Chase Sapphire Reserve cardholders will earn 3x on up to $1,000 in monthly grocery store purchases, while Chase Sapphire Preferred Card members will earn 2x on up to $1,000 in monthly grocery store purchases. This new bonus category starts Nov. 1, 2020, and goes through April 30, 2021.
This makes Sapphire Reserve effectively 4.5% back on groceries if the points are redeemed using Chase Travel or “Pay Yourself Back” statement credits due to the 50% bonus.
For Sapphire Preferred, the 2x redeemed with the 25% bonus makes it effectively 2.5%.
The American Express Blue Cash Preferred (6%) and Blue Cash Everyday (3%) still beat these cash rebate rates, but they’re limited to $6,000 annually or $500 a month.