The Offer
A new targeted mail offer is beginning to be sent out from Chase for the Sapphire Preferred card. There are two versions:
- Get 90,000 Ultimate Rewards points when you spend $4,000 within the first 3 months. Plus get 5x points on gas and groceries during the first 6 months on up to $6,000 of spend.
- Get 70,000 Ultimate Rewards points when you spend $4,000 within the first 3 months. Plus a $150 statement credit to offset grocery purchases during the first year of the account being open.
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 current Sapphire Preferred offer is for 80,000 points on the same $4,000 spend + a $50 grocery credit; that offer seems to be continuing for now, we don’t know exactly when it’ll end. The 90,000 version of this targeted mail offer is obviously better. The 70,000 offer isn’t as good as the current 80,000 offer (especially if you can have your friend refer you to the current offer).
Will be interesting to see if one of these offers ends up becoming the public offer at some point down the line; we have no info on that. Chase will not match this offer if you signed up on another one, even if you were targeted, according to EosHuffer.
Hat tip to EosHuffer
How long should I wait after closing my CSP to apply for a new one? I’m way past 48 months and am 0/24 with many Chase cards. Would love to snag one of these great bonuses. I hope I don’t get rejected because I value the Chase rental car coverage. I’ve been hesitant to close it but these are too rich to ignore. Thanks in advance.
Did you cancel or downgrade?
Woah, now that’s a bonus. Unfortunately still a year away for me, but good to see new impressive SUBs
P2 got approved earlier this month at bank for 80 k, I called chase to ask about 5 points for groceries and gas and he said this card has 5 points for them until June 30th. Is this correct?
“$95 annual fee (not waived first year)”
I would have been surprised if they waived the annual fee the first year – after applying in a branch.
For car rental insurance, of course one would still have to worry about personal injuries in case of an accident, may God forbid.
I just got the 80k for 4k spend in the branch. I wonder if there is a way to match this new offer. I kinda doubt it but I literally just got the card.
Debating to wait for this or do 80K bonus with P2 referral. Based on 1CPP calculations, would have to spend 2000 in first 6 months on gas and groceries to break even. Thoughts?
Thanks.
The data points when they sent it for the smaller amounts were due to the issue with Chase systems.. so those were the errors. There are no any DP that CHase is doing so now. If you get $600 in referrals (60K points) you will get one for sure. If you get less (combined all cards, biz and personal where your SSN is listed) you should not.
With this being said errors occur. 2 years ago when Chase had this issue they ended up issuing a correction 1099s, but they were not to correct to zero, but to correct to the proper amount (which was less than 600). And they did it very very late, when lots of people already filed taxes.
So, if you absolutely can not afford getting a 1099 (i.e. you are on SSI, or something similar which does not permit you to have any income), I would suggest to absolutely avoid those referral bonuses, as it is not worth the risk. If you just end up paying the half of it back in taxes if you get one, then I would say the risk is low (not zero, but low… remember, there were reports people getting 1099s from BofA for any amount for 2020).. I personally try to get up to 55K in referrals per calendar year per bank.
Good luck
Thanks a lot VL. I am not on SSI or similar. The reason I am asking this is because the combined federal and state tax here is so high, and I need to weigh which option is best for me.
Need some advice: 800 credit score and current Experian reports 15% utilization. I need to get a credit card with a higher limit so was thinking of the CSR (to help with credit utilization.) I pay off my balances every month, but because of 21K limit across 4 credit cards, I need to get a new card. I paid off my balances earlier, so would it be better to wait till the credit report shows a lower utilization, and then apply? Or will I still get the same credit limit regardless?
2nd question: Is it better to get the 80K CSP and then upgrade to the CSR in one year?
March 2022 is going to be very interesting. The CSP badly needs a revamp (moreso than the CSR).
My friend’s CSP/CSR referral links (that I was considering using to apply for CSP) have now disappeared from their online Chase account. Others have same experience or know if/when they would come back? Is this related to these new offers being available? [Error message: “We are unable to locate any offers for you at this time. The offer you are attempting to access is not available for the card account you entered.”]
P2 was able to generate links today.
How many sapphires can one simultaneously churn?
0 – None
You can only hold one Sapphire card at a time. You can only receive a bonus on a Sapphire card once every 24 months. No duplicates. Cannot hold both a Preferred and Reserve. Not a card for easy churning.
Thought it was 48 months?
Yes
Supposedly you can hold more than one Sapphire card at a time through product changes, you just can’t be approved for a Sapphire if you already hold one.