Preferred, offering $750 towards travel rewards after spending $4,000 on purchases in the first 3 months from account opening. While the Chase Sapphire Preferred has an annual fee of $95, you’ll find the rewards are well worth it.

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About the Sapphire Preferred

The Chase Sapphire Preferred card is the lower-cost cousin of the Sapphire Reserve, but it’s shaking up the travel rewards credit card landscape with a new welcome bonus that’s even better than its premium relative that comes with a $550 annual fee. Chase increased the Sapphire Preferred signup bonus to 60,000 bonus points when you spend at least $4,000 on the card within the first three months of account opening.

This card offers 2X points for dining and travel purchases, plus 2X points on up to $1,000 in grocery store purchases each month. New this year, you’ll also earn an additional 3X points on qualifying Lyft rides through March 2022. The 3 additional points will appear on your billing statement on top of the 2X earned for travel purchases (bringing your rewards points to 5X). All other purchases will earn 1X per $1 spent.

You’ll receive 25% more value from your points when you redeem through Chase Ultimate Rewards instead of redeeming points for cash. This is in addition to the 25% more you receive for redeeming your points for travel reservations made through Chase, including rental cars and activities.

Also new are non-travel ways to redeem your rewards. Earn up to $60 in Statement Credits on qualifying Peloton purchases through 12/31/21.

Bottom line

Changing times call for new credit card offers that keep up with the times, and Chase is showing its ability to do just that. By offering one of the most valuable welcome bonuses available, Chase hopes you’ll take notice of the Sapphire Preferred Credit Card and everything new the card offers.

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Advertiser Disclosure

Money has partnered with CardRatings.com and ConsumersAdvocate.org, among other companies, for our coverage of credit card products. Money, CardRatings.com, and ConsumersAdvocate.org may receive a commission from card issuers. For example, Money receives a commission from Citi when you apply and are approved for a Citi product through the links on this site.

Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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