Chase Sapphire Reserve℠
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Question

Should I Get the Chase Sapphire Preferred Now or Wait?

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TPG reader Sofia tweeted me to ask:

@thepointsguy— “I already have the Chase Ink Plus Business card, but I want more Ultimate Rewards points. What are the chances of the Chase Sapphire Preferred card offering a bigger bonus soon? Should I just apply now?”

If Beyoncé had a song about credit card points, I think she’d call it Drunk On Ultimate Rewards Points. Once you realize how awesome they are, you just want more.

The Chase Sapphire Preferred card has a bonus of 50,000 points after $4,000 spent within the first 3 months. You can also get 5,000 more points for adding an authorized user, so that makes for a total of 55,000 Ultimate Reward points to start. Sofia’s question could easily be asked before just about any credit card application. Should you wait to get the card in hopes of a bigger bonus?

Get yourself the Chase Sapphire Preferred card asap and start spending! Photo courtesy of Shutterstock.
The sign-up bonus is nice, but Sapphire Preferred is great long-term too! Photo courtesy of Shutterstock.

I value Ultimate Rewards points at over two cents apiece, so the sign-up bonus is conservatively worth at least $900 in travel rewards, or much more if you know to maximize transfer partners like Hyatt and United. The $95 annual fee is waived for the first year, so as long as you can meet the $4,000 minimum spending requirement to get the sign-up bonus, it’s really a great offer.

The Sapphire Preferred earns double points on all travel (including things like parking and subways, not just flights and hotels) and dining. The longer you wait to get the Sapphire Preferred card, the bigger the opportunity cost, since you aren’t maximizing your earnings on those purchases.

Last night I was out to dinner with my dad, and he tried to pay for dinner on a different card. I (of course) told him that he should be putting all dining expenses on his Chase Sapphire Preferred card, as I do.

I recommend you get the card now rather than wait. Unfortunately, I don’t have any insider info from Chase, but based on what I’ve seen the past few years, I don’t anticipate a higher public bonus offer. You never know, there could be higher targeted offers in the future (feel free to share in the comments section if you’ve received one, but I haven’t heard of any recently). Get the Sapphire Preferred and start using it now, and the Ultimate Rewards points you earn from spending will have made up for any higher bonus if one comes along!

If you have any other questions, please tweet me @thepointsguy, message me on Facebook, or send me an email at info@thepointsguy.com.

Chase Sapphire Preferred® Card

Apply Now
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
Intro APR Regular APR Annual Fee Foreign Transaction Fee Credit Rating
N/A 16.24%-23.24% Variable Introductory Annual Fee of $0 the first year, then $95 0% Excellent Credit