August 22nd, 2012
Update #4: The 2K offer is now dead. The offer is back to 40,000 points for spending $3,000 in 3 months.
Update #3, 08/22: I have received confirmation that the spending threshold will indeed climb back up to $3,000 later today.
If you want the 2K spending threshold act quickly!
Update #2, 08/21: Quite frankly I have no idea what is going on, but Chase just let me know that the new Sapphire Preferred card with the $2K spending requirement is being pulled tomorrow, August 22nd at about 3pm.
Take it for what it’s worth, your guess is as good as mine as to what is going on.
If you are going to match from an old card with a 3K spend threshold to the 2K spending threshold you’ll want to send off that secure message ASAP!
Update, 08/20: Chase has actually improved the offer for the Sapphire card, you now only need to spend $2,000 within 3 months to receive the 40,000 bonus points!
Originally posted on 08/17:
Last time this happened the signup bonus went down from 50K to 40K. I’m not sure what is up this time, but:
If the offer improves: If you apply now and the offer gets better you can always send a secure message to be matched to the better offer. Matching to better Chase offers is allowed for 90 days.
If the offer gets worse: If you don’t apply now and the offer gets worse it’s very difficult to get them to match an expired offer retroactively.
-You get 40,000 points after spending $3,000 on the Chase Sapphire Preferred card. That’s a hefty signup bonus which will get you over halfway towards a free ticket to Israel and more than enough to fly to Hawaii for free or for 2 round-trip short-haul flights on United or over 4 round-trip short-haul flights booked by British Airways to fly on American.
-There is no annual fee for this card for the first year, but it’s $95 after the first year. Chase allows you to downgrade to other free cards like Freedom or the “non-preferred” version of the Sapphire card which has no annual fee. However be sure to transfer your points into miles before downgrading as cards with no annual fee do not allow transfers into miles!
-There is a 7% annual points dividend, so every purchase will earn at least 1.07 points.
-You receive 2.14 points per dollar (2 points x 1.07=2.14) for spending on the Sapphire Preferred card on dining, airfare, hotels, car rentals, travel agencies, caterers, timeshares, trains, buses, taxis/limos, ferries, bridges, tolls, and parking. Book travel and hotels when logged into your account at Chase.com and you’ll get 3.21 (3 points x 1.07=3.21) points per dollar.
-There is no foreign exchange or foreign transaction fee on when you use this card abroad.
-The Sapphire World Mastercard includes CDW coverage with no deductible worldwide, even when you rent a car in Israel which every other type of credit card will not cover! I was able to signup for a Sapphire Preferred Visa, convert into a Mastercard, and then apply for a Visa again earning the signup points again as well.
So renting a car in Israel would have no foreign exchange fees, waived CDW insurance, and would earn 2.14 points per dollar!
-The Sapphire Preferred card isn’t your typical card. It’s made from metal to give it a great feel and has the numbers on the back of the card. When you call customer service a live US based rep answers right away with no phone tree maze to navigate.
-Chase Sapphire Ultimate Rewards points convert into British Airways (Oneworld), Korean (Skyteam), Southwest, and my favorite miles by leaps and bounds that never have any fuel surcharges, United (Star Alliance). They also convert into hotel points like Marriott, Priority Club, Ritz-Carlton, and another one of my favorite hotel point currencies, Hyatt. They also transfer to Amtrak if train travel is your thing. All points transfer instantly at a 1:1 ratio with no fees at all.
-You can transfer points into anyone’s Chase account or anyone’s airline or hotel mileage account. It’s best to transfer directly into someone else’s mileage account rather than into their Chase account.
-You can also use points for 1.25 cents each towards travel, but you’ll be able to do much better than that by transferring to airlines or hotels.
-A term I coined here last year that has caught on in the blogosphere is the Chase Trifecta. When you have the Sapphire Preferred, ( or the Ink Bold or Ink Plus card) along with Chase Freedom and a Chase checking account you can truly maximize your spending and rewards.
-For the Freedom/Sapphire Preferred/Chase Checking trifecta you can put all spending on dining and travel that is $10 or more as well as all overseas spending on the Sapphire Preferred and then put all other spending on Freedom where you earn 10 points for every transaction, and 10% bonus points for every dollar spent, and 5 points per dollar in rotating categories. Then instead of cashing Freedom points out at a penny per point you can transfer Freedom Ultimate Rewards points to Sapphire Preferred Ultimate Rewards points to transfer them into much more valuable airline or hotel points.