The current fantastic offer with a 100k point sign-up bonus has been widely reported to end on the morning of 5/15. I expect after that the bonus will drop down to 50-60k points. While not as good as the additional $300 cash back when applying through Rakuten earlier this week, you can still earn $100 (or 10k Amex points) when applying through Rakuten along with a $40 referral bonus for new customers. At $300 + $40 it was a no brainer, but at $100, those who can refer within a family and earn the referrer 10k Chase points, it may be worth considering the referral approach this weekend.
Unfortunately for us, my wife is just short of the 48-month waiting period from her last bonus on this card, in June 2021 which was the last time we saw a 100k bonus offer, and I have the Sapphire Reserve so I am not eligible to apply for the Preferred card. For those on the fence, I would jump now because it is not likely we will see this high of a bonus again for a long time.
You could simply spend the points for 1.25 cents each through the Chase travel portal, but by transferring to partner programs we can do much better. If you are still on the fence, or just got the card and would like to know how best you could spend the bonus, let’s look at a few examples of the travel you could book today with this sign-up bonus!
20 nights in a level 1 Hyatt
Hyatt is a frequent transfer partner for my Chase Ultimate Rewards points, and I often get > 2 cents per point value (cpp) when redeeming them for hotel stays. I also find that, while there is certainly good value to be had at their top end properties, the same can be true at their lowest level category 1 hotels as well with a standard rate of 5k points per night (3.5k off peak, 6.5k peak. Here I am looking at the Hyatt Regency Houston West in March of next year. 100k points would get us 20 nights vs a cash price of $3,475 when using the member rate to get a similar cancellation policy. Chase points value ~ 3.5cpp
Fly to Europe in style
You could transfer your Chase points to United and fly in economy for 40k one way per person to Europe, or you could transfer to Virgin Atlantic and do much better. While the taxes are higher at around $250 per person when flying their Upper Class business product, the value is still huge. One way from New York to London is available in November this year for 32k points per person and currently Chase has a 25% transfer bonus to Virgin Atlantic so a family of 4 could take this flight in business class for just 103k Chase points. Chase points value after subtracting the award flight taxes from the cash price ~ 7.2cpp. Premium economy for 4 people at 42k (34k Chase points) is also a tremendous deal and a value of ~ 7.4cpp!
Cheap domestic flights on jetBlue
While not often the sexiest redemptions, many domestic nonstop flights are available on jetBlue for 3k-7k points. When the cash price is over $100 it’s possible to consistently get 2cpp or better. These values are also possible when flying from the east coast to destinations in the Caribbean, but watch out for the higher taxes on those flights and make sure the points value is worth it! Here is one example from New York to Chicago that comes in right at 2cpp value.
Luxury in paradise
Hyatt has a growing collection of all-inclusive properties in Mexico and the Caribbean along with some great, high-end hotels like the Park Hyatt St. Kitts Cristophe Harbor. The points value becomes even greater when you factor in the high taxes and fees that are not included in an award redemption. Looking at next month we could get 4 nights here in a King Beachside room for our 100k Chase points vs an all-in cash member rate of over $4400. A slightly cheaper cash rate is possible via advance purchase, but you would lose the flexibility that comes with an award night redemption. Chase points value ~ 4.4cpp
TL;DR: There are just a few days left to take advantage of the best-ever offer of 100k points on the Chase Sapphire Preferred along with the possibility to earn an extra $140 cash back through Rakuten. By leveraging high value award redemptions through Chase Ultimate Rewards transfer partners, we can get $2000 to over $7000 worth of travel when using the 100k Chase points!
