Update 2/1/21: The 60k+$50 offer is now available via referral as well. (ht adp5x7) I believe only newly generated referral offers will show the $50 bonus, be sure to verify it’s there before applying. Being referred by a friend can potentially give even more value than applying in-branch to have the $95 annual fee waived.
The Offer
- Signup for the Chase Sapphire Preferred and get 60,000 points after $4,000 in spend within the first three months. Plus, get earn up to $50 in statement credits towards grocery store purchases within your first year from account opening.
Card Details
- $95 annual fee (not waived first year)
- No foreign transaction fees
- Primary car rental insurance
- This card earns at the following rates:
- 2x points per $1 spent on travel and dining at restaurants
- 1x points per $1 spent on all other purchases
- Transferable points
- Redeem points on Chase’s travel portal at a value of 1.25¢ due to the 25% travel redemption bonus
- Not eligible if you’ve received a sign up bonus on the Sapphire Preferred/Reserve in the last 48 months (standard is now 48 months)
- Chase 5/24 rule applies to this card
Our Verdict
The standard bonus has been 60,000 for a while, and this offer throws in an extra $50 credit which is nice. I’m not sure I’d do this offer given that we had a better 80,000 points offer that ended just a few months ago, and maybe something similar will come back. But if you are signing up be sure you use the offer page which has the $50 addition; it’s not showing on all pages.
Let us know if you see the $50 bonus on Chase referral links. Also see these 26 Things Everybody Should Know About Chase Credit Cards before applying.
Wonder if I should go for this one or wait for a better offer for the Sapphire Reserved ?
How long do I have to wait after closing my Sapphire reserve before being able to apply for the preferred? I’m passed the 48 month period.
This thread explains it well, with some conflicting DP: https://www.doctorofcredit.com/how-long-does-it-take-chase-to-clear-an-old-card-out-of-their-system-likely-30-days/
thank you!
Wonder how often the 80k offer comes around. Both wife and I just hit 48 months this month, but contemplating waiting for the 80k offer…
From what I’ve gathered, the increased offers we’ve seen with the CSP and AmEx charge cards were so the banks could bump up their numbers and meet their quotas. I wouldn’t hold your breath but depending on how soon you need the points it could make sense to wait since I don’t see it getting worse than the 60k offer. Maybe the $50 statement credit grocery offer goes away but then the 80k points come back up. There have been rumors of the CSP being due for a revamp. Increased AF to about $150, 2x multipliers across all categories and possibly the bonus going back to 80k. Is it going to be 48 months since you have gotten the card or received the bonus? Also you probably already know to do this but one of you should apply and then wait to generate your referral so that the other could apply through to get the extra 15k points.
thank you for the feedback, its helpful. We’ll probably just wait for the 80k to come back (hopefully). No rush to use the points but its just annoying to save that 5th/24 slot for a chase. I can’t open any non-business cards until I get a chase card. Yeah we’re 48 since bonus, I keep a spreadsheet of all my credit card stuff.
Did you end up applying? It has been back for a couple days with an amazing offer in branch!
I’m 22 and only have had my credit card (WF Propel) since August and also bought a car financed in October, so I had a lot of inquiries done, should I try and get the Preferred or wait. I have a credit history since 2018 since I financed a back door for my parents though and a credit score is 759 according to WF.
I believe those auto loan inquires are treated as one but not certain. I think you should wait for the Preferred since the oldest card account in your name is from August. I’d recommend making a post on the credit cards subreddit. Does Wells Fargo use your FICO score? Also, do you bank with Chase?
If doing 2 Player, the referral 15k bonus for P1 is better value than $95 in branch fee waiver, for P2 correct?
75k points -$95
60k points
Make sure your referral shows the $50 statement credit for groceries or you can just generate a new line. Referral better than AF waiver even if you redeem for cash at 1 cent per point. Even better if you redeem for PYB or portal or transfer points to hotel and airline partners.
Referred my dad last night without the $50 bonus. Checked today and it shows up now in the referral landing page. Gonna have to send an pm in a few weeks to see if I can get it matched
Can a CSR holder refer someone for the CSP and collect a referral bonus?
Unfortunately no 🙁
No. Only CSP to CSP.
Can I refer from my Chase Freedom to CSP for my spouse? If yes, how? Maybe am confusing with Amex for referral across different products.
Only CSP to CSP.
What does the referrer get? Hard to know if it’s better than going in branch without that info.
I believe it’s 10,000 points
15,000 for CSP
10,000 for Freedoms
If you had previously downgraded a Chase Sapphire Preferred to the plain Chase Sapphire (no annual fee card) and kept it open, are you eligible to apply for the CSP again and obtain the bonus (assuming you meet the 48 month requirement)? Basically, can you apply for the CSP and get the bonus when you currently have a plain Chase Sapphire (no annual fee card)?
I’m in the same boat, holding a regular Sapphire that was downgraded (from Sapphire Preferred) over a year ago… My 5/24 status is fine, but this offer is the first time I’ve seen the stipulation that you’re not eligible if you “have any Sapphire card”.
Does anyone know the answer here?
This post might help https://www.doctorofcredit.com/how-long-does-it-take-chase-to-clear-an-old-card-out-of-their-system-likely-30-days/
Thanks, Chuck. Is there any scenario you guys don’t have an post for already? Great work.
I cancelled P2’s regular Sapphire card (that I had downgraded to) last month because you can only have one Sapphire card and coming up on 48 months in about 2 months. I heard it takes a couple months to get the card out of the system, though not sure that’s a requirement.
Nah takes a couple of weeks, not months. And instead of canceling, you could’ve downgraded to Freedom.
P2 is still eligible for sign up bonuses on the Freedom cards and I’d prefer to refer to those. Plus very finicky, doesn’t like a lot of products in their name. Every sign up is a debate so I choose carefully 🙂 But thanks for the input, appreciate it.
A cancel takes 30 days to clear their system in this regard; a downgrade less…this thread explains it in full: https://www.doctorofcredit.com/how-long-does-it-take-chase-to-clear-an-old-card-out-of-their-system-likely-30-days/