Via an inside source, I’ve learned that Chase plans to offer increased signup bonuses for the Sapphire Preferred and Freedom cards. The expected go-live date is November 16, but sometimes deals like these appear a bit sooner in some channels, such as through Chase’s refer-a-friend program.
Both cards earn Chase Ultimate Rewards points. With a premium card like the Sapphire Preferred card, points are transferable to a number of airline and hotel programs. For more details, please see: Quick guide toransferable points programs.
Here are the (expected) details of the new offers:
Chase Sapphire Preferred
Total bonus: 55K
Details: Earn 50,000 bonus points (usual offer is for 40,000) after $4K spend in 3 months. Earn an additional 5,000 bonus points for adding an authorized user.
Annual fee: First year waived, then $95
10K more for Chase Private Client members
Total bonus: 65K
Chase has a program called Chase Private Client for their high value customers. If you’ve been invited to join, do it! Private Client bankers often have better signup bonuses that they can offer to their customers. With the upcoming promotion, we’re expecting to see the Sapphire Preferred at 65K (60K + 5K for adding an authorized user) for Private Client members!
Total bonus: 17.5K
Details: Earn 15,000 bonus points (usual offer is for 10,000, but we occasionally see 20,000) after $500 spend in 3 months. Earn an additional 2,500 bonus points for adding an authorized user.
Annual fee: None
Note: Points earned on the Freedom card are not directly transferable to airline and hotel programs, but you can move points to your (or your spouse’s or business partner’s) Sapphire Preferred or Ink Plus account and then transfer to an airline or hotel program. See: How to share Chase Ultimate Rewards with friends.
Lately, Chase has been denying many/most applications for the Sapphire Preferred, Freedom, and Ink cards when the applicant has applied for more than 5 cards in the past two years. If you haven’t applied for many cards in the last two years and you have a decent credit history, you should be fine. If you have applied for a lot of cards, consider applying in-branch. Those with Chase bank accounts who apply for cards through their local banker seem to have a better success rate (anecdotally). Sometimes the banker is able to advocate on the applicants behalf to push approvals through.
Getting the bonus
Remember that you cannot get a signup bonus for a Chase card if you received a signup bonus for the same card within the past 24 months. So, if you signed up for the Sapphire Preferred card in the past, make sure you received the bonus more than 24 months ago. You also must not have the card anymore, but it is OK if you cancelled or downgraded the card less than 24 months ago.