The Chase Sapphire Preferred card is offer 40,000 points after you make $3,000 in purchases in the first 3 months. There is a $95 annual fee, but it is waived for the first year. Thanks to the readers who sent this in. (There is also a regular Chase Sapphire card with no annual fee, that is offering 10,000 points after you only spend $500 in the first 3 months. Don’t get that one.)
What can you do with 40,000 points? You can get a credit towards a travel purchase of $500 (online booking free, but $20 fee via phone), or 40,000 frequent flier miles with a 1.25 miles per dollar point transfer. The exact participating airlines are unknown. Info taken from their benefits guide.
Rewards program quality? At 1 point per $1 spent with no special bonus categories, and only a 20% bonus for $50,000 in annual spending, this card is not worth a $95 annual fee. I’d sign-up, redeem the points for a quick and easy $400, and then cancel the card within the first year.
Instead, get a 1:1 frequent flier point transfer and 1.25 miles per $1 spent with the cheaper Starwood American Express card (which also has their own 25,000 Starpoint sign-up bonus).