If you are interested in getting started in the travel points game, a great place to start is with the Chase Sapphire Preferred Card. It’s always been a great travel rewards card. It was one of the first I got, and I still have it. And — important — internet sources are saying that later this month the normal bonus offered is about to increase. So now is a good time to start thinking about getting into the game.
Chase Sapphire Preferred — An Excellent Source of Flexible Travel Points
If you read the various blogs about travel rewards, you will quickly discover that one of the favorite credit cards to get is the Chase Sapphire Preferred card. Why? When you use your card, you earn Chase Ultimate Reward Points. UR points are flexible. That means, you are not locked into using them on one airline, or at one hotel. Chase has a number of travel partners, including: British Airways, United Airlines, Hyatt Hotels, IHG hotels, Marriott hotels, and others. You can transfer your Chase points to the program you need, when you need.
Why This Should Be One of the First Cards You Get.
Chase Sapphire Preferred should be near the top of your list of applications, for a very important reason.
Chase has previously been very generous in approving lots and lots of applications, without too much focus on your other credit lines (Obviously, you always need a decent credit score to succeed).
However, in the past few months there have been many many reports that Chase is “tightening up” and is NOT approving applications if they see that you have applied for more than about 5 cards in the past 2 years. If you eventually get seriously into this game, 5 applications in 2 years is kid’s stuff. (I have been averaging 10-12 applications per year for the past 3 years, and even that’s not all that high for real gamers.) So, if you want to get the Chase Sapphire Preferred… and I strongly suggest that you do want to get it … then apply for it early.
Why You Should Think About Getting This Soon: Expected Increased Bonus.
The usual offer for the Chase Sapphire Preferred card is: Earn 40,000 Ultimate Rewards points after spending at least $4000 in the first 3 months. Annual Fee is waived the first year, $95 per year after that.
The Blogosphere is reporting that the offer is about to be increased later this month, for a limited time, to a total of 55,000 points. See Frequent Miler Earn 50,000 points after spending $4000, and earn an additional 5,000 points for adding an additional user (No worries – you can name anybody, and you don’t have to give the card to that person.) This is not a rumor anymore. The new offer is out: 50,000 points after spending $4000 in 3 months; another 5000 points for adding an authorized user who makes a purchase. Annual fee waived first year.
In summary, time to start thinking. Are you in the game or not? If you want to dip your toes in the water (or jump in), looks like the time will be right in a few weeks. I’ll keep an eye on this, and post again when the new offer becomes available.
Other Important Points:
Had It Before? — If you’ve had the card before (or have it now) you probably will not be eligible for a new bonus. We will need to wait for the new offer to see exact terms and conditions, but in most cases you are not eligible if you’ve had this card or received a bonus for it in the past 2 years.
Couples — in order to maximize your points, BOTH of you need to be applying individually for your own credit cards. Joint accounts don’t do anything to increase your sign up bonuses. So, if one of you had the card before, the other can still apply for a card and be eligible for the bonus. In most cases, being an authorized user on a card is not the same as being the cardholder, and will not impact your eligibility to get the bonus.
Be Sure to Transfer Points Before Closing Account — for the Chase Sapphire Preferred (and similar flexible points cards like Citi Prestige or various American Express cards) it is very important to remember that you need to transfer the points out to a travel partner BEFORE you close the account. If you have points still left in the account at the time you close it, you forfeit those points.