The 100K Sapphire Preferred Offer is Back … But What is Chase Up To?

Unless you've been living under a rock (or maybe just offline), you've probably seen it: Chase is bringing the heat with a new 100,000-point sign-up bonus offer on the *chase sapphire preferred* for spending $5,000 in the first three months of card membership. It's the biggest and best offer we've seen in four years – not just on Chase's fan-favorite card, but arguably any travel credit card – and it's only available for a limited time. 

When Chase last rolled out a 100,000-point bonus years ago, it felt like a once-in-a-lifetime opportunity – a desperate move in the early stages of the post-COVID travel boom, when banks were desperate to attract new customers. We've spent the last few years confidently assuring travelers that a 100,000-point bonus on Chase's most popular card would never return. 

So when this news hit our desks, we were shocked – and for once, grateful to be wrong. The question we immediately asked ourselves at Thrifty Traveler headquarters was: “Wait … what exactly is Chase up to?” After all, this isn't just a good offer – it's a why-now, what's-the-play kind of move.

And it might signal something bigger brewing under the surface. Let's dig in. 

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Rewind: The 100K Era (That We Thought Was Over)

In early 2020, when the pandemic brought travel to a screech halt, banks hit pause alongside the airlines and hotels. The big credit card welcome bonuses we all know and love completely dried up.

But as travelers started returning to the skies again in 2021, banks came roaring back, trying to make up for lost time with a wave of unprecedented credit card offers – including that 100,000-point offer on the Chase Sapphire Preferred. It came and went over the summer of 2021.

That offer was unprecedented, and we knew it couldn't last … and it's not just me saying that. At a credit card industry conference late that year, David Gold – an industry consultant who has worked at both Chase and American Express who's now managing partner at Golden Peak Advisors LLC – touched on what banks were doing.

Gold put it simply: Massive bonuses of 100,000 points like the Chase Sapphire Preferred Card's were unsustainable.

“The breakeven point [for Chase] on a $95 annual fee card with a $1,250 welcome offer bonus is never. Chase won't ever be able to make up for those losses,” he said.

And it seemed like Chase heard Gold's message. Since then, we've generally seen the Sapphire Preferred's sign-up bonus hover around the standard 60,000 point offer for spending $4,000 in the first three months. It's jumped up to 75,000 points and even 80,000 points for the same spending requirement a few times, but it's never neared that 100,000-point peak again. Until now. 

That's why the return of the 100,000-point bonus feels … well, different – especially in a climate where most banks are not making bold moves. 

So what gives? While we may never know for sure, we've got some thoughts on what Chase might be up to. 

It's a Marketing Mic Drop & Chase's Gateway Drug

Let's not kid ourselves. Credit card bonus offers have been pretty boring lately.

With 2024 being an election year and whispers of an economic slowdown growing louder by the day, banks seem to be playing it safe. Adding risk by way of a ton of new credit card customers when recession fears are on the table seems unwise to banks.

Capital One? Stuck at 75,000 miles after spending $4,000 in the first three months on its *venture x* and *capital one venture card*. American Express? Still offering the same old welcome offer bonuses on both *amex platinum* and the *amex gold* – unless you go incognito or snag a targeted referral offer. 

It's what makes the new Sapphire Preferred offer stand out. And that's likely the whole point.

Chase is giving consumers 100,000 reasons to pay attention. And even if the bank takes a short-term loss on the offer, the long-term customer grab seems to be the play and could be well worth it. Because Chase is playing a long game here.

If you've held a Chase credit card for even a month,  you already know that Chase doesn't stop there. Once you've got the card in your wallet, you're getting emails about checking accounts, savings accounts, auto loans, mortgages – the whole ecosystem. 

For Chase, the Sapphire Preferred Card is just the front door. And what better way to get people walking through it than an offer that's just too good to pass up?

Even if some of those new customers are just here for the points, Chase is betting that a good chunk will stick around, engage with other parts of their ecosystem, and maybe even upgrade to the premium (and pricier) *chase sapphire reserve* down the road.

The Travel Card Wars are Still Red Hot

While the credit card bonus action might have slowed down lately, we're still in the thick of an all-out war for a share of our wallets and travel spending. With the post-COVID explosion in travel demand, that trend has become undeniable.

For years, American Express owned the airport lounge market with its tried-and-true American Express Centurion Lounges. But back in 2021, Capital One entered the chat by simultaneously launching its premium Capital One Venture X card alongside its first-ever Capital One Lounge in Dallas (DFW). To date, Capital One has four outposts in Dallas, Denver (DEN), Washington D.C. (IAD), and Las Vegas (LAS), with more on the way. 

Chase might have been late to the party … but since 2023, they've been on a tear, opening new airport lounges and providing complimentary access to Sapphire Reserve cardholders to the Chase Sapphire Lounges. To date, the bank has 10 lounge locations already open or in the works. If you ask us, Chase is winning the airport lounge wars – and it isn't particularly close. 

Sure, the Sapphire Preferred doesn't unlock lounge access. But guess what does? The Chase Sapphire Reserve. And once Chase gets you in the front door with the huge limited-time offer on the Sapphire Preferred, it's only a matter of time before upgrade offers (touting Chase Sapphire Lounges, no doubt) will likely start to hit your inbox. 

Not to mention, while Capital One's Venture Card competes on price with a similar $95 annual fee, American Express's Gold Card, with its $325 annual fee (see rates & fees), is the closest product they have that competes with the Sapphire Preferred. Combining a 100,000-point offer for spending $5,000 in the first three months with a much cheaper $95 annual fee makes it really difficult for both Capital One and Amex to be competitive.

This isn't just generous. It feels strategic.

Is a Refresh (and a Fee Hike) Coming?

Let's read between the lines here. 

The last time Chase refreshed the Sapphire Preferred was back in the fall of 2021. They increased how many points you can earn in certain spending categories and added a new annual credit of up to $50 for hotel bookings made through Chase Travel℠. Those additions were made without increasing to the card's $95 annual fee. 

With Amex's closest competitor – the American Express Gold Card – charging an annual fee of $325 (see rates & fees) after a hike last year, Chase may sense it has some wiggle room to push this fee a bit higher – maybe adding a few new benefits in the process – without losing ground.

They can lock people in now with a monster offer, then make the card more appealing and increase the annual fee down the road. While this is all just speculation, it could shed some light on why Chase surprised us all with this new offer. 

Bottom Line

We may never know Chase's full strategy – and they're certainly not telling. But it's clear they're not sitting back while some of their biggest competitors snooze. 

Whether this is a one-off attention grab or the first move in a bigger game plan, one thing is clear: It's absolutely an incredible opportunity to earn some of the most valuable points in the world of travel – even if you already have the card.

We don't know how long it will last, so if you're interested, you'll need to act fast. 

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