Chase is offering
80,000 Bonus Points ($1,000 towards travel)
w/ $4,000 Spent in the First 3 Months of Account Opening for their
Chase Sapphire Preferred® Card with $95 Annual Fee.
Card Details:
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
- Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
- 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.
- With Pay Yourself BackSM, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
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From your link: Credit card signup bonuses never get a Form 1099. The reason being that there's always a minimum spend requirement, and the bonus is considered to be offsetting the purchase.
Is your last sentence implying you would apply for a Reserve in two years after getting the Preferred now? That's not possible. You can only have one Sapphire card at any time.
You could product change from the Preferred to Reserve after 13 months.
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So that means if I want to go back to Reserve within the year, I'll have to downgrade or cancel the Preferred card, and re-apply for a Reserve card.
Anyone else had a different experience? i.e. was able to upgrade Preferred to Reserve within first year?
thanks
I didn't currently own a sapphire card and had bonus about 50 months ago from both Preferred and Reserved. I was good with 5/24 rules and my credit score is 834, this reduced the credit score to 830 (Equifax).
The bank associate was able to expedite the card delivery by calling the customer service. I provided a photocopy of my passport and driver's license.
My application was approved 3/30. I was charged the $95 fee on 4/1.
Does it show up in your recent transaction?
Correct- Chases reading of the CARD act is they can't switch you to anything with a higher AF in the first year of the account being open.
If I remember correctly, the $95 membership fee doesn't count toward the minimum spend limit - so be sure to subtract it from your total if you plan on cutting it close. I usually overspend a couple of hundred dollars, just to make sure I didn't make a careless mistake.
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