What To Know
- If you have previously received the bonus on a Chase Sapphire Preferred card, you will not be eligible for it again.
- The Chase Sapphire Preferred card offers a generous welcome bonus and ongoing rewards, making it a valuable card for frequent travelers.
- Yes, you typically need a credit score of at least 700 to be approved for the Chase Sapphire Preferred card and receive the welcome bonus.
The Chase Sapphire Preferred® Card is renowned for its exceptional rewards program, but many cardholders wonder, “How often can I get the Chase Sapphire Preferred bonus?” This comprehensive guide will delve into the intricacies of this valuable card and provide a clear understanding of its bonus eligibility criteria.
The Welcome Bonus: A Sweet Start
Upon approval for the Chase Sapphire Preferred card, new cardholders are eligible for a generous welcome bonus. This bonus varies depending on current promotions, but typically ranges from 60,000 to 100,000 points. To qualify for the welcome bonus, you must meet the minimum spending requirement within the first 3 months of account opening.
Annual Fee and Bonus Eligibility
The Chase Sapphire Preferred card has an annual fee of $95. However, this fee is offset by the generous rewards program and bonus opportunities. As long as you pay your annual fee on time, you will remain eligible for the welcome bonus and other card benefits.
Lifetime Bonus Rule: One and Done
The Chase Sapphire Preferred card comes with a strict lifetime bonus rule. This means that you can only receive the welcome bonus once per lifetime. If you have previously received the bonus on a Chase Sapphire Preferred card, you will not be eligible for it again.
Multiple Card Strategy: Limited Options
The multiple card strategy, which involves opening multiple cards to earn multiple bonuses, is not as effective with the Chase Sapphire Preferred card. You cannot receive the welcome bonus on multiple Chase Sapphire Preferred cards. However, you may be eligible for other bonuses on other Chase cards, such as the Chase Freedom Unlimited® card.
Referral Bonus: Spread the Wealth
The Chase Sapphire Preferred card offers a lucrative referral bonus program. If you refer friends or family members who are approved for the card, you will earn bonus points. The number of points varies, but typically ranges from 10,000 to 20,000 points per referral.
Business Card Option: Separate Bonus
The Chase Sapphire Preferred Business Card is a separate product from the personal card. It has its own welcome bonus and eligibility criteria. You may be eligible for the business card bonus even if you have previously received the personal card bonus.
Maximizing Your Bonus Opportunities
To maximize your bonus opportunities with the Chase Sapphire Preferred card, consider the following tips:
- Meet the minimum spending requirement within the first 3 months of account opening.
- Pay your annual fee on time to maintain eligibility.
- Utilize the referral bonus program to earn additional points.
- Explore other Chase cards to supplement your bonus earnings.
Final Thoughts: A Valuable Card with Limited Bonus Opportunities
The Chase Sapphire Preferred card offers a generous welcome bonus and ongoing rewards, making it a valuable card for frequent travelers. However, it is important to understand the lifetime bonus rule and limited multiple card strategy options. By carefully managing your account and exploring other bonus opportunities, you can maximize the benefits of this exceptional card.
Answers to Your Most Common Questions
Q: Can I get the Chase Sapphire Preferred bonus again if I close my account?
A: No, once you close your Chase Sapphire Preferred account, you will not be eligible for the welcome bonus again.
Q: Is there a minimum credit score required to get the Chase Sapphire Preferred bonus?
A: Yes, you typically need a credit score of at least 700 to be approved for the Chase Sapphire Preferred card and receive the welcome bonus.
Q: How long do I have to wait after closing my Chase Sapphire Preferred account to apply for it again?
A: Chase recommends waiting at least 24 months after closing your Chase Sapphire Preferred account before applying for it again.
