Several others, including the Frequent Miler, have confirmed the minimum spend requirement on the Chase Sapphire Preferred credit card is increasing to $4,000 starting on Monday. The signup bonus is rumored to remain the same with 40,000 points offered if you meet the minimum spend requirement in 3 months. Additionally, you can earn an extra 5,000 points if you add an authorized user. So the real difference is instead of having to spend $3,000 to unlock the signup bonus, starting Monday you will have to spend $4,000 to get the signup bonus. This begs the questions – should I apply for the Chase Sapphire Preferred Card before Monday?
If you were planning to get this card in the near future anyway, then the answer is obviously yes – spending $3,000 to get a signup bonus over 3 months is easier & better than spending $4,000. If you were on the fence or just getting started in the points & miles games, I think the answer is still yes. For many people and especially beginners, I consider this card to be the best overall card if I could only have one credit card. Here’s why:
- Great Signup Bonus – 40,000 points + extra 5,000 points if you add an authorized user in the first 3 months
- Double Points on all Travel and Dining Expenses – These are generally people’s largest expenses so it makes sense to maximize points earned in these categories
- Valuable & Flexible Points – The Chase Ultimate Rewards program is great as you can transfer points to several airlines (United, Southwest, British Airways, etc.) and hotel programs (Hyatt, Marriott, IHG etc.)
- No Foreign Transaction Fees – I always use this card overseas
- Annual Fee Waived – The annual fee of $95 is waived for the first year so no upfront cost to you
For some people the additional $1,000 spending requirement will not present a problem as either your normal spending habits or ability to manufacture spend can cover the $1,000 increase. Additionally, I wouldn’t go out of my to apply for this card if it doesn’t fit in your application strategy or you just applied for several other Chase credit cards recently. But for those still debating it, I would apply before the weekend is up to avoid having to spend another $1,000 to get the same signup bonus.