For a limited time, the Chase Sapphire Preferred is running an intro bonus of 80,000 points. Here are 5 ways to redeem them for up to $1,600 in value.

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  • For a limited time, the Chase Sapphire Preferred® Card is offering a welcome bonus of 80,000 points after new cardholders spend $4,000 in the first three months.
  • There are several ways to use that bonus to get $1,000 or more in value, even if you're not traveling.
  • You could use Chase Pay Yourself Back to get up to $1,000 off groceries, dining, and more. 80,000 Ultimate Rewards points are also worth $1,000 toward travel when you book directly through Chase.
  • Don't forget Chase's transfer partners, either — you could book award stays through Hyatt or Marriott Bonvoy, or transfer your points to an airline partner to book flights to Hawaii.
  • See Business Insider's list of the best rewards credit cards »

The Chase Sapphire Preferred is one of the most popular credit cards available, and it's currently offering its highest-ever welcome bonus to new cardholders: 80,000 Ultimate Rewards points after you spend $4,000 in the first three months of having the card.

There are many other reasons to apply for the Chase Sapphire Preferred card, including the ability to transfer Ultimate Rewards point to hotel and airline partners, primary rental car insurance, and 2x points on travel and dining. But let's focus on the 80,000 Ultimate Rewards points new cardholders can earn. Here are some great ways to redeem them.

Chase Sapphire Preferred® Card

Chase Chase Sapphire Preferred® Card

With the Chase Sapphire Preferred® Card, your points are worth 1.25 cents each, no matter what type of travel you book. If you have a spouse or partner with a Chase Sapphire Reserve®, you can combine your Chase points to get 1.5 cents of value for each point. 

2. 5 nights at a Marriott Category 3 or 4 hotel

Chase has 13 airline and hotel transfer partners, one of which is Marriott Bonvoy. Marriott's award chart has different amounts for peak, standard, and off-peak nights. So depending on when you're looking to stay, it can cost 20,000 points (or less) for a Category 3 or Category 4 hotel.

Because Marriott offers the fifth night free when you book an award stay of four nights, finding a hotel for 20,000 Marriott Bonvoy points or less would let your Chase Sapphire Preferred® Card signup bonus get you five nights at a Marriott branded hotel. 

But first, you'll want to double-check the cost in points for booking the same hotel through the Ultimate Rewards travel portal (see above) — it may cost even fewer points there.

3. Pay yourself back with up to $1,000 toward groceries and more

During the COVID-19 pandemic, fewer people are traveling, let alone redeeming their points for travel. To help people to continue to get value from their Ultimate Rewards points, Chase introduced a new Pay Yourself Back feature.

Pay Yourself Back allows you to use your Ultimate Rewards points for additional categories besides travel. The categories you can redeem for and the value for your points depends on the card that you have.

For the Chase Sapphire Preferred® Card, you can pay yourself back at a value of 1.25 cents per point at grocery stores, dining, home-improvement stores, and eligible charities. That would let you use your 80,000 Ultimate Rewards point bonus for $1,000 off combined purchases in any of those categories.

4. Round-trip tickets from the US mainland to Hawaii

You can book any type of flight with Ultimate Rewards through Chas'es travel portal, but since redeeming in this way gives your points a fixed value (i.e., 1.25 cents per point with the Chase Sapphire Preferred® Card), it's best for flights that are relatively cheap.

For more expensive flights, such as from the US mainland to Hawaii, you may be better off transferring your Ultimate Rewards to airline partners.

For flights to Hawaii, you have a few options for booking through Ultimate Rewards transfer partners:

  • British Airways Executive Club: Using Avios on a nonstop one-way flight from the US West Coast to Hawaii costs 12,500 Avios. You'd be using your Chase points transferred to BA to fly on either American or Alaska airlines.
  • Southwest Rapid Rewards: The value of Rapid Rewards points is tied directly to the cost in dollars, so the amount of points varies based on the flight.
  • Singapore Airlines KrisFlyer: A round-trip flight using KrisFlyer miles is between 23,000 and 35,000 KrisFlyer miles to fly on either Alaska or United.
  • Air France-KLM Flying Blue: You can transfer your Ultimate Rewards points to Flying Blue and use as few as 35,000 miles to fly on Delta or Alaska operated flights to Hawaii.

Your 80,000 Ultimate Rewards point welcome offer should be enough for at least two (and possibly three or four) round-trip tickets to Hawaii.

Chase Sapphire Preferred® Card

Chase Chase Sapphire Preferred® CardChase Chase Sapphire Preferred® CardCiti Citi® Double Cash CardChase Chase Sapphire Reserve®

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Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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