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Chase Bonuses – Good Developments
Also see this related follow up post: Hacking Chase Hotel Cards – Maximize Benefits & Bonuses
Chase is one of the few banks who has made it hard to get the bonus more then once on their credit cards over the years. For a long time, you were only able to get one sign-up bonus per product.
A nice loophole has existed for awhile where you can get a bonus again if Chase does a product change. A good example of this is when the Chase Ink cards changed from Mastercard to Visa. Chase considered the Visa cards a new product and thus allowed people to get the bonus again.
A Change In Chase Bonus Language & Policy
The other day I wrote about the possibility of Citi tightening bonus rules. Thankfully Chase has moved in the opposite direction and reopened the door for multiple bonuses. They have added language in the past few months to their bonus offers which is beneficial to us.
The additional language reads:
This new cardmember bonus offer is not available to either (i) current cardmembers of this consumer credit card, or (ii) previous cardmembers of this consumer credit card who received a new cardmember bonus for this consumer credit card within the last 24 months.
I recently put this new language to the test by applying for a Sapphire Preferred card. My last application for a Sapphire Preferred was in October of 2012. When the annual fee came due a year later, I converted that card to a Chase Freedom.
A few weeks ago, I applied for the Sapphire Preferred card hoping for an instant approval. Unfortunately that didn’t happen and I got the dreaded “processing” message. Thankfully a few hours later when I checked the application status, it was approved.
What Is the Right Time
The sign-up bonus for the Chase Sapphire Preferred usually increases to 50,000 points once a year, however I don’t know when that will happen and I feel it is important to get the clock ticking.
As the rules are written now, I will be eligible to get the Sapphire Preferred card again in December of 2016 as long as I no longer am a current cardholder. Since I think switching it to a Freedom card is the best value after the 1st year, that shouldn’t be a problem.
You can theoretically get the bonus on the Chase Sapphire Preferred and other cards once every 24 months. While this change happened a few months ago, it hasn’t received a lot of coverage and I thought I would relay my own personal experience.
This development is great news since Chase has a number of fantastic rewards card products. I just pray that they stick with these new rules for awhile!
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Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.