Chase just increased the sign-up bonus on the Sapphire Preferred® Card, now making it possible to earn up to 55,000 bonus points. Under this new offer, you’ll earn 50,000 bonus points after spending $3,000 in the first 3 months from account opening, plus an additional 5,000 points after you add an authorized user who makes a purchase within the first 3 months.

55,000 points can be redeemed for $550 in statement credit or about $650 towards travel if you redeem the points for airfare. Of particular note, however, is that the annual fee under this new offer is $125 (waived for the first year). That’s an increase from $95 (waived for the first year) under the old offer.

To read about the card’s features and benefits, see this detailed review.

For more info on the enhanced offer or to apply, see this link.

(Note: At first, when I tried using the link, it would only show me the old offer. It took several tries in different browsers before the new offer showed up, so YMMV. You may need to try clearing cookies and/or using Google Chrome in Incognito mode.)