Since early May, the Chase Sapphire Preferred Card has been offering a 50,000 point sign up bonus worth $500 to $625 and the standard, no annual fee Chase Sapphire Card has been offering a 25,000 point bonus worth $250. Having spent over seven years in the credit card industry, I can say without equivocation that these are the best credit card deals I have ever encountered.

It goes without saying that the massive sign-up bonuses are a big reason I love these Chase Sapphire offers. However, frequent flyer credit cards have long offered deals like this. What sets these offers apart is the quality and ease of use the Chase Ultimate Rewards program provides. Rather than simply praise the program, I logged into my Chase account and looked at some things a person can get by redeeming Sapphire Card sign-up bonuses. As you’ll see, the options are literally unbelievable.

As the saying goes, cash is king. And if you don’t mind losing out on the 25% bonus you get when points are used for travel, you can redeem your 50,000 bonus points for $500. Chase gives you the option of taking this as a statement credit or getting it in the mail as a check. But the option is there and, unlike frequent flyer miles, there are no black out dates or seat restrictions when it comes to redeeming Ultimate Rewards for cash.

Obviously $500 in cash can go pretty far. But I wondered how far. Can it buy a new Ipad? Covered. A nice summer wardrobe? Covered. A 42 inch plasma HDTV from Best Buy? Depending on sales, you’ll likely have money left over.

While impressive, cashing in the Ultimate Reward points you get after signing up for Chase Sapphire Preferred and fulfilling the spend requirement leaves money on the table, as these points are worth $625 when used for travel expenses like flights, hotels or rental cars. Want to stay in a 4-star hotel in New York City for a weekend? You’ll have points left over. Perhaps a trip to Barbados sounds better? Using the Ultimate Rewards travel center, I found two round-trip tickets leaving from JFK on JetBlue in late August that, after using my points, would bring my out of pocket expenses to a whopping $97.

Clearly, the 50,000 bonus points you can get by signing up for Chase Sapphire Preferred can go a long way when redeemed for either cash or travel, but there is one drawback. Although there is no annual fee the first year, there is a $95 annual fee in subsequent years. This can be a dealbreaker, especially for consumers who don’t spend heavily on their cards. However, there is another option which you can compare and learn more about below.

 

 

The Chase Sapphire Preferred Card is designed for heavy spenders whose annual charges more than offset the $95 annual fee. The standard, no annual fee Chase Sapphire Card is designed for everyone else. This card comes with a 25,000 Ultimate Reward point sign up bonus that is worth $250 if redeemed for cash, gift cards or travel. Unlike the Preferred Card, it doesn’t offer a 25% bonus when you spend points on travel and it lacks some other nice perks, like the ability to earn double points on certain purchases.

Despite the difference in features, the standard Chase Sapphire Card is still worth a close look. The sign-up bonus is difficult to beat and the rewards you can earn are as good or better than any other out there. The only other comparable offer is the Chase Freedom $200 promotion which, like the Sapphire Card, carries no annual fee and lets you earn rewards that are easy to redeem.

Ultimately, if you are trying to decide between Chase Sapphire offers, it is important not to let the massive bonus on the Preferred card cloud your judgement. If paying a $95 annual fee is something you are uncomfortable with, go with the no fee card. Sure, you lose out on a couple hundred dollars, but you’ll end up with a card that will provide solid benefits without a pesky annual fee.


 

 

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