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Effective January 5, 2012, Chase Sapphire, Ink and Bold Customers will be able to redeem their Ultimate Rewards points for Rapid Rewards Points. Point transfers via Ultimate Rewards are not eligible for status, including A-List, A-List Preferred, or Companion Pass Status. Ultimate Rewards points will be converted to Rapid Rewards Points on a 1:1 ratio.
The Chase Sapphire Preferred credit card is already one of the most robust of the multi-purpose rewards cards. The addition of Southwest as a transfer partner, allowing a 1:1 exchange of Ultimate Rewards points for Rapid Rewards points, further solidifies its position atop the category. The card’s vitals:
And then there’s the bonus: New Chase Sapphire Preferred cardholders earn 50,000 points after charging at least $3,000 to the card during the first three months. Assuming they are redeemed for travel—flights, cruises, etc., with no capacity controls or blackout dates—through Chase Ultimate Rewards, the bonus points are worth $625. Other Posts of Interest