I mentioned in my $4,927+ Credit Card Application Spree for Summer Travel [1] 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 [2], 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 [3] offer this week.
How to Get Your $500 – $625 Sign Up Bonus
- Sign up for the Chase Sapphire Preferred card.
- Spend $4,000 in the first 3 months.
- Receive 50,000 bonus points.
- Redeem for:
- Travel rewards: Redeem 50,000 points worth $625 towards travel booked through Ultimate Rewards including airfare, hotel stays, car rentals and cruises.
- Cash: Redeem 50,000 points for gift cards or a statement credit of $500.
How to Get 5,000 More Points
- Add an authorized user and make a purchase in the first 3 months.
- Receive 5,000 more bonus points.
Chase Terms and Conditions
- No annual fee for your first year; $95/year thereafter.
- $0 foreign transaction fees.
- This product is not available to either (i) current cardmembers of this credit card, or (ii) previous cardmembers of this credit card who received a new cardmember bonus for this credit card within the last 24 months.
More on Chase Sapphire
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 [4].
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 [5].