I mentioned in my $4,927+ Credit Card Application Spree for Summer Travel that I was skipping the Chase Sapphire Preferred card because of the 5/24 rule (see more about that below).
However, if you are just starting out in pursuing sign up bonuses on credit cards, or if you haven’t opened lots of new cards like I have, it’s a great offer!
The signup bonus on the Chase Sapphire Preferred card is 50,000 bonus points. You can redeem the points for cash, gift cards or travel; the points are worth $625 in travel or $500 cash back.
It’s our Free Money offer this week.
Earning Cash Back. The Chase Sapphire Preferred card earns 2X points on travel and dining. You earn 1 point per dollar spent on all other purchases.
20% Off Travel Redemptions. Points redeemed for travel are worth $.0125. There are no travel restrictions or blackout dates when you book airfare or hotel accommodations through Ultimate Rewards.
Transfer Partners. In addition to booking travel with Chase, you can transfer your points to other hotel and airlines partners at a 1:1 ratio. We frequently transfer our points to Hyatt for various trips.
Ultimate Rewards. For more on Chase Ultimate Rewards, see the Best Way to Maximize Chase Ultimate Rewards Points.
Chase 5/24 Rule. The Chase Sapphire Preferred card is subject to the Chase 5/24 rule. Chase limits approvals to those who have opened fewer than 5 new credit card accounts in the last 24 months. For more about the rule and how to get an approval see How to Get an Exception to the Chase 5/24 Rule.
I would so love to do this but applied for the Chase Freedom card recently and was denied because I have too many accounts with them. Apparently 3 (Amazon, Southwest, and one that was sold by WAMU) is too many! Bummer…