Since the offer was announced, the Chase Sapphire Preferred received another notable bonus: 2X on grocery store purchases (up from 1X) through April 30, 2021. (Do beware that benefit is capped at $1,000 per month in eligible grocery spend.) But with Chase’s Pay Yourself Back feature, you can redeem those points for cashback or statement credit at a 25% bonus.
Because Chase Sapphire Preferred cardholders can redeem points booked through Chase at a rate of 1.25 cents each, 80,000 points is worth at least $1,000 in travel.
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