If you redeem points for cash back outside of Pay Yourself Back, 60,000 points are worth $600.
The Chase Sapphire Preferred's 60,000-point bonus can be worth up to $750 when you redeem for travel through Chase Ultimate Rewards® or as a statement credit with the Pay Yourself Back feature, since point redemptions are worth 25% more this way. The Sapphire Reserve earns 80,000 bonus points. When you meet the spending requirements for the Sapphire Preferred you'll earn 60,000 bonus points. While the spending requirements are the same, the earning potential is not. Currently, the Sapphire Preferred and Sapphire Reserve offer welcome bonuses that require you to spend $4,000 on purchases in the first three months from account opening to earn extra points.
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