Published in: Credit Cards | Oct. 14, 2020
By: Lyle Daly
Based on the latest info from Chase, there could be only weeks left to get a much bigger sign-up bonus with the Chase Sapphire Preferred® Card.
Chase recently gave one of its most popular travel credit cards a serious upgrade. It raised the sign-up bonus of the Chase Sapphire Preferred® Card to 80,000 points after you spend $4,000 on purchases within the first three months. That bonus, an increase of 20,000 points, is worth $1,000 toward travel booked through the Ultimate Rewards site. You can also transfer those points to Chase travel partners.
The only catch is that it's a limited-time offer. It's also a limited-time offer without a public end date, so if you can't apply for the card at the moment, you're probably wondering how much time you have.
Although Chase hasn't officially announced a deadline, it has provided a strong clue. If you're thinking about getting the Chase Sapphire Preferred® Card, the first week of November looks like your last opportunity to score that supersized bonus.
The most likely deadline to open the Chase Sapphire Preferred® Card with the 80,000-point bonus offer is Nov. 7, 2020.
How do we know? Chase recently announced that cardholders of the Chase Sapphire Preferred® Card could refer friends from Oct. 5 through Nov. 7 and earn up to 75,000 bonus points. In that announcement, it also said that referred friends can earn up to 80,000 bonus points with the card if they apply by Nov. 7.
If the application deadline for referred friends to qualify for the 80,000-point offer is Nov. 7, that's probably the deadline for non-referrals to qualify as well.
This isn't guaranteed, of course. Chase could always extend the offer. But the evidence indicates that you'll need to apply by Nov. 7 if you want those 80,000 points.
Before you apply for the Chase Sapphire Preferred® Card, make sure all of the following are true:
If you don't pass Chase's 5/24 rule or its 48-month timeline on Sapphire card bonuses, it's better not to apply. Chase will almost certainly deny your application, so you'd be wasting your time and getting a hard credit check for nothing.
You may still have a shot if you haven't quite reached a FICO® Score of 670, because that's not a strict rule. Applicants have been approved with a lower credit score and denied with a higher one. If you have a score in the mid-600s and you want to get that bonus offer, then applying right away could be worth it.
Sign-up bonuses are the fastest way to collect credit card rewards. When you have a chance to earn even more points than usual, it's smart to take advantage. That's especially true with cards that offer versatile points with lots of high-value redemption options, and Chase Ultimate Rewards points are among the best you can find in that regard.
If you want the bonus, the best time to apply for the Chase Sapphire Preferred® Card is right away. If that doesn't work for you, aim to apply by Nov. 7, because after that, the elevated sign-up bonus could go back to normal.
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.
But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.
That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2020
The Ascent. All rights reserved.