Last month, Chase added some temporary new benefits to its two most popular travel cards, the Chase Sapphire Reserve and the Chase Sapphire Preferred Card. All the big travel rewards banks have been adding non-travel benefits to make these cards more useful and relevant at a time when travel is uncertain.
After giving customers some additional bonus points when paying for groceries through June 30, Chase is mixing things up again.
In addition to the great new Pay Yourself Back feature that allows you to use Chase points for groceries, home improvement, and dining, Chase is adding a series of new bonus earning categories. Starting today (July 1), you’ll earn more points on gas, streaming services, and Instacart grocery delivery on your Chase Sapphire Reserve and Preferred cards.
New Chase Sapphire Reserve Benefits
Through Sept. 30, 2020, cardholders will earn 5x points on Instacart purchases up to $3,000 for the 3-month promotional period. You’ll also get a $50 statement credit for an Instacart Express membership, which typically costs $99 a year.
And even more new lucrative bonus categories have been added. Through Sept. 30, 2020, cardholders will also earn 5x points at gas stations on up to $1,500 of spending. You can also earn 10x points on select streaming services up to $1,500 through Sept. 30.
These new bonus categories will complement the Pay Yourself Back feature well. That feature allows you to cover grocery, home improvement supply, and dining purchases using your Chase points. Each point is worth 1.5 cents – the same value they have when redeeming for travel directly with Chase.
Click Here to learn more about the Chase Sapphire Reserve
New Chase Sapphire Preferred Benefits
The new bonus categories for the Chase Sapphire Preferred Card are identical – you’ll just earn a bit less than with the Reserve card.
Through Sept. 30, 2020, cardholders will earn 3x points on Instacart purchases up to $3,000. There is also a $50 statement credit for an Instacart Express membership.
Cardholders will also earn 3x points at gas stations up to $1,500 for the three-month period. And you can earn 5x points on select streaming services up to $1,500 through Sept. 30.
The Chase Sapphire Preferred also has the Pay Yourself Back feature through Sept. 30. In this case, each point is worth 1.25 cents – the same as when booking flights or hotels through the Chase portal. Just use your Chase card to buy groceries, home improvement supplies, or dinner, log in to Ultimate Rewards, select a purchase from up to 90 days prior, and use your points to erase it.
Click Here to learn more about the Chase Sapphire Preferred Card.
Banks continue to get creative in giving cardholders more value at a time when travel is off the table.
While you may not be able to travel much now, you can earn points for future travel on the spending you’re doing now. And we’re all spending more money on streaming services, gas for road trips this summer, and grocery delivery services.
The 5-10x bonus on streaming services may seem great, but it has limited value: Who is spending $1,500 on Netflix and Hulu? Still, it’s an easy way to keep piling up points by putting those charges on your Chase card. And combined with these other new bonus categories, you could pile up a lot.
Travel will be slow to restart – that resumption is underway already. So these new benefits may just be the beginning for Chase as they try to keep existing customers and win over new ones.
At a time when travel is on hold, these new bonus categories are smart. Chase and other banks continue to find new ways to make their cards more flexible and valuable. And considering how valuable both the Chase Sapphire Preferred and Chase Sapphire Reserve were to begin with, that’s a win.