Chase Brings Back Limited‑Time 100,000‑Point Sapphire Preferred Offer

Sky-high transfer value to partners such as Aeroplan and Iberia can turn the bonus into business‑class Europe flights, with referral rules, taxable referral income, Chase eligibility limits, new card credits determining who benefits.

Overview

Chase relaunched the Sapphire Preferred and on July 2, 2026 restored a limited‑time offer of 100,000 bonus points after $5,000 in purchases in the first three months.
Points transfer 1:1 to airline partners and can book business‑class to Europe for roughly 40,500–60,000 points one‑way using Iberia, Aeroplan or Flying Blue depending on route and availability.
Approved cardholders can earn up to 100,000 extra points through Chase referrals (10,000 points per approved referral, up to 10), which can raise a single person’s haul to about 205,000 points after the welcome bonus and spending.
Referral points are treated as taxable income (Chase may issue a 1099 based on a one‑cent valuation), and Chase’s 5/24 rule plus one‑bonus‑per‑product limits continue to restrict who can capture the offer.
The refreshed card also adds ongoing perks such as a $100 annual Chase Travel hotel credit, up to $120 Global Entry/TSA PreCheck credit and new 3x bonus categories, increasing everyday value and affecting timing for applicants.