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The Chase Sapphire Preferred Card recently got an increased offer of 60,000 Ultimate Rewards points after you spend $4,000 in the first 3 months. That’s 10,000 points over the old offer, and though the $95 annual fee is no longer waived the first year, the extra 10,000 points are worth $200 based on TPG’s valuations, so you’re coming out ahead.

If you already have the CSP, now’s an especially good time to urge your friends and family to apply for this card. Not only will they get the new 60,000-point bonus if they meet the spending requirement, but — as Doctor of Credit reportsyou’ll also get 15,000 points for each friend who signs up through your referral link and is approved.

Based on TPG’s valuations, 15,000 Ultimate Rewards points are worth $300. That’s enough to book one night at a Category 4 Hyatt hotel, take a one-way economy United flight in the US, or a round-trip short-haul flight booked through British Airways, among other redemptions available through Chase’s transfer partners.

You can earn this 15,000-point referral bonus for the Sapphire Preferred a maximum of five times in a year. If you were to take full advantage, you’d end up with 75,000 points, worth $1,500, simply for getting your friends to sign up through your link.

How to Refer Friends

Head to Chase’s dedicated refer-a-friend page to generate a referral link for any eligible credit cards you currently have. You’ll notice that the referral offers vary from card to card — for example, the current referral offer for the Chase Freedom is $50 cash back for each friend you refer.

Beware the 1099

While receiving 15,000 Ultimate Rewards bonus points for making a successful referral is great, be aware that you will likely receive a 1099 form for those referral bonus points at the end of the year. Chase has started issuing 1099s for referral bonus points, but not for credit card sign-up bonus points. Last year it valued Ultimate Rewards points at 1 cent each for tax purposes, so maxing out 75k referral bonus points could mean $750 on a 1099.

Bottom Line

Now that the Chase Sapphire Preferred has a higher 60,000-point offer, it’s an especially good time to sign up. Of course, your friends will want to keep in mind that the card takes up a 5/24 slot, but if they don’t have an Ultimate Rewards-earning card yet, it’s well worth it.

And if your friends are on the fence about signing up for the CSP, one of our favorite beginner rewards credit cards, direct them to these posts (but don’t forget to have them apply through your referral link!):

Note: It is TPG policy that referral links are not allowed in the comments section. Any referral links posted below will be deleted.

Know before you go.

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2018 TPG Award Winner: Mid-Tier Card of the Year
Chase Sapphire Preferred® Card

NEW INCREASED OFFER: 60,000 Points

TPG'S BONUS VALUATION*: $1,200

CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

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More Things to Know
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
Intro APR on Purchases
N/A
Regular APR
18.24% - 25.24% Variable
Annual Fee
$95
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent/Good

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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