How Does the Chase Sapphire Preferred 10% Points Bonus Work?

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The Chase Sapphire Preferred® Card has long been considered the best beginner points credit card for those just discovering the world of (nearly) free travel. Its rewards are valuable and easy to use, its earning rates are strong, and it has a few ongoing benefits that make the card worth much more than its $95 annual fee. 

Here are some of the most enticing attributes of the card:

The card also has a new benefit which was added in August 2021 — a 10% anniversary points bonus. Let’s take a look at how this works (spoiler alert: It’s not as great as it sounds).

How does the Chase Sapphire Preferred 10% points bonus work?

Regular APR

15.99%-22.99% Variable

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  • Pros & Cons
  • Details

  • Pros
    • High sign-up bonus starts you off with lots of points
    • Strong travel coverage
    • Doesn’t offer a Global Entry/TSA PreCheck application fee credit
    • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards®.
    • Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
    • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
    • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
    • Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash’s subscription service. Activate by 03/31/22.
    • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.

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    The Chase Sapphire Preferred comes with a 10% anniversary points bonus! Could that mean you’ll receive a deposit totaling 10% of the points you’ve earned in the last year? Or perhaps a 10% rebate on all the points you’ve redeemed?

    It’s neither of these — the way this benefit actually works is underwhelming. Here’s what Chase says:

    Each account anniversary year, you’ll earn bonus points that equal 10% of your total spend in points from purchases made with your credit card during the previous account anniversary year at a rate of 1 point for each $1 spent.

    The key phrase here is “10% bonus of your total spend.” In simple terms, you’ll earn 1 point for every $10 you spend each year. Chase will not factor in any points you earn from a sign-up bonus or from referral bonuses — or even bonus points you earn from bonus categories like dining and travel. If you spent $10,000 on your card each year, you’ll receive 1,000 points after your account anniversary (in other words, after you pay your annual fee).

    This windfall is not meaningful to most cardholders. I’ve spent $5,030 on my card since my 2021 cardmember anniversary in August, so I’m poised to receive 1,341 Chase points from this benefit if my spending habits stay consistent. Insider estimates that Chase points are worth 1.8 cents each when used for travel, meaning I’ll receive $24.14 in value.

    The Chase Sapphire Preferred is a great card, but this benefit isn’t meaningful enough to move the needle if you’re hesitant to apply. It’s a nice peripheral benefit, but it’s nothing to be excited about unless you’re spending hundreds of thousands of dollars each year.

    If you need help locating your 10% bonus progress, here’s what you do.

    Step 1. Log into the Chase Travel Portal

    Head to the Chase Travel Portal and choose your Chase Sapphire Preferred account. If you’ve got more than one Chase Ultimate Rewards points earning card, you’ll have to choose which card you want to view.

    Landing page for the Chase Travel portal

    Log onto the Chase Sapphire Preferred landing page in the Chase Ultimate Rewards Travel Portal.


    Step 2. Click “Rewards Activity”

    Click the lefthand menu (the three horizontal lines) and find “Rewards Activity” near the bottom of the list.

    Three-line menu for the landing page of the Chase Travel Portal

    Find “Rewards Activity” in the menu.


    Step 3. Locate “10% Anniversary points boost”

    Here you’ll see a summary of your points earnings, accompanied by your 10% anniversary bonus progress. This section reminds you of your anniversary period, as well — and notes that your 10% bonus can deposit into your account as late as 90 days after your anniversary date.

    Rewards Activity section in the Chase Travel Portal

    You’ll find an updated tally of your 10% bonus.


    Read more: How to use the Chase Ultimate Rewards Travel Portal

    Bottom line

    The Chase Sapphire Preferred 10% anniversary bonus multiplies the dollar amount you’ve spent on the card by 0.1, and deposits that amount of points back into your account. For example, if you spend $20,000 on the card during an anniversary year, you’ll earn 2,000 points after you renew your membership.

    In short, this is an extra 0.1% back on all your spending. As long as you continue to renew your card, you’ll effectively earn:

    • 5.1 points per dollar on travel purchased through Chase Ultimate Rewards
    • 3.1 points per dollar on dining 
    • 3.1 points per dollar on select streaming services
    • 3.1 points per dollar with online grocery purchases (excluding Target, Walmart, and wholesale clubs)
    • 2.1 points per dollar on other travel 
    • 1.1 points per dollar on everything else

    This benefit is better than nothing, but it’s certainly not a main feature of the card. Unless you’re a big spender, the bonus isn’t a reason to keep the card. Read our full Chase Sapphire Preferred review to learn all the real reasons to renew the Chase Sapphire Preferred year after year. 

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