I haven't signed up for a new credit card in months. This one was too good to pass up.

For just the third time ever, Chase is running a 100,000-point welcome offer on the Chase Sapphire Preferred® Card. Earn 100,000 bonus points after spending $5,000 in the first three months.

For a card that still carries a $95 annual fee, this is about as good as it gets.

Here's my rationale for applying — and why it's worth holding well after the bonus.

Quick note: If you apply through my affiliate link, I'll earn a small commission that keeps this newsletter free. If you have any questions, hit reply. Thanks in advance!

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Historically, Chase only let you hold one Sapphire-branded card at a time.

I signed up for the Chase Sapphire Reserve® when it launched in 2016, which made me ineligible to double up with the Preferred.

That rule changed earlier this year. You can now hold both the Preferred and the Reserve at the same time.

The two cards complement each other nicely, and I'd been eyeing the Preferred for a while. This offer made it easy to pull the trigger.

Since I'm already a Chase cardholder, I clicked apply, logged into my account, and watched all my information prepopulate. I reviewed everything and hit submit.

(If you're ineligible for the bonus, you should see a pop-up warning before you submit.)

The page spun for a few minutes, then told me I'd hear back within a week. I would've preferred an instant approval, but I let the system do its thing.

Three days later, I woke up to an email from Chase saying I had a new letter in my account. Before I even opened it, I logged in and saw the Preferred listed among my accounts.

Score.

One note: I was given a $5,000 credit limit, which is on the stingy side. But you can move credit between cards, and I have plenty of room on my other Chase cards to boost the Preferred's limit.

As someone who already has the pricier Reserve, you might wonder why I'm bothering with the Preferred.

Three big reasons:

If you've been on the fence about a points-earning card, or you're looking to level up your points game, this is one of the strongest cards you can get.

First, in a world where issuers keep raising annual fees, the Preferred keeps its $95 fee and adds benefits. That's rare.

Second, of all the issuers, I find Chase points the easiest to use and redeem.

You can transfer them to 14 airline and hotel loyalty programs, or book any trip directly through Chase Travel.

I've been doing the latter a lot more lately and have found some unicorn redemptions, like this one.

If you want to maximize this offer, here are some strategies.

The Preferred now includes a longer list of credits than before. The best part: you only need to use one to offset the annual fee.

You'll get an up to $100 Chase Travel℠ hotel credit each anniversary year, just for holding the card.

Make any prepaid hotel booking through the Chase Travel portal, and you'll get up to $100 back in statement credits. That's double the previous $50 credit, and it's about as easy to use as it gets.

I'll easily use mine within the next few weeks.

Three other credits are also easy to use and should help you squeeze even more value out of the card:

I already laid out the full list of earning rates in my complete offer breakdown, so check that out if you haven’t already.

But whether you're just getting started or already consider yourself an advanced player, these categories should help you earn points quickly.

The two new 3x categories — gas and EV charging, plus vacation homes through select brands — are pretty unique among cards.

On top of that, the card earns 3x on dining worldwide, 3x on select streaming services and online groceries (excluding Walmart, Target, and wholesale clubs), and 2x on travel.

Those are strong catch-all categories that should cover a lot of everyday spending — and complement the earning structure on the Reserve.

You'll earn 1x on everything else.

For a $95 card, I'm impressed by the list of benefits and coverages.

Can I downgrade my Reserve and get the bonus?

No. You must open a new account 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 at once. 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.

Hit reply. I’m happy to answer!

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