The no-annual-fee Chase Freedom Unlimited is a must-have companion card for anyone with a Chase Sapphire Preferred card or Chase Sapphire Reserve, but if you still haven’t added it to your wallet, this latest offer is a great chance to change that.

The Discoverer has partnered with The Points Guy affiliate network for our coverage of credit card products. The Discoverer and The Points Guy may receive a commission from card issuers. The offers mentioned below are subject to change at any time and some may no longer be available.

The Bonus

As usual, new cardholders will get a $200 cash back bonus after spending $500 in the first three months of account opening, which can (and ideally should) be converted into 20,000 Ultimate Rewards Points. That part isn’t changing.

What is new is that new cardholders will now earn 5% back or 5x points per dollar on grocery purchases for an entire year, on up to $12,000 in eligible purchases. That includes purchases at grocery stores and Instacart grocery delivery, but not at Walmart, Target, or wholesale clubs like Costco.

Of course, you’ll also continue to receive 1.5% cash back (or 1.5 points per dollar) on all other purchases, with no limit, making this a great card for Sapphire cardholders to use on purchases that would normally only earn 1 point per dollar, especially since it doesn’t carry an annual fee.

Convert Your Cash Back To Points

If you were to convert your bonus cash back into Ultimate Rewards Points, which are worth $.02 each according to The Points Guy, that would be like earning a 10% return on your grocery spend for a full year. That puts it right at the top of the list of the best cards you can use for groceries, assuming you have a Sapphire card in your wallet, and are eligible for this offer.

Needless to say, many of us have been spending more on groceries during this pandemic, but  this is a great opportunity to stockpile points for your next big trip once it’s save to travel again.