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If The Rumors Are True, NOW May Be The Best Time To Apply For The Chase Sapphire Preferred Card

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Yesterday, we saw what appears to be an accidental leak from Chase which suggests that we’ll soon be seeing some major changes to the Chase Sapphire Cards. The changes that may be coming to the Sapphire Reserve Card don’t look particularly exciting but if what has been leaked is true, right now may the best time to apply for the Chase Sapphire Preferred Card.

The Rumor

The Chase Sapphire Preferred Card currently costs $95/year and offers the following earning rates:

  • 5 points/dollar on Lyft rides through 22 March 2022
  • 2 points/dollar for spending on travel*
  • 2 points/dollar for spending on dining worldwide
  • 1 point/dollar for spending in all other categories

A document that appeared online yesterday suggests that on top of existing benefits like primary rental car cover, the card will soon also offer a $50 annual hotel credit (for bookings made through the Ultimate Rewards portal), a 10% anniversary points bonus and that the card’s earnings rates will be enhanced to the following:

  • 5 points/dollar on Lyft rides through 22 March 2022
  • **NEW** 5 points/dollar on most* travel purchases booked through the Ultimate Rewards portal
  • **NEW** 3 points/dollar on spending made in the following categories:
    • Dining at restaurants;
    • Select streaming services;
    • Online grocery (excluding Target, Walmart, and wholesale clubs)
  • 2 points/dollar for spending on travel not made through the Ultimate Rewards portal*
  • 1 point/dollar for spending in all other categories

Assuming these changes come to pass, this would represent a noticeable improvement in the Chase Sapphire Preferred’s offering.

*Any hotel accommodation booked using the card through the Ultimate Rewards program that qualifies for the $50 Annual Hotel Credit, won’t earn points.

Why Apply Now

The leaked document that appears to have divulged planned changes to the Chase Sapphire Preferred Card (review) suggests that the changes will come into force from 15 August 2021 and as existing cardholders must be given at least 30 days notice of any planned changes to their card’s offering, this means that we can only be a few days away from an official announcement if the rumors are true.

Given the fact that the rumored changes to the Chase Sapphire Preferred Card are all positive, I would be more than a little surprised if any announcement from Chase didn’t also include an increase in the card’s annual fee (I can’t see Chase giving cardholders a $50 annual hotel credit without asking for something in return) and possibly even a reduction in the card’s current fantastic welcome bonus (100,000 points after a new cardholder spends $4,000 on purchases in the first 3 months of opening their account).

Successfully applying for a Chase Sapphire Preferred Card right now would lock in the opportunity to earn the 100,000 point welcome bonus, and it would lock in the card’s current annual fee ($95) for a further year.

What this means is that should the rumored changes take place, new cardholders would be able to enjoy all of the card’s new benefits without having to pay an increased annual fee until July 2022.

Who Should Apply

I need to be very clear about this. No one should be applying for the Chase Sapphire Preferred Card simply because there’s a rumor going around that the card’s benefits are about to get better. Until Chase makes an official announcement it remains possible (no matter how credible the rumors seem to be) that the card will remain exactly as it is right now.

If, however, the Chase Sapphire Preferred Card has been a target of yours for a while (and you just haven’t got around to applying for it), or if the card’s current welcome bonus suddenly looks very appealing, now is probably as good a time as any to apply – you’re guaranteed to get the benefits as they stand right now (including the opportunity to earn 100,000 Ultimate Rewards Points) and there’s a chance that you’ll also get almost a year to enjoy any enhanced benefits that get announced for the price of the current annual fee.

To be clear, I have no special information that lets me know that there will be a change to the card’s annual fee or that the 100,000 point welcome offer will be going away, this is simply speculation on my part and anyone considering applying for the Sapphire Preferred Card should take that into consideration.

Bottom Line

The Chase Sapphire Preferred Card (review) is currently offering its best-ever welcome bonus of 100,000 points (after a new cardholder spends $4,000 on purchases in the first 3 months of opening their account) and it currently costs just $95/year. Should the rumors that emerged yesterday turn out to be true, there’s a reasonable chance that we’ll see the Sapphire Card’s annual fee increasing and we may even see the welcome bonus cut, so anyone who has been considering applying for this card should strongly consider making that application before any official announcement is made.

Click here to find out how to apply for the Chase Sapphire Preferred Card

A Favorite Card With An Incredible 100,000 Point Welcome Offer

The Chase Sapphire Preferred Card is Chase’s incredibly popular entry-level travel rewards card which now offers a welcome bonus of 100,000 Ultimate Rewards Points after you spend $4,000 on purchases in the first 3 months. That’s the highest bonus we have ever seen offered on this card.

(Annual fee $95)

Our Favorite Benefits:

  • 5 points/dollar on most travel purchased through Chase Ultimate Rewards
  • 5 points/dollar on Lyft rides through 22 March 2022
  • 3 points/dollar for spending on dining worldwide
  • 3 points/dollar for spending on select streaming services
  • 2 points/dollar for spending on travel worldwide
  • Redeem points at 1.25 cents each when booking travel through Chase Ultimate Rewards.
  • Primary auto rental cover
  • Trip delay reimbursement

Click for more details on the Chase Sapphire Preferred Credit Card

Regarding Comments

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser or any other advertiser. It is not the bank advertiser’s responsibility or any other advertiser’s responsibility to ensure all posts and/or questions are answered.


  1. Any idea if a current cardholder can get a second CSP, or if they cancel/product change how long before they can apply? Asking for a friend.

    • This is what Chase says:

      The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months. If you are an existing Sapphire customer and would like this product, please call the number on the back of your card to see if you are eligible for a product change. You will not receive the new cardmember bonus if you change products.


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