Special offer to upgrade Chase Sapphire Preferred to Chase Sapphire Reserve

[u/LooseRegular]

I got a targeted offer to upgrade my CSP to a CSR and spend $4000 in by mid-December to earn 75k points.

The appeal:

• It doesn't cost me a 5/24 slot.
• I've already gotten the bonus for the legacy CSR before so I wouldn't have ever been able to get the bonus from the CSR post-refresh (because of the newly introduced lifetime language).

The downside:

• Not a particularly great offered compared to new cardholder bonus offers (but this is not as big of a deal to me because of the upsides listed above).
• I have about 120k in points that maintain the 1.25x redemption rate through the Chase portal through the legacy conditions that took place before the Chase Sapphire product refreshes. I assume that if I upgrade that I would forfeit the 1.25x redemption rate if I chose to upgrade.

What would you do in my scenario? I think the main deciding factor is if the 1.25x redemption rate value of those 120k points is worth as much as it seems like at face value.

And maybe the big question is, "do people find good deals on flights/hotels in the Chase travel portal?" Or are the prices so inflated that the value of the 1.25x is significantly nerfed and doesn't actually provide the value expected?