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 new Chase Sapphire Preferred credit card’s unprecedented 50,000 Ultimate Reward point sign up bonus. At the very least, this Chase promotion is worth a whopping $500. If the Chase Ultimate Rewards are used for travel, this incentive is worth an even more impressive $625, 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 50,000 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 $500 reward is also three 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:
- Limited Time Offer - Earn 50,000 bonus points after you spend $3,000 in the first 3 months- that's $625 toward travel!
- 2 points per dollar spent on travel and dining & 1 point per dollar spent on all other purchases.
- Use 20% fewer points when you redeem for travel. Just book your flight, cruise, or other travel through Ultimate RewardsSM
- No foreign transaction fees
- Earn a 7% annual points dividend - even on points already redeemed
- Transfer points you've earned to participating frequent traveler programs at a 1:1 value
- 24/7 direct access to expert service advisors (No voice recording)
- No Annual Fee for your first year - A $95 value
N/A*
15.24% (Fixed)*
$0.00 1st year, then $95.00
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 50,000 Ultimate Reward points for a $500 statement credit, a $500 check or $500 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 50,000 Ultimate Rewards points, you can book a flight or hotel and realize a $625 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 – seven if you redeem your points for travel and get $625. 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 $500 to $625 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 November 10, 2011: For those who don’t want to pay an annual fee, the standard Chase Sapphire card is now offering a 25,000 bonus point promotion. This new deal is worth $250 and is by far the best offer available on a no fee rewards credit card. Another option is the Chase Freedom $200 cash back card, which offers a slightly lower sign up bonus, but greater opportunities to earn rewards.
- Limited Time Offer - Earn 25,000 bonus points after you spend $3,000 in the first 3 months - that's $250 toward a flight or any other reward!
- 2 points per dollar spend on dining & 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
- 24/7 direct access to expert service advisors (No voice recording)
- No annual fee!
N/A*
15.24% (Fixed)*
$0.00
Excellent Credit*
June 7th, 2011 at 10:37 am
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.
June 13th, 2011 at 10:55 am
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.
June 24th, 2011 at 10:01 am
The 50,000 point value $665
June 24th, 2011 at 11:55 am
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.
July 6th, 2011 at 7:49 pm
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
July 7th, 2011 at 10:11 am
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.
July 9th, 2011 at 7:03 am
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.
July 10th, 2011 at 11:21 am
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.
August 5th, 2011 at 12:03 am
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
August 7th, 2011 at 8:31 am
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.
August 18th, 2011 at 2:38 pm
Hi,
Is the $500 bonus available for current Chase credit card customers?
Thank you
August 19th, 2011 at 11:04 am
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.