Biggest-ever bonus: Chase Sapphire Preferred offering 80,000 points and $50 grocery credit

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One of the best travel credit cards available has its highest ever public welcome bonus. The Chase Sapphire Preferred® Card now comes with an 80,000-point welcome bonus after spending $4,000 within the first three months of account opening, additionally, you’ll enjoy an up to $50 statement credit towards grocery store purchases within the first year of account opening.

The combination of the increased points plus the $50 grocery credit means you’ll enjoy at least $1,400 in value from the bonus alone (based on MMS valuation). That’s an incredible deal for a card with a $95 annual fee.

The grocery credit couldn’t be easier to use. It will automatically trigger when you swipe your card at the grocery store. And you’ve got 12 months from account opening to use it! As far as the bonus points are concerned, you could use your points for another $1,000 in groceries or dining when redeeming through Chase Pay Yourself Back. That’s $1,050 in groceries with this card!

Or, if you transfer to the right travel partners, on average you could net a $1,360 return, based on our value of Chase points. Regardless of your travel goals, you can easily make great use of this increased offer. Chase Ultimate Rewards points are versatile; you can use them towards travel expenses like airfare, hotels, car rentals, cruises, etc.

The more-premium Chase Sapphire Reserve® has also increased its welcome bonus — you can earn 60,000 points after spending $4,000 within the first three months of account opening.

I’ll outline the details of this deal, and help you decide if it’s right for you.

You could cash out your 80,000 points for a stay at an Airbnb in Lauterbrunnen, Switzerland — but there are even better ways to use your points! (Photo by Corinne & Chris/Airbnb)

Improved Chase Sapphire Preferred card offer

The Chase Sapphire Preferred is one of the best credit card for beginners. That’s why it’s exciting to see Chase improve this card’s offer. Bonus aside, this card is a must if you travel even once or twice per year. Read our Chase Sapphire Preferred review to find out why.

This is one of the best publicly available welcome offers for any personal credit card right now. We estimate that the average value you can get for Chase points is 1.7 cents each. That means you should have no trouble receiving nearly $1,400 in travel with this bonus. You could certainly get a value higher than that if you redeem them strategically.

Our favorite way to use Chase points is by transferring them to Chase travel partners like United Airlines, Iberia, Hyatt hotels and more. For example, you could transfer 80,000 Chase points to Hyatt for three nights at the Andaz Costa Rica Resort at Peninsula Papagayo. This property often costs $500+ per night, meaning this 80,000-point bonus would save you $2,000! That’s a value of 2.5 cents each.

Fancy a luxury flight? You can transfer 60,000 Chase points to United for a one-way business class flight to Europe! These seats can cost thousands of dollars, depending on your route and date. For example, a nonstop flight from Chicago to Paris in United Polaris business class costs $2,400+. That means you’re getting a value of 4 cents per point! Plus, you’d have 20,000 points leftover to book your hotel in France.

You can transfer to Chase Ultimate Rewards to United to fly in the airline’s Polaris business class. (Photo by EQRoy/Shutterstock)

Finally, if you’re still wary of travel or just prefer plain cash, 80,000 points can be redeemed for $800 in cash back. Or you can “erase” eligible purchases with Chase’s Pay Yourself Back tool. With the Chase Sapphire Preferred® Card points are worth 1.25 cents each when redeemed for purchases made at grocery stores, restaurants (including take out and delivery), home improvement stores and eligible charities.

Essentially, 80,000 points could get $1,000 of groceries, take-out, meals at restaurants or items to spruce up your home.

Note that this tool is slated to end on Sept. 30, 2021, although Chase has said it will extend the feature.

Improved Chase Sapphire Reserve Offer

The more premium Chase Sapphire Reserve® also has an elevated welcome bonus. You’ll earn 60,000 points after spending $4,000 in the first three months of account opening. This offer is 10,000 points higher than the normal offer, and while 60,000 points is less than 80,000 points, we haven’t seen an elevated bonus on the Sapphire Reserve since the 100,000 point bonus when the card launched.

The Chase Sapphire Reserve® has a significantly higher annual fee of $550, but it is packed with benefits, like:

  • $300 annual travel credit
  • $60 in DoorDash credits per year
  • Points are worth 50% more when redeemed through the Chase Travel Portal
  • Up to two years of complimentary membership to DoorDash’s DashPass (free delivery and discounts for DoorDash)
  • Airport lounge access through priority pass
  • Lyft Pink membership (includes discounts on Lyft rides, free scooter rides and more)
  • 3x points on travel and dining, 10x points on Lyft rides
  • Great travel insurance

Read our Chase Sapphire Reserve review for all the card details.

Are you eligible for the welcome bonus?

There are a few rules to keep in mind before you feverishly scramble for the “Apply Now” button. Ask yourself the following three questions:

  1. Do I currently have a Chase Sapphire Preferred or Chase Sapphire Reserve?
  2. Have I earned a sign-up bonus from any Chase Sapphire card in the past 48 months?
  3. Have I opened more than five personal cards within the past 24 months?

If you said “yes” to any of these, you are not eligible for this card bonus. Chase may even approve you for the card, but don’t count on earning the 80,000 point intro offer. Read our posts on the Chase 5/24 rule and our guide to Chase Sapphire rules to learn all the ins and outs.

If, however, you answered “no,” this Chase Sapphire Preferred® Card bonus should be your top priority.

TIP: If you haven’t received a sign-up bonus from any Chase Sapphire card in the past 48 months but still hold a Sapphire card, you could downgrade your current Sapphire card to a Chase Freedom Flex or Chase Freedom Unlimited. You could then apply for a new Chase Sapphire Preferred® Card to receive the bonus, you’d be able to pool all your points back into the Sapphire from your Freedom card.

Bottom line

The Chase Sapphire Preferred® Card currently comes with 80,000 Chase points (our favorite kind of points), it’s the hands-down best way to start traveling using bonus rewards. As soon as you earn the bonus, you’ll have at least $1,000 in travel at your disposal. You’ll also get a $50 statement credit towards grocery store purchases, available for the first 12 months from account opening.

Remember that the Chase Sapphire Reserve® also has an increased welcome offer — you can read more in our Chase Sapphire Reserve review.

The Chase Sapphire Preferred® Card is an MMS reader favorite. Let us know if you have any questions about it! And subscribe to our newsletter for more credit card news like this delivered to your inbox.

Featured image by Wyatt Smith.

Brendan Dorsey is an editor at Million Mile Secrets. He loves all things travel, points, miles and credit cards. He's worked for TIME and The Points Guy and has appeared on MSN, Yahoo Finance, Readers Digest, USA Today, CreditCards.com and more.

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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