The Chase Sapphire Preferred 100K Welcome Bonus Won't Be Around Forever. Here's How I'd Make the Most of It

Chase has a new limited-time offer just in time to earn points on spring home upgrades and redeem those rewards for a summer trip.

You can earn 100,000 Chase Ultimate Rewards points after spending $5,000 within the first three months of opening the Chase Sapphire Preferred® Card*. The card usually has a 60,000-point welcome bonus when spending $4,000 within the first three months, but the extra spending definitely makes the boosted bonus worthwhile.

The CSP is my favorite low annual-fee travel card. Beyond the welcome bonus, I love the card's annual $50 statement credit when booking hotels through the Chase Travel℠ portal, plus trip cancellation and interruption insurance. I've had the card for about two years, and it's saved me a lot of money on flights and hotels -- especially when I earned the welcome bonus.

We don't have the offer's expiration date, but I don't recommend waiting because Chase's boosted welcome bonus offers don't usually last long. If you're thinking of getting this travel card, here's what I love about it and how I'd maximize the 100,000 welcome bonus points.

I'd go after the new welcome bonus myself but I heard about Chase's 48-month rule. If you've earned a welcome bonus on your Chase Sapphire card in the past four years, you can't qualify for the new bonus. But because I've had the card for two years and I've used the card responsibly, I reached out to Chase and am waiting for a decision. The offer's just too good not to ask.

Chase points are typically valued at one cent per point, but you'll get more value if you redeem them in the Chase Travel portal, where points get a boosted rate of 1.25 cents. That would make those 100,000 bonus points worth $1,250.

Hands down, I'd use the points toward flights. Let's say I wanted to book roundtrip economy tickets for my family of four from Charlotte, North Carolina, to New York City (June 4 to June 8). If I book through the Chase Travel portal, it would cost about $1,016. So I'd have enough points to cover the cost of plane tickets for my whole family.

You can also book hotels, rental cars and cruises at the boosted rewards rate.

Before you book via the Chase Travel portal, be sure to look for deals and other redemption options. Chase has airline and hotel partners that offer higher redemption rates if you transfer your points. You can earn the most through transfer partners but can still get extra redemption value when booking through Chase's portal.

If you don't have any upcoming trips, there are other redemption options but at a lower value. For example, you can redeem one cent per point toward a $1,000 statement credit to lower your credit card balance.

Chase also has a "Pay Yourself Back" program that lets you use your rewards for statement credits on purchases from select categories at a rate of 1.25% per point. However, this offer is only available for select charities.

If you're considering getting the Chase Sapphire Preferred, look at the card's other features first. Welcome bonuses are usually a one-time deal, so you'll need to make sure the card is worthwhile beyond the bonus rewards and that you earn enough rewards with your regular spending to offset the $95 annual fee.

Most important, don't accrue debt trying to earn credit card rewards. The average credit card interest rate is over 20%, so any value you'd get from the rewards would be wiped out by the interest you accrue, leaving you in debt.

Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.For rates and fees of the Blue Cash Preferred Card from American Express, click here.

*All information about the Chase Sapphire Preferred Card has been collected independently by CNET and has not been reviewed by the issuer.

Correction, 12:45 p.m. PT: This story initially gave an incorrect figure for the amount Chase requires you spend in the first three months after opening the card. That figure is $5,000.