We knew the current Chase Sapphire Preferred offer wouldn’t last forever, and it appears the clock has officially started ticking.

Chase has now confirmed that the card’s elevated 100,000-point welcome bonus is “ending soon.” The bank has not announced an exact expiration date, so there is still some guesswork involved. Historically, though, this type of warning usually means it is time to stop procrastinating if the card was already part of your plan.

That doesn’t mean everyone should suddenly rush out and apply. You still need to consider Chase’s application rules, your eligibility, the minimum spending requirement and whether the card fits your longer-term strategy. But if you have already done that homework and were simply waiting to make a decision, I would not count on this offer being available much longer.

What Is the Current Sapphire Preferred Offer?

The current limited-time public offer includes:

• 100,000 Chase Ultimate Rewards points
• Earned after spending $5,000 on purchases within the first three months after opening the account
• A $95 annual fee

Before applying, make sure you can comfortably complete that spending through normal, planned purchases without carrying a balance or paying interest.

Balance transfers, cash advances, cash-like transactions, person-to-person payments, account-funding transactions, gambling transactions, interest and fees generally do not count toward the required spending.

When Will the 100,000-Point Offer End?

Chase has not published an official deadline. The only confirmed language as of July 16, 2026, is that the offer is ending soon.

My general rule is that once an issuer begins circulating this type of notice, there may be roughly seven to 14 days remaining. That is why about 10 days is a reasonable estimate here. It is still only an estimate, however, and not something Chase has guaranteed.

The offer launched on June 15, 2026, alongside the refreshed Sapphire Preferred benefits. The previous time the Sapphire Preferred offered 100,000 points, the elevated offer reportedly lasted about six weeks. That history gives us some context, but Chase can remove or change an offer at any time.

In other words: you probably do not need to panic today, but I also would not plan on applying at the last possible minute.

How Much Can 100,000 Ultimate Rewards Points Be Worth?

At the simplest level, 100,000 Ultimate Rewards points can generally be redeemed for approximately $1,000 in cash back. That gives the bonus a meaningful floor value even before considering travel redemptions.

Sapphire Preferred cardholders can also use Chase’s rotating Points Boost offers, which may provide up to 1.5 cents per point on select hotels and flights booked through Chase Travel. If an eligible booking receives the full 1.5-cent value, 100,000 points could cover up to approximately $1,500 in travel.

Transferring points to airline and hotel loyalty programs can potentially provide even more value, especially when you find a strong premium-cabin flight, an expensive last-minute ticket or a hotel redemption that would otherwise cost a significant amount of cash.

As always, award availability matters. Do not transfer points speculatively just because a redemption sounds attractive. Confirm that the flight or hotel you want is actually available, verify the required number of points and then complete the transfer.

Important Hyatt Transfer Change for New Applicants

There is one major downside that needs to be included in any honest discussion of the refreshed Sapphire Preferred.

For people who applied for the Sapphire Preferred on or after June 15, 2026, Ultimate Rewards points now transfer to World of Hyatt at a 4:3 ratio. That means transferring 1,000 Chase points produces only 750 Hyatt points.

Previously, Chase-to-Hyatt transfers were generally completed at a 1:1 ratio. Since Hyatt has historically been one of the most valuable Ultimate Rewards transfer partners, this reduction matters—especially for travelers who planned to use most of the welcome bonus for Hyatt stays.

Most of the card’s other eligible airline and hotel transfers remain available, but always review the current transfer ratio shown inside your Ultimate Rewards account before moving any points.

What Benefits Come With the Refreshed Card?

Chase updated the Sapphire Preferred on June 15, 2026, while keeping the annual fee at $95. The card’s current earning structure includes:

• 5x points on travel purchased through Chase Travel
• 3x points on dining worldwide, including eligible takeout and delivery
• 3x points at gas stations and on EV charging
• 3x points on vacation-home bookings with eligible brands such as Airbnb and Vrbo
• 3x points on eligible streaming services
• 3x points on eligible online grocery purchases, with exclusions
• 2x points on other eligible travel purchases
• 1x point on other purchases

Additional benefits currently include:

• Up to a $100 Chase Travel hotel credit each account anniversary year
• Up to a $120 Global Entry, TSA PreCheck or NEXUS application-fee credit once every four years
• A complimentary one-year Apple TV subscription when activated by December 31, 2026
• Complimentary DashPass membership and eligible monthly DoorDash promotions, subject to activation and offer terms
• No foreign transaction fees
• Travel protections including trip cancellation and interruption coverage, trip-delay reimbursement, auto-rental coverage and emergency evacuation and transportation coverage, subject to the applicable benefit terms

New applicants should also note that the card’s previous 10% anniversary points bonus was discontinued for accounts opened on or after June 15, 2026.

Who May Be Eligible for the Bonus?

Chase’s current offer terms are more product-specific than the older Sapphire-family restrictions many of us became accustomed to.

According to the current terms, the Sapphire Preferred is unavailable if you currently have that specific card open. The terms also state that the new-cardmember bonus may not be available if you previously held the Sapphire Preferred or previously received a new-cardmember bonus for it.

This means simply having a Chase Sapphire Reserve does not automatically appear to block someone from opening a Sapphire Preferred under the current product-specific language. However, your individual bonus eligibility is still determined by Chase.

Chase may also consider the number of accounts you have opened and closed. The bank is widely known to apply its unofficial 5/24 rule, under which applicants are often denied if they have opened five or more personal credit-card accounts across all issuers during the previous 24 months.

Before applying, consider:

• Whether you currently have a Sapphire Preferred open
• Whether you previously held the card or earned its welcome bonus
• Your current 5/24 count
• Your recent Chase applications and overall credit exposure
• Whether you can complete the $5,000 spending requirement comfortably
• Whether another Chase card should take priority in your application strategy

Approval and bonus eligibility are never guaranteed, even when you appear to meet the publicly available requirements.

Should You Apply Before the Offer Ends?

The 100,000-point bonus is objectively strong, particularly for a card with a $95 annual fee. It is also large enough to make a meaningful difference toward an international flight, several domestic trips, a collection of hotel stays or a simple cash-back redemption.

Still, an elevated offer should not be the only reason you apply. Credit-card bonuses are most valuable when they fit into a deliberate strategy and when the required spending can be completed without debt, interest charges or unnecessary purchases.

I would consider applying before the offer ends if all of the following are true:

• You have already decided that the Sapphire Preferred fits your travel strategy
• You appear to qualify under Chase’s application and bonus rules
• You are comfortable using a valuable 5/24 slot
• You can meet the minimum spending requirement naturally
• You understand the new 4:3 Hyatt transfer ratio
• You plan to pay the account balance in full

If one or more of those answers is no, missing a bonus is usually less expensive than making the wrong credit-card decision.

Getting to the Point(s)

Chase has officially placed the Sapphire Preferred 100,000-point offer in the “ending soon” category. There is no published deadline, but I would treat that announcement as a legitimate warning that the application window is beginning to close.

My working estimate is that we may have approximately 10 days, give or take. That is based on how these announcements typically work—not on a date Chase has promised—so waiting until the final moment carries some risk.

This is an excellent welcome offer, but the decision still needs to make sense beyond the bonus. Review your eligibility, confirm you can meet the spending requirement, understand the reduced Hyatt transfer ratio and make sure the card fits your overall plan.

If you have already considered all of that and the Sapphire Preferred was next on your list, now is probably the time to make the decision rather than hoping the offer remains available indefinitely.

Important: This article is for general educational purposes and is not financial advice. Credit-card offers, benefits, fees, eligibility requirements and terms can change at any time. Review the issuer’s complete offer and pricing terms before applying. Only use credit cards for purchases you can afford and pay balances in full whenever possible.

Sources

• Chase Sapphire Preferred current offer and terms
• Chase announcement detailing the June 2026 Sapphire Preferred changes
• Chase Points Boost guide
• The Points Guy: Chase confirms the offer is ending soon
• Doctor of Credit: Sapphire Preferred 100,000-point offer