No one can accuse Chase of not being a generous credit card company these days. Many Chase credit card offers come with lucrative signup bonuses ranging from $50 to 25,000 frequent flyer miles. But these offers pale in comparison to the Chase Sapphire Preferred credit card’s unprecedented 40,000 Ultimate Reward point sign up bonus. At the very least, this Chase promotion is worth a whopping $400. If the Chase Ultimate Rewards are used for travel, this incentive is worth an even more impressive $500, as there is a 25% bonus applied when Chase Sapphire Preferred cardholders redeem points for travel rewards.
Getting the Chase Sapphire Credit Card Bonus
In order to get your hands on the 40,000 Ultimate Reward points being offered on the Chase Sapphire Preferred Card, you must simply apply for the card – it is not available to current cardholders – and spend $3,000 within three months of opening an account. The $3,000 spending requirement is higher than most required to earn credit card sign up bonuses, but the $400-$500 reward is also four to five times higher than what even the most generous cards are offering. Plus, it only takes $1,000 of spending per month to earn the Sapphire Preferred’s $500 bonus.
In order to meet the spending requirement, use your Chase Sapphire card to pay for everything: gas, groceries, utilities…. Most families can easily meet this target. Just be sure to pay your bill in full every month to avoid interest charges and you’ll make out like a bandit. You can review the card details below:
- 40,000 bonus points after you spend $3,000 in the first 3 months - that's $500 toward travel rewards!
- 2 points per dollar spent on travel and dining at restaurants & 1 point per dollar spent on all other purchases
- Get 20% off airfare, hotels, car rentals and cruises when you redeem through Ultimate RewardsSM
- No foreign transaction fees
- Receive a 7% Annual Points Dividend on all new points earned on purchases - even on points already redeemed
- 1:1 point transfer to leading frequent travel programs - that means 1,000 Ultimate Rewards points equal 1,000 partner miles/points
- Direct access to expert service advisors anytime
- Introductory Annual Fee of $0 the first year, then $95
N/A*
N/A for N/A*
15.24% (Variable)*
$0 1st year, then $95
Excellent Credit
Maximizing the Value of Your Chase Sapphire 50,000 Point Bonus
Once you satisfy the $3,000 spending requirement, you can opt to redeem your 40,000 Ultimate Reward points for a $400 statement credit, a $400 check or $400 in gift cards from a range of top tier merchants. This is the no hassle approach, though not the most profitable.
The key to getting the most out of your Ultimate Reward points is to use them to book a trip on the Chase Ultimate Rewards travel platform. As a Chase Sapphire cardholder, I’ve tested the system and found the results to be nearly identical to major travel sites like Orbitz.com or Travelocity.com. Thus, armed with 40,000 Ultimate Rewards points, you can book a flight or hotel and realize a $500 reduction in cost. This is really a great deal and if I were not a cardholder already, I’d sign up for this today. (I called in to see if I could qualify by upgrading my current Sapphire card, but was denied.)
Final Thoughts
There are really only two drawbacks to the Chase Sapphire Preferred card. The first is the annual fee of $95. However, there is no fee the first year, so you get a full year to decide whether or not you are happy with the Sapphire Preferred card. Plus, if you account for the Sapphire card’s $500 bonus, there is essentially no annual fee for six years. The second drawback is the lack of a 0% introductory offer. If you have credit card debt or will be taking on new debt, you may be better off focusing on paying down debt with a 0% APR balance transfer credit card.
Despite these limited drawbacks, the Chase Sapphire Preferred card is definitely worth trying out. No other credit card company will pay you $400 to $500 just to test out their product, so if you’re in market for a rewards card, this is definitely the best option available today, as it offers a remarkable sign-up bonus and is tied to an industry leading rewards program.
For additional information and to apply, see the online application here.
Update April 5th 2012: For those who don’t want to pay an annual fee, the standard Chase Sapphire card is now offering a 10,000 bonus point promotion. This new deal is worth $100 and is among the best offers available on a no fee rewards credit card that uses a flexible point system
- 10,000 bonus points after you spend $500 in the first 3 months - that's $100 toward travel rewards!
- 2 points per dollar spent at restaurants & 1 point per dollar spent on all other purchases.
- Points never expire and there are no limits on how many points you can earn
- Redeem points for travel, gift cards, merchandise, cash back and more
- Direct access to expert service advisors anytime
- No annual fee!
N/A*
N/A for N/A*
15.24% (Variable)*
$0
Excellent Credit
Related Articles
About the author
Jeffrey Weber has been following and blogging about the credit card industry since 2004. He has also written for Forbes and been cited in a wide range of major media outlets including USA Today, Time, MSN Money, The Christian Science Monitor, The Detroit Free Press and numerous other prestigious online and print publications.
Jeffrey resides in Easton, Connecticut and enjoys spending his free time chasing after his two year old son, watching films with his wife and occasionally taking a holiday to go snorkeling.
Jeff Weber – has written 339 posts.
{ 13 comments… read them below or add one }
I have never tried Chase, but I know Citi card cash bonus is a joke. I personally applied a Citi credit card because of the cash bonus, but Citi only gave me $500 credit limit and I’m not allowed to increase it until after the 6th month I own it. Which means I will not be able to reach $2000 in the first 3 months. I will never try Citi any more.
Hi,
Is the $500 bonus available for current Chase credit card customers?
Thank you
Alex,
As far as I’ve been able to ascertain, this offer is available as long as you are not a current Sapphire card holder.
you dont have to choose individual purchases for a statement credit with Chase, just one purchase of any value is gud enough, if you are facing a problem navigating, you can call up the folks are very helpfull or email for assistance, i m a devoted fan of Chase having tried several banks
I wasn’t aware you could handle it that way. I always use specific purchases, but you are also right, if the Ultimate Rewards site causes problems, calling up resolves the matter.
I’ll be canceling my account with Chase after my first attempt to navigate the new Ultimate Rewards web site. It’s no longer possible to simply trade your points for statement credit, now you must redeem them for individual purchases made in the last few days. The site dose not streamline the process, it doesn’t give you a list of eligible purchases. You need to click back and forth between the rewards page and your statement, and enter the date, and amount of the purchase one by one.
When I called Chase, to ask if there was some way around the poorly implemented new system, it took 20 minutes to navigate though their phone tree. When I finally spoke to a live person it was someone who spoke English poorly, and told me that generic statement credits had never been possible. An obvious lie, I’ve been using my credits for statement credits for years.
Chase, you used to be the best credit card in the business, now you are just a sad mockery of your former self.
Thomas,
I understand your frustration about having to match up a purchase, but this is really a small issue and, since you can redeem for as little as $20, I consider this a mild annoyance. You can get a check sent out quicker and without checking your statement, so while redeeming for a statement credit requires a couple extra minutes, the vast benefits offered through Ultimate Rewards more than offset this mild inconvenience.
I like to sign up for this card since I need to purchase a a nice bedroom set and an office desk. That would already cost me $5000. When can I receive the bonus? After 3 months or my next statement after i’ve fulfilled the $3000 requirement? Maybe spend $3k with this card and sign up for the Citi Thank You card for the remaining $2k
Joey,
I know with Chase, bonuses tend to hit accounts in the statement after you hit spend requirement. Fine print typically states 8 to 10 weeks, but Chase has been so good about this stuff, I think it will likely come through sooner. As an example, I am getting a 5X points promo on my Sapphire card right now, and although it said 8 to 10 weeks, my bonus has shown up every month.
The 50,000 point value $665
Mike,
The value of the Chase Sapphire 50,000 point bonus is $500 when it is redeemed for cash or giftcards and $625-not $665- when used for travel because there is a 25% bonus awarded.
Glad I could help Casey. The 50,000 point Sapphire promotion is easily the best I have seen on a card that essentially offers cash back. It is good to know my article has helped people like you discover this really lucrative bonus.
Looks like Chase is paying for half of my vacation. This Saphire deal is the best I’ve found this year. I usually do one new card a year for the sign up bonus, but this year I’ve already done two and may do another after this one.