What the Sapphire Preferred bonus actually is
The Chase Sapphire Preferred offers a sign-up bonus of points that you earn by spending a set amount within your first few months of opening the card. As of now, that bonus is typically 60,000 points after you spend $4,000 in the first three months. The exact bonus amount and spending requirement can change, so check Chase's current offer when you're ready to look.
These points go into your Chase Ultimate Rewards account, which is the same rewards program used across several Chase cards. You don't get the points as cash back — they sit in your account until you decide what to do with them. That decision matters, because the value of your points depends entirely on how you redeem them.
The bonus is not automatic. You have to meet the spending requirement within the timeframe stated in your offer. If you don't spend $4,000 in three months, you don't get the bonus points. Chase won't give you partial credit for getting close.
Key Takeaways
- The sign-up bonus is points you earn by meeting a spending requirement, not a statement credit or cash deposit that appears on its own.
- You must spend the full required amount within the stated window — usually three months — or you forfeit the bonus entirely.
- The points are worth different amounts depending on how you redeem them: as travel bookings through Chase, as cash back, or transferred to airline and hotel partners.
- You pay an annual fee to keep the card open, so the bonus needs to be valuable enough to offset that cost in your first year.
How much the bonus is actually worth
A 60,000-point bonus sounds large, but its real value depends on how you use it. Chase values their Ultimate Rewards points at 1 cent per point as a baseline — meaning 60,000 points equals $600 in cash back. However, you can often get more value by redeeming for travel instead.
If you book travel through the Chase travel portal, your points might be worth 1.5 cents each or more, depending on what you book. That same 60,000 points could be worth $900 or more for a flight or hotel. If you transfer points to airline partners like United or hotel partners like Hyatt, the value varies widely — sometimes better than the portal, sometimes worse, depending on what you're booking and which partner you choose.
The catch is that you have to actually use the points for travel to get that higher value. If you redeem for cash back instead, you're locked into the lower rate. This is why the bonus is most valuable to people who plan to book travel anyway — the bonus essentially covers part of a trip you were going to take.
The annual fee and whether the bonus covers it
The Sapphire Preferred charges an annual fee of $95. This fee hits your account every year you keep the card open, not just the first year. So when you're deciding whether the bonus is worth it, you need to subtract $95 from the value you're getting.
If you value the 60,000-point bonus at $600 (the cash-back rate), you're really getting $505 of value after the fee. If you value it at $900 through travel redemptions, you're getting $805 of value. Either way, the bonus does cover the first year's fee and leaves you with extra points to use.
The real question is what happens in year two. You'll pay the $95 fee again, and you won't get another sign-up bonus. You'll only have the points you earn from regular spending on the card. If you don't spend enough to earn points that justify the fee, you're losing money by keeping it open. Many people close the card after the first year, or they keep it open only if they use it regularly for categories that earn bonus points.
Meeting the spending requirement without overspending
The $4,000 spending requirement is real money you have to put on the card within three months. You can't manufacture spending you weren't going to do anyway — that defeats the purpose of the bonus and can cost you more in interest or fees than the bonus is worth.
The smartest approach is to look at your actual spending over the next three months and see if you'll naturally hit $4,000. Common ways to reach it without overspending include putting regular bills on the card (utilities, insurance, subscriptions), buying groceries and gas, or timing a planned purchase like travel or home improvement. Some people also use the card to pay taxes or make a large purchase they were already planning.
If you can't reach $4,000 in three months with your normal spending, the bonus isn't worth pursuing. Opening a card you won't use regularly just to chase a bonus is a trap — you'll pay the annual fee and earn fewer points from regular spending, and you might miss the important date entirely.
How to actually receive the bonus points
After you meet the spending requirement, Chase doesn't send you a notification or make you do anything else. The points appear in your Chase Ultimate Rewards account automatically, usually within one or two billing cycles after you hit the spending threshold. You can log into your Chase account online or through the mobile app to see them.
Once the points are in your account, you can redeem them whenever you want. You don't have to use them right away. They stay in your account indefinitely unless you close the card — if you close the card, you keep the points you've already earned, but you stop earning new ones from future spending.
To redeem, you log into your Chase account, go to the Ultimate Rewards section, and choose how you want to use them: cash back to your account, a statement credit, a travel booking through the portal, or a transfer to a partner program. The redemption is when ready for most options.
When the bonus offer changes and how to find the current one
Chase updates the Sapphire Preferred bonus offer periodically. Sometimes it's 60,000 points, sometimes it's higher or lower. The spending requirement can change too. The offer you see depends on when you look and sometimes on your personal offer from Chase.
To find the current offer, go directly to Chase's website and search for "Sapphire Preferred." The offer shown there is the standard public offer. You may also receive targeted offers in the mail or through your Chase account if you're an existing customer, and those offers can be different — sometimes better, sometimes worse.
If you're considering this card, compare the current bonus to other cards you're looking at. A higher bonus on a different card might be worth more than the Sapphire Preferred bonus, even after accounting for the annual fee and the card's other features.
Other ways you earn points with this card
The sign-up bonus is just the beginning. Once you have the card, you earn points on every purchase you make. The Sapphire Preferred earns 2 points per dollar on travel and dining, and 1 point per dollar on everything else. These ongoing points add up over time and can be redeemed the same way as your bonus points.
If you use the card regularly for dining and travel, you'll earn points faster than you would with a flat-rate card. Over a year, that can add up to hundreds of dollars in extra value. But again, this only matters if you actually use the card — if it sits in a drawer, you're just paying the annual fee for nothing.
Frequently Asked Questions
What happens if I don't meet the $4,000 spending requirement?
You don't receive the bonus points. Chase doesn't give partial credit or extend the important date. If you spend $3,900 in three months, you get zero bonus points. You still have the card and can use it going forward, but you've lost the incentive that made opening it worthwhile.
Can I use the bonus points right away or do I have to wait?
You can redeem the bonus points as soon as they appear in your account, which is usually one or two billing cycles after you meet the spending requirement. You don't have to wait any longer, and there's no benefit to waiting — the points don't grow or change in value over time.
Do I have to keep the card open to keep the bonus points?
No. Once the bonus points are in your Ultimate Rewards account, they're yours. You can close the card when ready after redeeming them if you want. However, if you close the card before the bonus posts, you may forfeit it, so wait until the points actually appear in your account before closing.
Is the bonus taxable income?
No. Sign-up bonuses on credit cards are not considered taxable income by the IRS. You don't receive a 1099 form for them, and you don't report them on your tax return. They're treated as a discount on the card's annual fee, not as income.
Can I get the bonus more than once?
Chase typically allows you to earn the Sapphire Preferred bonus once every 24 months. If you've received this bonus in the past, you may not be able to get it again when ready. Check Chase's current rules before explore if you've had this card before.