Absolute last chance: Chase Sapphire Preferred 100,000-point ‘offer of the year’ is ending May 15

We just got a major update that I want to be sure you hear straight from me.

Chase just told us that the 100,000-point welcome bonus available on the Chase Sapphire Preferred® Card (see rates and fees) — the highest offer we’ve seen for this card in four years — is officially ending May 15 at 9 a.m. EDT.

Last chance: Apply for the Chase Sapphire Preferred to earn 100,000 bonus Ultimate Rewards points after spending $5,000 on purchases in the first three months of account opening. Offer ends May 15 at 9 a.m. EDT.

This is huge news as the bonus has only been this high once before, and that was in the summer of 2021. Over the last few years, the bonus has hovered around 60,000 points (no longer available), meaning this is 40,000 more points than normal.

We have no idea if or when it will go this high again. So, if you are eligible for the card, which has an impressively low annual fee of $95, I’d say it is a no-brainer to act and get this offer before May 15.

Here’s who’s eligible for the Sapphire Preferred (and the bonus), in case you aren’t sure.

Because Chase Ultimate Rewards points are among the best out there, I’ve had some type of Chase Sapphire card since they were first introduced over 15 years ago — though right now, I have the pricier Chase Sapphire Reserve® (see rates and fees).

Related: Is the limited-time 100,000-point Chase Sapphire Preferred offer really one of the best deals ever?

Why I love Ultimate Rewards points

You can use the 100,000 bonus points to book $1,250 in travel via Chase Travel℠. That’s pretty great for a $95 card, but if you’re like me and want to get even more value, you can also transfer the points to Chase’s hotel and airline partners. Current partners include programs such as World of Hyatt, Air France-KLM Flying Blue, Air Canada Aeroplan, United MileagePlus and Virgin Atlantic Flying Club.

While prices can vary based on dates, if you maximize Chase’s transfer partners, 100,000 bonus points could cover redemptions such as:

• Business-class seats on Virgin Atlantic from New York’s John F. Kennedy International Airport (JFK) to London’s Heathrow Airport (LHR) — book from around 34,000 points transferred to Virgin Atlantic plus $380 in taxes and fees per business-class seat
• Four off-peak nights in a villa at the Park Hyatt Maldives Hadahaa — costs around 25,000 World of Hyatt points per night
• Business-class seats from Chicago’s O’Hare International Airport (ORD) to Adolfo Suárez Madrid-Barajas Airport (MAD) on Iberia — book each business-class seat from 34,000 points transferred to Club Iberia Plus and pay $135 in taxes and fees

Related: How to redeem Chase Ultimate Rewards points for maximum value

My latest redemption

I can never have enough Ultimate Rewards points. In fact, I just used some to book an award ticket in Singapore Airlines first class from JFK to Singapore Changi Airport (SIN) via Frankfurt Airport (FRA).

My first-class ticket to Singapore cost 243,000 Chase points transferred to Singapore’s KrisFlyer program, plus minimal taxes and fees.

But you can actually fly in business class on Singapore Airlines from JFK to FRA starting from just 81,000 transferred points (as Chase points transfer to Singapore KrisFlyer at a 1:1 ratio).

That means the 100,000-point welcome bonus from the Chase Sapphire Preferred is enough to have a terrific flight experience on Singapore Airlines from New York City to Europe. Or, you can continue all the way to Singapore from just 111,500 points in business class.

The good news is you’ll likely have enough points for that flight (or close to it) after hitting the spending requirement for the current offer, especially if most of your expenses are in bonus categories such as dining or travel.

And these are all just a few examples of what this limited-time welcome bonus could do for you while it’s at that 100,000-point level.

Related: 21 ways to use 100K Chase Ultimate Rewards points: Budget-friendly redemptions and luxurious trips

Bottom line

On an ongoing basis, I recommend the Chase Sapphire Preferred for perks such as:

• Solid earning rates, such as 3 points per dollar spent on dining and 2 points per dollar spent on travel (5 points per dollar for travel booked through Chase Travel)
• An annual $50 hotel credit to use via Chase Travel
• Built-in travel protections if you use the card to book your travel so you have some protections for certain expenses if your flight is delayed or cancelled

With many hotel and airline programs devaluing or changing the number of points or miles things cost in a way that makes it hard to predict what will be the best option when it’s time to book your trip, I highly recommend having a transferable rewards card like the Sapphire Preferred. It earns valuable points that can transfer to multiple programs, so you aren’t tied to the prices or decisions of any one program. Options are king these days and really put you back in the driver’s seat with your rewards.

And with the 100,000-point bonus ending May 15 at 9 a.m. EDT, there’s never been a better time to add this card to your wallet.

To learn more, check out our full review of the Sapphire Preferred.

Related reading:

• 8 mistakes to avoid if you want the 100,000-point Chase Sapphire Preferred offer
• Chase Sapphire Preferred 100,000-point bonus — all your questions answered
• I thought I’d hardly use my Sapphire Preferred, then it became one of my go-to cards

Apply here: Chase Sapphire Preferred Card