Chase Sapphire Preferred® Card’s 100,000-Point Offer Is Gone — Here’s What’s Live Now

The Chase Sapphire Preferred® Card‘s 100,000-point welcome offer is over. If you came here from last week’s coverage hoping to still grab it: you missed it, and I’m sorry to be the one holding the sign.

Here’s the part worth staying for. The offer didn’t vanish — it reset to its more familiar level, and the card underneath it is materially better than it was six months ago. The June 2026 refresh added earning categories this card should have had years ago, and the Sapphire-family lockout that kept Reserve cardholders out of this bonus is no longer the wall it used to be. Whether that adds up to an application depends less on the bonus size than most people assume.

(All information about the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve® was collected independently by Eye of the Flyer. It was neither provided nor reviewed by the card issuer. Eye of the Flyer may earn a referral bonus if you’re approved through our links; it costs you nothing and doesn’t change what we tell you.)

Table of Contents

• What Happened to the 100,000-Point Offer
• What the Current Offer Is Actually Worth
• The Bonus Is the Hook — the Earning Is Why You Keep the Card
• Who Should Do This — and Who Should Sit Tight
• Final Approach

What Happened to the 100,000-Point Offer

For a few weeks, the Chase Sapphire Preferred® Card carried a 100,000-point welcome offer — only the third time it’s done that since launching in 2009. Chase flagged it as “ending soon,” declined to say when, and then ended it. Those in on the secret did an excellent job of not spilling the beans.

The current offer: 75,000 bonus points after you spend $5,000 on eligible purchases within three (3) months of being approved for card membership.

One flat spending requirement, no tiers to track. (How refreshing, right?)

A couple of things worth knowing before you get excited:

• You can’t already have a Sapphire Preferred open, and the bonus may not be available if you’ve held this card or earned its bonus before. Chase also weighs how many cards you’ve opened and closed recently (more on that below).
• The pleasant surprise: holding — or having held — the Chase Sapphire Reserve® no longer automatically prevents you from getting the Preferred and its welcome offer. That’s a real shift from the old Sapphire-family lockout a lot of people still assume applies. It’s not a guarantee of approval — Chase still evaluates each application, and prior Preferred ownership can affect eligibility — but the door isn’t bolted the way it used to be.

If you’re weighing the two cards against each other rather than stacking them, the Reserve’s current offer is here: Chase Sapphire Reserve®

Would I apply right now? Honestly — probably still yes, though with less urgency than a week ago. The only thing stopping me is that I’m already chase-ing (get it?) two other welcome bonuses that have to be met in the next couple of months, and stacking a third $5,000 requirement on top is how you turn a good decision into a spending problem. That discipline mattered when the bonus was 100,000. It matters more now that it isn’t.

What the Current Offer Is Actually Worth

We’re conservative about point valuations around here, so let’s build this from the floor up and be honest about where the value is real versus aspirational.

Meet the $5,000 spending requirement and you’ll earn at least 5,000 points on top of the bonus — call it 80,000 points at the current offer level. Cash those out at a penny apiece, the most boring redemption available, and you’ve got about $800. Subtract the $95 annual fee and you’re still net positive by roughly $705 in your first year — before you touch a single statement credit. That’s the worst case. That’s if you actively try to get bad value.

Ordinary Chase Travel bookings land in the same neighborhood — generally around a cent per point. Select Points Boost redemptions can beat that. And carefully chosen airline or hotel transfers can push 80,000 points toward $1,500 or more in travel value. That last number is real — but it’s an aspirational outcome that depends on award availability, flexible dates, and sometimes taxes and fees, not a guaranteed cash equivalent. I’d rather you walk in expecting the $800 floor and treat the travel upside as a bonus you have to go earn.

I’ve transferred Chase points to Marriott Bonvoy and World of Hyatt to cover hotel stays, and it’s delivered some of the best cent-per-point value I’ve gotten from any rewards currency. I’ve also used them for Southwest flights. We’re eyeing a trip to Japan next spring — and will look at some Chase transfer partners to see if we can get any good deals in business class or even premium economy.

René deLambert has used Chase points to book cruises!

Chase points are also some of the most flexible around. If you need to use some for cash back — and that’s OK if you do — they redeem at one cent per point. For example, 10,000 points = $100 in statement credit. That’s a cleaner cash-out rate than several competing currencies, where straight cash back lands well under a cent per point even though travel-portal redemptions hit a full cent.

As of June 15, 2026, new Sapphire Preferred cardholders transfer to Hyatt at 4:3, not the old 1:1 — roughly 25% less. So the specific Hyatt move I’ve leaned on is duller for anyone applying today. The flexibility is still the real prize — most of Chase’s other transfer partners remain 1:1, and if Hyatt is central to your strategy, the Sapphire Reserve keeps the full 1:1 ratio. Just don’t apply for the Preferred expecting 2021-era Hyatt math.

If you’d naturally book an eligible hotel stay through Chase Travel, the card’s up-to-$100 annual hotel credit can offset most or all of the fee on its own — with the usual caveats that it’s an “up to” credit, it resets each anniversary, and the credited amount doesn’t earn points. (The full rundown of credits and categories is on our Chase Sapphire Preferred® Card card page.)

The Bonus Is the Hook — the Earning Is Why You Keep the Card

Here’s why the smaller bonus bothers me less than it might have a year ago. The welcome offer gets you in the door. What decides whether the Sapphire Preferred earns its $95 every year after that is how it treats your normal spending — and the June 2026 refresh quietly made that lineup the best it’s ever been.

Look at those middle three for a second — dining, gas and EV charging, and top streaming. That’s not exotic travel spending you have to engineer.

Gas especially is the one I’m glad to finally see: it’s one of most households’ biggest recurring charges, and for years this card somehow didn’t reward it. Now it earns 3X.

The online-grocery category is the one I appreciate. Mrs. Carley and I order groceries online for pickup most weeks. One honest caveat so nobody’s surprised at the virtual register: this is online grocery ordering, and it excludes Walmart, Target, and the wholesale clubs, so a Costco order won’t count.

Here’s a rough sense of what that adds up to. Run a combined $1,500 a month through those 3X categories — a plausible mix of dining, gas, streaming, and online groceries for a two-person household — and you’re looking at about 54,000 points a year. That’s roughly $540 at the cash floor and meaningfully more pointed at travel. (Illustrative math, obviously — your spending is your own.)

Which is the actual argument for this card now that the 100K is gone. A one-time bonus is a one-time bonus. Fifty-odd thousand points a year, every year, from spending you were doing anyway, is the thing that compounds.

Who Should Do This — and Who Should Sit Tight

This is general guidance, not a personalized recommendation, so read it against your own situation.

Worth a serious look if:

• You can put $5,000 of normal spending on a card over three months without straining — groceries, gas, insurance, the ordinary stuff.
• Your everyday spending actually lands in those 3X categories. This is now the main event, not the undercard.
• You’re likely under “5/24.” Chase is widely reported to decline applicants who’ve opened five or more personal cards from any issuer in the past 24 months. Chase doesn’t publish this as a formal rule, so treat it as a strong guideline — not a guaranteed yes or no.
• You want a flexible currency you can actually use — transfer partners, travel bookings, or cash — rather than one airline’s miles.
• You’ve been curious about points-and-miles but never had a compelling reason to start. This is still the best on-ramp in the hobby.

Sit tight if:

• You’d have to spend money you weren’t otherwise going to spend just to hit $5,000. Don’t create spending you wouldn’t otherwise have — a bonus you paid interest to earn isn’t a bonus.
• You were only in it for the 100,000. Waiting for the next elevated offer is a completely legitimate strategy — it’s shown up three times in sixteen years, so patience is a real cost, but it’s your call.
• You’re likely over 5/24, where Chase will probably decline you regardless of how good the offer is.
• You already hold the Sapphire Preferred or recently earned its bonus. (The Reserve is a different story — see above.)
• Hyatt is the center of your points strategy. The 4:3 ratio is a real downgrade, and the Reserve is the better door.

Final Approach

The 100,000-point offer was genuinely rare and it’s genuinely gone.

But “I missed the elevated offer” and “this card isn’t worth getting” are two different sentences, and a lot of people are about to conflate them. The current bonus still clears $700 net in year one at the most pessimistic redemption rate imaginable. The earning categories are the best this card has ever had. And the Reserve lockout easing means a whole group of people who were locked out of this decision now get to make it.

If the timing works and the spending is real, this is still a clean decision. If it’s not your moment, that’s a perfectly good answer too — and there’s no countdown clock on it anymore, which is its own kind of relief.

This is my referral link — not an affiliate link — directly to Chase’s Sapphire page. I may earn some bonus Chase points if you apply through it and are approved. (Thank you!)

For the full breakdown of the Sapphire Preferred’s credits, earning categories, transfer partners, and travel protections, see our complete Chase Sapphire Preferred® Card card page.

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