The Chase Sapphire Preferred’s 100K welcome bonus is live again as of mid-June 2026. This marks only the third time in the card’s 17-year history that new cardholders can earn 100,000 Ultimate Rewards after $5,000 in purchases within three months. History shows these elevated offers vanish quickly—previous runs in 2021 lasted about four months while the 2025 version disappeared after roughly six weeks. Don’t overthink it: apply before Chase pulls the plug, likely within the next few weeks.
If you already hold a Sapphire Reserve, you’re probably eligible. Chase overhauled its rules earlier this year, ditching the old 48-month waiting period. You can now hold both Sapphire cards simultaneously, and the bonus is available as long as you’ve never received one on the Preferred specifically. The system usually displays a pop-up during application if you’re ineligible, saving you the hard pull.
To confirm your status, log into your Chase account and attempt the application. If you’re under 5/24 or have previously earned the Preferred bonus, it will tell you. Those who earned a Sapphire bonus decades ago often still qualify under the updated lifetime-per-card logic. Just don’t currently hold an open Preferred.
Downgrading your Sapphire Reserve first is unnecessary—and usually a bad idea. You’d lose the $550 annual fee’s perks without guaranteeing the Preferred bonus, and Chase’s current language suggests prior Sapphire ownership doesn’t automatically block the other card’s sign-up offer. Keep the Reserve for its Priority Pass and $300 travel credit while adding the Preferred for transfer flexibility.
Timing couldn’t be better for business-class travelers. Marriott Bonvoy implemented a widespread 5-10% points devaluation just days ago, making hotel redemptions sting more. Meanwhile, Air France-KLM Flying Blue’s July 2026 Promo Rewards slashed select US-Europe business class awards to 45,000 miles one-way (book by July 31 for travel through December 31). Transfer 45,000-60,000 UR points and you’re sipping Champagne at 35,000 feet instead of staring at economy seatbacks.
Other strong options exist. ANA remains the gold standard for US-Japan business or first class when award space appears—expect 85,000-90,000 points round-trip in business on off-peak dates. For luxury hotels, World of Hyatt still delivers outsized value despite occasional chart tweaks; a 100K transfer easily covers multiple nights at Park Hyatt properties in Paris, Tokyo, or New York. Avoid dumping everything into Marriott right now unless you have a specific high-value stay locked in.
The 100K bonus is worth north of $2,000 when transferred smartly, far outpacing the card’s $95 annual fee. Pair it with the Preferred’s 3x on dining and the new vacation rental category, then move points instantly to Flying Blue, Virgin Atlantic, or Hyatt. Business-class redemptions on Air France via the current promo offer the clearest near-term win—limited availability, but far more attainable than standard 60,000+ mile pricing.
Chase hasn’t announced an end date, but elevated offers on a $95 card don’t linger. The last one in 2025 lasted barely a month. If you’re sitting on a Reserve and haven’t earned a Preferred bonus before, this is the rare moment where one card’s annual fee subsidizes the other’s outsized payout.
Log in to Chase, check for the 100K offer, and submit the application today. Then book that 45K-mile business class ticket before both the promo and the bonus disappear. Your future self, stretched out in lie-flat seating, will thank you.
