The Chase Sapphire Preferred welcome bonus has officially hit 100,000 Ultimate Rewards points after you spend $5,000 on purchases in the first three months from account opening. At a 1.7 cent valuation, this bonus is worth approximately $1,700 in travel value.
While this is one of the highest offers we’ve ever seen for this $95 annual fee card, there is a significant catch that applicants need to understand regarding Hyatt transfers.
Offer Summary
- Bonus: 100,000 Ultimate Rewards points
- Spend Requirement: $5,000 in the first 3 months
- Annual Fee: $95
The Hyatt Catch: 4:3 Transfer Ratio
As part of the June 2026 card refresh, Chase has changed the transfer ratio for World of Hyatt. While most partners remain 1:1, Hyatt transfers from the Sapphire Preferred now occur at a 4:3 ratio (4,000 Chase points = 3,000 Hyatt points).
If you are a Hyatt loyalist, you may want to consider the Chase Sapphire Reserve, which maintains the 1:1 transfer ratio, or pair your Preferred with a Chase Ink Business Preferred if you have small business expenses, as it also retains 1:1 transfers (for now).
Key Benefits
- $100 Annual Chase Travel Hotel Credit: (Doubled from $50 as of June 2026)
- 3x on Dining: Including eligible delivery services and takeout.
- 3x on Select Streaming Services: Plus 3x on online grocery purchases (excluding Target, Walmart, and wholesale clubs).
- 2x on Travel: Earn 2x points on all other travel purchases.
- 10% Anniversary Points Bonus: Each year, get bonus points equal to 10% of your total purchases made the previous year.
Estimated First-Year Value
| Category | Value |
|---|---|
| 100,000 Bonus Points (at 1.7 cents) | $1,700 |
| Annual Chase Travel Hotel Credit | $100 |
| Gross Value | $1,800 |
| Annual Fee | -$95 |
| Net First-Year Value | $1,705 |
PointsGobbler Verdict
This is an absolute “must-buy” offer if you haven’t had a Sapphire card bonus in the last 48 months. Even with the Hyatt devaluation, 100,000 points provide incredible flexibility for airline transfers (like United, Southwest, or British Airways) or for booking through the Chase Travel portal at 1.25 cents per point.
Always confirm offer details on the official Chase website before applying.