There’s been an important change to one of the Nerds’ favorite travel credit cards: You’ll now have to spend more to get the signup bonus with the Chase Sapphire Preferred® Card. For details about this shift and other important information about the card, take a look at the details below.
You’ll now have to spend more to get the Chase Sapphire Preferred® Card signup bonus
In November 2014, Chase announced it was raising the minimum spending requirement to receive the signup bonus on its popular Chase Sapphire Preferred® Card. Currently, the signup bonus is: Earn 40,000 bonus points after you spend $4,000 in the first 3 months. Previously, customers only had to spend $3,000 in that same timeframe to receive the points.
This change means that the Chase Sapphire Preferred® Card now has one of the highest signup bonus spending requirements on the consumer credit card market. However, keep in mind its bonus is also a big one – it amounts to $500 to spend on travel if you redeem through Chase Ultimate Rewards.
We still love the Chase Sapphire Preferred® Card – here’s why
Even though you now have to spend more to get the Chase Sapphire Preferred® Card’s signup bonus, it’s still one of the Nerds’ top picks. With it, you’ll earn 2 points for every dollar spent on travel and dining out, and 1 point per dollar spent on all other purchases. Generally, Chase Sapphire Preferred® Card points are worth one cent apiece. However, if you redeem them for travel through Chase Ultimate Rewards, the value of each jumps by 25%.
Also, you’ll have the option to transfer your points to several popular frequent traveler programs at a 1:1 ratio. If you’re good at hacking frequent flyer award charts, this feature could help you wring up to $.02 (or more) out of each point.
Plus, the Chase Sapphire Preferred® Card is a great choice for international travelers. The card comes chip-enabled and charges no foreign transaction fees.
Finally, the Chase Sapphire Preferred® Card carries an Introductory Annual Fee of $0 the first year, then $95. In short, it’s a high value card that all globetrotters should keep in mind.
Chase Sapphire Preferred® Card too rich for your blood? Here are a few alternatives
If the signup bonus spending requirement on the Chase Sapphire Preferred® Card is simply too high for you, there is a $0 annual fee version of the card that might be a good choice. With the Chase Sapphire® Card, you’ll earn 2 points per dollar spent on dining in restaurants and 1 point per dollar spent on all other purchases. In terms of a signup bonus, it offers: 10,000 bonus points when you spend $500 on purchases in the first 3 months from account opening - that's $100 in travel rewards when you redeem through Chase Ultimate Rewards(SM)!
Not interested in a Sapphire card at all? Here are a few alternatives:
Barclaycard Arrival Plus™ World Elite MasterCard®
The Barclaycard Arrival Plus™ World Elite MasterCard® is another Nerd favorite in travel credit cards, and you’ll quickly see why. With it, you’ll earn 2 miles on every dollar you spend. Miles are generally worth $.01 apiece, but since you get 10% of your miles back when you redeem them for travel, the rewards rate is more like 2.2%.
Speaking of redeeming, the Barclaycard Arrival Plus™ World Elite MasterCard® provides a lot of flexibility. You’ll be able to book your travel as you normally would, then pay yourself back with your miles in the form of a statement credit. This means you can arrange your trip with any airline, hotel chain, cruise line or discount travel site your heart desires and still use your rewards.
If you’re planning a trip abroad, the Barclaycard Arrival Plus™ World Elite MasterCard® has your back. It comes chip-enabled with PIN capability, and charges no foreign transaction fee. This will make swiping overseas cheap and convenient.
This card also comes with a killer signup bonus: Earn 40,000 bonus miles when you spend $3,000 or more on purchases in the first 90 days from account opening. Its annual fee is $89 - Waived first year All in all, the Barclaycard Arrival Plus™ World Elite MasterCard® is a stellar card that we highly recommend considering!
BankAmericard Travel Rewards® Credit Card
The BankAmericard Travel Rewards® credit card is another great card for folks looking to minimize fees. With it, you’ll earn 1.5 points on every dollar you spend. Each point is worth $.01, but if you’re a Bank of America® banking customer with a lot of money saved, you could score a points dividend of up to 75% with the Preferred Rewards program.
Like the Barclaycard Arrival Plus™ World Elite MasterCard®, the BankAmericard Travel Rewards® credit card allows you to redeem your points for nearly any travel purchase in the form of a statement credit. Again, this provides a lot of flexibility and you won’t have to worry about pesky frequent flyer devaluations cutting into the value of your rewards.
What makes the BankAmericard Travel Rewards® credit card really special is its rare trifecta of benefits that international, budget-conscious travelers will enjoy: It comes chip-enabled with PIN capability, charges no foreign transaction fee, and carries an annual fee of $0.
Finally, this card also offers a modest signup bonus: Online exclusive 10,000 bonus points if you make at least $500 in purchases in the first 90 days- that can be $100 towards travel purchases. If you’re looking to maximize rewards and minimize costs, the BankAmericard Travel Rewards® credit card definitely fits the bill.
Spending more money image via Shutterstock
The post Chase Sapphire Preferred Raises Signup Bonus Spend Requirement appeared first on NerdWallet Credit Card Blog.
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