Chase is on a tear.

The issuer just announced a revamped Chase Sapphire Preferred® Card, and it's mostly good news — especially because the $95 annual fee isn't changing.

Plus, Chase is offering a 100,000-point welcome bonus for a limited time after meeting the minimum spend.

I'm even going to apply myself — so let me break it all down.

(Quick note: If you apply through my affiliate link, I'll earn a small commission that keeps this newsletter free. Thanks in advance.)

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This offer is about as good as it gets for a $95 annual-fee card.

You'll earn 100,000 bonus points after spending $5,000 within the first three months.

I conservatively value Chase points at 2.05 cents apiece (in line with TPG valuations), making this offer worth at least $2,050 toward travel.

This is only the third time that Chase has offered a 100,000-point bonus on the Preferred. It did so briefly in 2021, then again in 2025.

This is a really lucrative offer for a Chase card — even more impressive, in some ways, than the now-expired highest-ever public bonus on the Chase Sapphire Reserve®, since the Preferred’s annual fee is so much lower.

If you have the pricier Reserve, this is your moment to pick up the Preferred, too.

Chase recently relaxed its rules to let you hold both cards at the same time.

The one big eligibility caveat: You can't have been a primary Preferred cardholder before. (Authorized users are still eligible.)

I've had the Reserve for nearly a decade but never the Preferred.

For 100,000 points and a slew of easy-to-use benefits, that changes now.

My wife already has the Preferred, but with this bonus and a $95 annual fee, we're comfortable doubling up.

I'm also telling my brother — who's never had any Sapphire cards — to apply.

It's the perfect entry point into the Chase points ecosystem, and it's easier to get approved for than the Reserve.

I'll report back on our applications.

Chase is giving the Preferred a longer, more rewarding list of credits than ever:

These credits more than cover the $95 fee on their own — before you even factor in the earning structure and perks below.

As part of the revamp, Chase is adding two new accelerators and keeping the existing ones:

Everything else earns 1x points per dollar.

The Preferred has three underrated perks that further offset the annual fee.

The first is brand new, and it could save you big. It's emergency evacuation and transportation coverage, included when you pay for your trip with the Preferred.

If a covered traveler is injured or falls ill on a trip 100 miles or more from home and requires emergency evacuation, they're covered for medical services and transportation up to $100,000.

Next is trip delay protection, which reimburses up to $500 per ticket for unexpected expenses such as meals, alternative transportation, and hotels.

It kicks in if your flight is canceled or delayed 12 hours or more. Just pay for your ticket (or the taxes on an award ticket) with the Preferred.

Finally, the card has no foreign transaction fees, making it the perfect companion abroad.

The Preferred earns Chase Ultimate Rewards, which transfer to 14 airline and hotel partners.

You can also book directly through the Chase Travel portal, and if you find a Points Boost redemption, you can stretch your points even further.

That said, two negative changes are here — one of which has a workaround.

The first stings.

Chase is eliminating the 10% anniversary bonus points, effective immediately for anyone who applies on or after June 15, 2026. (Cardmembers who applied before then will keep earning the 10% bonus on eligible purchases through Oct. 1, 2026.)

The second: Ultimate Rewards will transfer to World of Hyatt at a 4:3 rate for select cardmembers.

Noticeably missing from this list? The Sapphire Reserve.

That means you can still pool your Preferred and Reserve points for 1:1 Hyatt transfers — yet another reason the double-dip is so strong.

Absolutely.

This is the best card for most travelers, and with a 100,000-point bonus, it’s as good as it gets.

If you're new to Sapphire or already hold the Reserve, there's no better time to pick up the Preferred.

Can I downgrade my Reserve and get the bonus?

No, you must apply for a new account in order to be eligible for the welcome bonus.

Can I get this bonus if I already have a Sapphire Reserve?

Yes! Chase now lets you hold both Sapphire cards simultaneously. As long as you've never earned a welcome bonus on the Preferred, you're eligible.

What's the 5/24 rule, and does it apply here?

If you've opened five or more new credit cards across any issuer in the last 24 months, Chase will likely deny your application. This applies to nearly every Chase card, not just the Sapphire family.

Does being an authorized user on someone else's Sapphire Preferred affect my eligibility?

No. If your spouse or partner added you to their Preferred years ago, you're still eligible for this 100,000-point offer as a new primary cardholder.

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