Chase Sapphire Preferred Rewards During Coronavirus Pandemic
The Coronavirus pandemic has forever transformed the way we travel and forced millions of people to halt their plans. Many have questioned the need for perks offered by rewards cards due to the uncertainty of future travel.
Fortunately, leading credit card issuers are adjusting their point structure to supplement consumer spending habits that have changed in the wake of the pandemic. Instead of booking flights and hotels, cardholders are stocking up on groceries and pushing back their planned vacations.
Chase is one issuer that’s changed their reward system in recent weeks to accommodate the newfound needs of cardholders. The Chase Sapphire Preferred is among Chase’s highest-value cards with valuable perks like their 60,000-point sign-up bonus when you spend $4,000 in the first three months of opening your account.
So, what new perks is the Chase Sapphire Preferred Card offering to help customers build up points or maximize their purchases?
Sign-Up Bonus Extension
One of the primary reasons travelers obtain the Chase Sapphire Preferred Card is the huge sign-up bonus. Cardholders who reach the bonus are eligible to redeem the points for $600 cash or $750 in airfare or hotels.
With delayed travel plans, cardholders who recently obtained the card might find it extremely difficult to achieve the purchases needed to earn the rewards. However, Chase has granted a three-month extension for cardholders who opened their account between January 1 and March 31, 2020.
Consumer needs shifted almost exclusively to groceries at the onset of the pandemic, and Chase took action to help cardholders earn rewards. Chase Sapphire Preferred cardholders are eligible for the temporary bonus and earn 3x the points on grocery purchases through June 30, 2020. Cardholders can spend upwards of $1,500 per month on the eligible purchases.
The bonus applies to grocery stores, takeout, and grocery delivery services like DoorDash. Cardholders signed up to DoorDash’s DashPass unlimited delivery program earn bigger savings on deliveries. The free delivery benefit on orders of greater than $12 is extra valuable during the lockdown period, and cardholders are eligible for a complimentary DashPass subscription for a minimum of one year.
Pay Yourself Back
On May 31st, Chase unveiled the new Pay Yourself Back feature for cardholders. From May 31 through September 30, 2020, you’ll be able to redeem points as statement credits for a higher value on eligible purchases.
When you usually redeem Chase points via statement credits, you gain one cent for each point. Pay Yourself Back increases the redemption value to 1.25 cents per point.
Eligible purchases for this limited-time feature include groceries, restaurants, and home improvement retailers. When you log in to your rewards account, you can redeem your points on eligible purchases from the past 90 days.
The coronavirus pandemic is a constantly-evolving situation, and Chase expects these initial programs to progress over time. As consumer needs change, cardholders should expect the Chase Sapphire Preferred Card to adjust the new reward categories or add new ones altogether.
Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.