Heads up, Chase Sapphire Preferred cardholders! Keep an eye on your email because Chase is sending out targeted offers to upgrade to the Sapphire Reserve and snag a bonus of 25,000 Ultimate Rewards points. To get the bonus, you'll need to spend $3,000 within a few weeks of upgrading. The offer is valid until early 2026, so you have time to consider!

Now, is it a good deal? It depends. 25,000 points is nothing to sneeze at, but it's also not the biggest bonus we've seen. The Sapphire Reserve comes with a higher annual fee but also offers better travel and dining rewards, plus perks like airport lounge access. Before jumping, consider whether the Reserve's benefits justify the higher fee and whether the 25,000 points make the switch worthwhile for you.

There is another play - you could cancel your Sapphire Preferred and then apply for the Sapphire Reserve directly. This might net you a bigger bonus but it's important to note that this will use one of your "5/24" slots. "5/24" refers to Chase's rule that you can't be approved for most of their cards if you've opened five or more credit cards (from any bank) in the past 24 months. So, weigh your options and choose the path that best aligns with your rewards strategy and application plans.