Chase is offering 50K bonus points when you apply (and get approved) for a new Chase Sapphire Preferred credit card and spend $4000 in first 3 months of account opening. This comes with $0 annual fee for the first year and then bumps to $95 per year from second year on wards if you decide to keep it after first year. For more highlights of this card click here (link to Chase website).
Are you suggesting to blow up your budget by $4K to get 50K points? No, there are many ways to spend $4000 on this card in a smart way. Few ways are plan on using this card for all your day-to-day transactions, buy store gift cards to use them later etc.
Now, what does 50K points translate to? If you turn points into cash back the straight dollar value is equal to $500 but if you use other options (like travel, gifts etc) through Chase Ultimate Rewards you can maximize these benefits up to $625. If you want to get maximum worth out of these points there is an option to transfer (at 1:1 ratio) them to different airline frequent flyer programs (my favorite is United airlines) or different hotel programs (my favorite is IHG rewards).
What are the negatives? There will be a hard credit check on your credit history reducing your credit score temporarily. I don't recommend applying for this card, as a matter of fact for any credit card, if you are planning to shop for mortgage, auto loan, home equity loan etc in near (1-2 yrs) future.
Few other benefits offered by this card are:
- $0 Foreign transaction fee
- Covers primary insurance when renting a car.
- Trip Cancellation/Trip Interruption Insurance
- Baggage Delay Insurance & Trip Delay Reimbursement
- Extended Warranty Protection
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