Chase Sapphire Preferred Card launches unique offer: Earn 60,000 bonus points and up to $300 in statement credits

New Chase Sapphire Preferred® Card members can earn 60,000 bonus points after spending $4,000 on purchases in the first three months from account opening.

Plus, you’ll receive up to $300 in statement credits on Chase Travel purchases within your first year. This offer is available for a limited time and is worth up to $1,050 in Travel^SM value.

The Sapphire Preferred is a great beginner travel credit card with most of the benefits anyone who loves maximizing rewards would want in a card. There’s typically an increased bonus offer on this card once a year, so if you’ve had it on your wishlist, now is a good time to apply.

Below, CNBC Select shares how to qualify for this bonus and how to make the most out of it.

The new Chase Sapphire Preferred® Card intro bonus is worth $300 more than the previous offer:

• New offer: Earn 60,000 bonus points after spending $4,000 on purchases in the first three months from account opening, plus up to $300 in travel credit for eligible Chase Travel^SM bookings.
• Old offer: Earn 60,000 bonus points after spending $4,000 on purchases in the first three months from account opening.

On top of the welcome bonus, you’ll get a $50 Chase Travel Hotel credit each card anniversary year. This credit is easy to use and is valid for eligible hotel reservations through Chase Travel^SM.

You’ll also have access to a long list of valuable insurance benefits, including:

There is no shortage of options for redeeming Chase points — and the value you receive from the Chase Sapphire Preferred® Card’s intro bonus hinges on how you use the 60,000-point bonus.

If you keep things simple, you can redeem 60,000 points for one cent per point for several redemptions, including $600 in cash back or $600 in gift cards. You can bump that value up by booking travel through Chase Travel,^SM because the Sapphire Preferred gives you a 25% bonus on these redemptions.

That makes 60,000 points worth $750 in travel for a potential total bonus value of $1,050.

The Sapphire Preferred also unlocks full access to all 14 Chase travel partner programs and you can transfer points at a 1:1 ratio to all of them. Taking advantage of this option is usually the optimal path to maximizing your Chase points. Partner programs include World of Hyatt, Air Canada Aeroplan, United MileagePlus and Southwest Rapid Rewards.

When you take advantage of the best deals these partners offer, the value you get per point can dramatically increase. For example, one-way business class awards from the U.S. to Europe (under 4,000 miles) start at 60,000 points with the Aeroplan program. You can book awards on Air Canada and most of its partner airlines at that price. These flights can easily cost more than $3,000, which means you’re getting a value of around five cents point (not accounting for taxes and fees).

You’ll typically need a good to excellent credit score to qualify for the Sapphire Preferred. To be eligible for this new welcome bonus, there are two additional requirements:

• You cannot currently have any Sapphire card (including the Sapphire Preferred or Chase Sapphire Reserve®)
• You cannot have received a new card member bonus for any Sapphire card in the past 48 months

You’ll also have to contend with Chase’s 5/24 rule: If you’ve opened five or more credit cards from any bank in the last 24 months it will be harder to get approved for a new Chase credit card.

Some business credit cards may not add to your Chase 5/24 count, however, because they don’t appear on your personal credit report.

If you can’t qualify for the Chase Sapphire Preferred or you’re not interested in its new offer, the Capital One Venture Rewards Credit Card is a great alternative.

It has the same annual fee and spending requirement ($4,000 on the card in the first three months) to earn 75,000 bonus miles. Those miles are worth $750 in travel purchases, which is less valuable than the Sapphire Preferred’s bonus. However, you can transfer Capital One miles to 18 partner airline and hotel loyalty programs, which can boost its value.

So the Capital One Venture Card offers a bigger stash of transferrable rewards compared to the Sapphire Preferred.

The Wells Fargo Autograph℠ Card has no annual fee and earns transferrable points. If you’re not sure whether the Chase Sapphire Preferred’s annual fee is worth it, this is a good alternate travel credit card.

The Autograph Card is a good option for purchases such as restaurants, travel, gas stations and popular streaming services. It also has a handful of additional insurance perks, including cell phone protection, travel accident insurance and trip cancellation/interruption coverage.

Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.