Yesterday I got the Chase Sapphire Preferred offer of 100k bonus points if I spend $750 in 3 months. The $95 fee is waived for the first year. The brochure said the 100k points could be used for $1,250 in travel if I book through their ultimate rewards system.

I read through all the fine print and didn't see any clauses so wanted to double check here. Can I really get the card, spend $750 on it, get the 100k bonus points, book my travel using the points, then cancel the card before the first year is up? Meaning basically I can get $1,250 in travel for free? I realize I'll probably never get another offer from Chase ever again but I'm not really worried about that.

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One more specific question. I mostly fly AA, can you book AA flights using Chase points through the ultimate rewards system? Since I don't have an account, I can't log in an check.