Late last week, Chase rolled out one of the biggest credit card offers we’ve seen in years. It's creating a lot of buzz – for good reason.
Right now on the *chase sapphire preferred* you can earn 100,000 points after spending 100,000 points after spending $5,000 on your card in the first three months. A six-digit welcome welcome bonus like that is special for a card with an annual fee of only $95. But you can take things even further.
Whether you're thinking about applying for the card for the first time or you've had it in your wallet for years and want it again, there’s a golden opportunity to rack up even more points. By earning the bonus yourself, then spreading the love to friends and family, you can earn up to 205,000 points.
Here’s everything you need to know — and how to make the most of it while it lasts.
Read More: 10 Great Ways to Use 100K Chase Ultimate Rewards Points
Step 1: Earn 100,000 Points with the Limited-Time Offer
If you don’t already have the Chase Sapphire Preferred – or maybe if you do – now’s the time to apply.
Chase is currently offering a limited-time sign-up bonus of 100,000 points after you spend $5,000 in the first three months. It's the biggest offer we've seen on the card in about four years and one of the best credit card offers we've ever seen, period.
Those points are worth at least $1,250 toward travel when you redeem them through the Chase Travel℠ portal – if not much, much more by leaning on the array of Chase transfer partners. That's unbeatable for a card with just a $95 annual fee.
But since you’ll earn at least 1 point per dollar on every dime you spend, that $5,000 you have to spend to earn the bonus will also earn you at least another 5,000 points. That means you’ll walk away with at least 105,000 points after meeting the minimum spending requirement.
Learn more about the *csp*.
Step 2: Refer Friends & Family to Rack Up More Points
Nearly a week after rolling out this bigger bonus, Chase has finally updated personal referral links – the ones cardholders can share with friends and family – to 100,000 points, too. That's where you can take things to the next level.
Once you've been approved for the Sapphire Preferred, you can generate your own personal referral link pretty much immediately … even if your new card hasn't actually arrived in the mail yet. In addition to sharing a 100,000-point bonus with friends or family, there's something in it for you, too.
Here’s the breakdown:
- You’ll earn 10,000 points for every person who signs up using your link and gets approved.
- You can refer up to ten people for a maximum of 100,000 points from referrals.
Assuming you can hit that max, you’ll add those 100,000 referral points to the 105,000 you earned from the welcome bonus and required spending – bringing your total haul to 205,000 points.
To get your referral link, just head to Chase’s Refer a Friend page and log into your account. Even if you just got approved and don’t have your card yet, you should still be able to access your link.
Already Have a Chase Sapphire Card?
Good news: If you already hold the Sapphire Preferred or even the higher-tier *chase sapphire reserve*, you can still earn referral bonuses by sharing your link.
So even if you aren't eligible to earn the limited-time 100,000-point bonus yourself, you can still earn up to 100,000 points just by referring others.
A Heads-Up on Taxes
Here’s an important detail: Sign-up bonuses are not taxable because they’re considered rebates on your spending. And since you have to spend $5,000 in three months to earn the 100,000-point bonus, there are no tax implications for earning those points.
However, referral bonuses are taxable – Chase (and other banks) consider them income.
Chase values referral points at one cent apiece, so if you earn the full 100,000 points through referrals, you’ll get a 1099-MISC for $1,000 in income early next year come tax time. If you only complete five referrals and earn 50,000 points, you'll be on the hook for paying taxes on $500 of income.
It’s not ideal, but the value you’ll get from those points should far outweigh the tax hit. Here's how Chase discloses your tax responsibility in its referral terms:
The value of this offer or program may result in miscellaneous income received from Chase and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Information) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which you participate and are awarded the benefits of the offer/program.
Bottom Line
With a 100,000-point sign-up bonus and a low $95 annual fee, this is one of the best credit card offers we've ever seen. But by sharing referral links, you can actually double that haul of points.
If you’re thinking about applying — or you’re already approved and ready to share — now’s the time to act. Opportunities like this don’t come around often … and we don't know how long it will last.
Learn more about the *csp*.
