Chase just put a hard deadline on one of the richest welcome bonuses we've seen on the Chase Sapphire Preferred in years. If you've been sitting on the fence, the fence just got a lot smaller.

The Chase Sapphire Preferred's limited-time offer of 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening ends Thursday, July 30, at 9 a.m. ET. After that, the bonus reverts to its previous, lower level. thepointsguy

Why this offer stands out

Before this promotion, the card offered a 75,000-point bonus after meeting the same spending requirement. That's a real jump, and it matters because this is only the third time in the card's 17-year history that it's had a public 100,000-point welcome offer. Bonuses like this don't show up on a $95 annual fee card very often, and there's no telling when it'll happen again. thepointsguythepointsguy

At current transfer valuations, 100,000 Chase Ultimate Rewards points can go a long way. You're looking at real options like a business-class flight to Europe or Japan, several nights at a resort hotel, or a handful of domestic economy tickets, depending on how you redeem. If you're new to transferring points to airline and hotel partners, our guide to maximizing Ultimate Rewards walks through the best sweet spots.

Before you apply, check these two things

You'll need to be under Chase's 5/24 rule, meaning no more than five new personal credit cards opened across all issuers in the past 24 months. You'll also generally need good to excellent credit to get approved.

If you've had the Sapphire Preferred before, don't assume you're automatically excluded from the bonus. Chase's eligibility terms say you can't get the bonus if you've previously held the card or received its welcome offer, but real-world results have been mixed. Some longtime former cardholders have been approved for both the card and the bonus again after enough time has passed. There's no guarantee, but it's worth checking your own eligibility before writing yourself off.

Bottom line

If the Sapphire Preferred has been on your radar, this is about as good as the offer gets. A 100,000-point bonus on a card with this low an annual fee is rare, and once July 30 hits, it's gone. Compare it against the rest of our top beginner travel card picks if you're still deciding, make sure you can comfortably hit the $5,000 spending requirement, and don't wait until the last minute if you're going to apply.

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