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It looks like there are some offers that will be changed and put out Monday for some of the Chase credit cards – like the Chase Sapphire Preferred and the Chase Freedom. At this point, they are rumors, but they are reflective of changes that have been implemented through other application sources (like the Chase Referral Program). What might those changes look like?
Chase Offer Changes Coming?
Chase Sapphire Preferred®
Current Chase Sapphire Preferred® Offer
- Earn 40,000 bonus points when you spend $3,000 on purchases in the first 3 months from account opening. That’s $500 in travel when you redeem through Chase Ultimate RewardsSM.
- Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening.
- 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases
- No foreign transaction fees, plus Chip and Signature enabled for international travel.
- 1:1 point transfer to leading frequent travel programs at full value — that means 1,000 Ultimate Rewards points equal 1,000 partner miles/points.
- 24/7 direct access to dedicated customer service specialists
- Introductory Annual Fee of $0 the first year, then $95
The current offer sits at 40,000 Ultimate Reward points after spending $3,000 in 3 months. That is a great offer that presents some really good value when transferring those points into a partner program (like United, Southwest, or Hyatt, for example). 40,000 Ultimate Reward points is worth around $600 in Southwest point redemptions and is more than enough to get you a one-way ticket anywhere (with the exception of Central Asia, but the $3,000 spend gives the remainder of that amount).
New Offer Coming Monday?
According to in-branch representatives and the online referral program, it seems that the change on Monday may be that Chase will require an additional $1,000 in 3 months to get the bonus. So, it would require a total of $4,000 in 3 months to get the 40,000 point bonus.
Is that a big deal? Not really since there are a lot of ways to do spending (gift cards, reselling, etc), but it certainly may be a strain on many people who may be limited in their spending. What it does is put the spending in line with what the Chase Ink Plus requires (based on points) – basically, $1,000 in spend for every 10,000 points in the bonus. That is a disappointment, however, since the Chase Ink Plus is a business card and it is expected to require a larger amount of spending for a business than a consumer.
Another rumor that has been floating around is that they may up the bonus. That could very well be something to happen, but if that does happen, it most likely will be a limited-time offer while the spend requirement will likely be permanent.
What Should You Do? Apply Now or Wait?
The great thing about Chase is that they will match a current offer as long as your application was within the last 90 days. So, if you were to apply today and they increase the bonus on Monday, you can message them and they will update your offer to the current one. To me, that makes a good case to apply for the card today.
But, if you are not in a major hurry and you have a regular application schedule, I would not break that schedule just to not have to spend the $1,000 extra that may be required come Monday. But, if you are not on a schedule now would be a great time to apply.
If you have held the card before, you can apply again as long as it has been 24 months since you received a bonus on the card and you do not currently have it. So, if you have cancelled it (or will cancel it today), you could apply again and get the bonus.
Current Chase Freedom® Offer
The current offer on the Chase Freedom card is for $100 back after spending $500 in 3 months. The $100 is actually points but they do not have the full power of Ultimate Reward points unless the card is linked with a regular UR point earning card (like the Chase Sapphire Preferred, Chase Ink Plus, or Chase Ink Bold).
The Chase Freedom card is a fantastic card to have as it has rolling quarterly bonuses at 5x earning levels. That bonus amount is capped at $1,500 in bonus spending each quarter, but totals $6,000 in spend a year. That means an extra 30,000 Ultimate Reward points per year (when linked with a UR earning card)!
New Offer Coming Monday?
The new offer coming Monday sounds as if it will be a limited-time offer of $200 back after spending $500 in 3 months. That basically adds up to 20,000 Ultimate Reward points (when moved to a UR earning card) for only spending $500! That is a tremendous offer and one to jump on.
Apply Now or Monday?
As I said before, Chase will match an offer if you signed up before an improved offer. For this one, you could really go either way. Since the offer will certainly not drop on Monday (currently $100), I see no reason not to wait until Monday. Compared to the Sapphire Preferred, it does not sound like they are adding any negative portion to the card when it comes to earning points or spending requirements.
Changes are certainly coming. These changes mentioned here are what most are pretty sure is coming on Monday. Whether you choose to apply today or wait until Monday (or even some future date) is really up to you. Either way, the new offers are almost certain not to be a game changer (the Chase Freedom bonus increase is pretty great, though).