It’s rumored that the minimum spending requirement for the card is about to increase. Currently, you’ll get a sign-up bonus of 40,000 points (worth ~$500 or more in travel) after spending $3,000 in the 1st 3 months. But some folks are seeing referral offers which increase the minimum spending by $1,000 to $4,000 within 3 months.
I’ve called a couple of Chase branches and they’ve verified that the card will be modified next week. And I wouldn’t be surprised if other Chase cards are changing, too.
So is now the best time to apply for the card? Let’s take a look.
This Has Happened Before
Link: Chase Sapphire Preferred
Chase Ultimate Rewards points are valuable because they transfer to airline, hotel, and rail partners at a 1:1 ratio. So this is a good card for folks looking for flexibility in how they use their points.
In the past, the minimum spending requirement has gone up and down by $1,000, so I suspect the coming changes will be similar i.e. the spending will change by $1,000. Currently you’ll get the sign-up bonus after spending $3,000 in the 1st 3 months.
Keep in mind, other Chase cards require higher spending to get the sign-up bonus. For example, you’ll get 50,000 points from the Chase Ink Plus after spending $5,000 in the 1st 3 months.
I hope they don’t increase the spending requirement as high as the Chase Ink Plus. But if they do, remember there are lots of ways to meet minimum spending requirements by paying bills and loans you’d normally pay anyway.
So if you’ve been thinking about getting the Chase Sapphire Preferred card, now might be the best time to do it if you’re concerned about meeting a higher spending requirement.
What About Other Cards?
Link: Chase Freedom
So it wouldn’t be unheard of to see an increased sign-up offer for the Chase Freedom card very soon.
I like the Chase Freedom card because you can earn 5 points per $1 you spend (5% cash back) on quarterly rotating bonus categories. This quarter, you’ll get the bonus on purchases made at Amazon.com, Zappos.com, and select department stores. And there’s currently no annual fee!
So folks could really make the most of the Chase Freedom category bonuses by using their card for holiday shopping this quarter. And if the sign-up bonus increases, it’s an even sweeter deal!
It’s rumored that the minimum spending requirement for the Chase Sapphire Preferred card will increase very soon. Currently, you’ll get the 40,000 point sign-up bonus after you spend $3,000 in the 1st 3 months.
But I’m not sure what the increased requirement will be. It could be $4,000 within 3 months from Monday!
And I suspect we might see changes (the good kind!) to the Chase Freedom card, too. That’s because they usually increase the sign-up bonus every ~6 months, and it happened right around this time last year.
Stay tuned for updates!