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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Applied and received our Chase Sapphire card a few months. Have now acquired 85,000 points. My biggest surprise was that my points are worth over $700 and readily redeemable as cash on Amazon purchases.
I opened Sapphire Reserve in 2019. Have lot of points on it so instead of canceling, I downgraded it in 2020 to no-fee version.
Do I have to cancel it to sign up for new offer? How long do I have to wait?
What's the best option for points on it. I think there is something special about these points. That's why I did not cancel the card in 2020.
You can reapply if cancelled before Nov. 2020. Hope you used those points to "Pay yourself back" before downgrading.
Applied and received our Chase Sapphire card a few months. Have now acquired 85,000 points. My biggest surprise was that my points are worth over $700 and readily redeemable as cash on Amazon purchases.
Redeeming your points on Amazon is not wise.
Much smarter to cash them out and then use a credit card for your Amazon purchases so you earn more cash back/points.
Holy shit, 80k + 50% redemption value = $1500 cash value
The Sapphire Preferred is only a 25% bonus when redeemed for travel. So $1000 only when redeemed for travel using the Chase portal.
The Sapphire Reserve is the one that has a 50% bonus. But that bonus is only worth $600 x 1.5 = $900. And again, that's only if redeemed for travel or using Pay Yourself Back, which is scheduled to stop at the end of April.
Is there a way to get your chase sapphire preferred card number immediately? Have a $5K purchase on the 23rd
Call them and ask them to expedite it. They've been known to send it 2-day or even overnight it if you really need the card (especially for making a large purchase!).
I am by no means offering accounting, tax, legal or financial advice, but my understanding is that any credit card points that required spending to earn is NOT considered taxable income. It's considered a discount/rebate. So if your account opening bonus had a minimum spend requirement, you're ok (this does NOT, however, apply to bank accounts with a minimum balance requirement, that's clearly taxable interest income). Also all of your rewards for spending as you use the card shouldn't count either.
Long story short, these CC offers will not trigger any kind of 1099 from Chase and are extremely unlikely to be considered taxable income.
Desperate times call for desperate measures. Chase took a card that rivaled the Amex Platinum and destroyed it in a matter of 12 months. With cards such as the Flex Freedom and the Flex Unlimted, there is no need for the Sapphire Reserve unless you use their travel portal for the additional 50% points. I went back to Amex after 2 years with the CSR card. I actually have both the Amex Platinum (for the 5 points for travel and hotels) and the Amex Gold (for the 4 points on Dining and Supermarkets) at a cost of $800 per year. This seems like a lot, but Amex has so many more bonus point opportunities than Chase. And if you use R@kuten, you can link those points to membership rewards. I have accumulated 220K points in a matter of 5 months. A big portion of the points came from bonus categories that Chase doesn't really offer. In full disclosure, I also received 100k in sign up points. So really I have accumulated 120K in points in 5 months which is still pretty good.
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Do I have to cancel it to sign up for new offer? How long do I have to wait?
What's the best option for points on it. I think there is something special about these points. That's why I did not cancel the card in 2020.
Will I be eligible for this offer?
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Much smarter to cash them out and then use a credit card for your Amazon purchases so you earn more cash back/points.
The Sapphire Reserve is the one that has a 50% bonus. But that bonus is only worth $600 x 1.5 = $900. And again, that's only if redeemed for travel or using Pay Yourself Back, which is scheduled to stop at the end of April.
Will I be eligible for this offer?
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Long story short, these CC offers will not trigger any kind of 1099 from Chase and are extremely unlikely to be considered taxable income.
Check with your financial advisor of course.
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