Poll of the Day > Chase bank 'bout to give me a thousand dollars*

(+) Yeah! (+)

*1,250 if I book through Chase Travel.

So the newest sign up bonus for the Chase Sapphire Preferred credit card is $1,000 cash back if you spend 4,000 in 3 months.

Talked to my mom about it, seeing if we can spend that much in 3 months without spending money on stuff we wouldn't have anyways, and we just found out our refrigerator shit the bed, so that makes this choice easy, as that'll be 1-2 grand minimum spend on this card in one go.

I'm not some mega churner, but I at least try to get a few hundred bucks a year from these companies, and this is the biggest bonus in Chase history if I am not mistaken.

Why don't you just save the $4,000?

What's the APR?

Can you pay off the $4000 fastest enough so that you aren't using the $1000 to pay off the balance?

Saving the 4,000 dollars isnt going to get me a thousand dollars.

I dont know what the APR is but this thing will be paid off each month so i wont have any interest to pay.

I wasnt so sure my mom and i could spend 4,000 in 3 months on stuff we would buy anyways but once our fridge shit the bed thatll be a large chunk towards that so we should be good.

I know it sounds really dumb to not know what the APR is in this card, but for this, it isn't going to matter. My mom and I can spend the minimum for the promotion(since our fridge died) in the allotted time frame to get the bonus. We can afford a fridge anyways, and everything else is just going to be general purchases we already would be buying and can afford.

I have redeemed offers like this before and have never really paid any interest or fees on anything. This one is more advanced, but with my mom and I working together, we can make it work and split the reward.

If it's money you were going to spend anyway (gas, groceries, etc), and you pay the card off each month, then it's a great idea. I love taking advantage of those kinds of offers, since I always pay my cards off at least once a week. My bank hates me.

---

captpackrat posted...

If it's money you were going to spend anyway (gas, groceries, etc), and you pay the card off each month, then it's a great idea. I love taking advantage of those kinds of offers, since I always pay my cards off at least once a week. My bank hates me.

This. I love sign up bonuses. The problem is I've really run out of areas I can justify getting new cards in. I have the Discover It card and the Chase Freedom card that also has rotating 5% back categories. I've run out of cards I can reasonably get.

captpackrat posted...

If it's money you were going to spend anyway (gas, groceries, etc), and you pay the card off each month, then it's a great idea. I love taking advantage of those kinds of offers, since I always pay my cards off at least once a week. My bank hates me.

this is the plan. with needing to buy a new fridge(that we have money for) it makes sense to do this.

pionear posted...

Why don't you just save the $4,000?

Because it'll be spent on stuff he needs to buy anyway. Spending $4000 just for the sake of getting a $1000 reward would indeed be dumb, but if you're already going to be spending that much (or at least like $3200, so you still turn a reasonable profit even if you don't get the full value), it's free money.

---

my exact thoughts on chase bank

https://imgur.com/t/art/zyUwUG4

---

I tried to get a Chase card

but I couldn't run fast enough to catch it

---

adjl posted...

Because it'll be spent on stuff he needs to buy anyway. Spending $4000 just for the sake of getting a $1000 reward would indeed be dumb, but if you're already going to be spending that much (or at least like $3200, so you still turn a reasonable profit even if you don't get the full value), it's free money.

Well, if he's paying rent and a car note, it makes sense, but he said something about buying a new fridge...

pionear posted...

but he said something about buying a new fridge

Yeah, because his fridge broke.
---

Doesn't that card have an annual fee? Those are usually automatic no goes for me.

---

Yes, but it is $95. I will try to see if I can get my reward and cancel before I am charged the fee, but even if I cannot do that, it's just 95 bucks vs 1,000 or 1,250 used on travel, so it isn't a big loss. Even with that fee taken into account, this is still the largest promo offer in Chase history.

Would I want a card with a fee for my every day card? No, because accruing cash back is a fairly slow process in most cases regardless of the cash back %(1, 1.5), so it takes a long time and lots of spending to offset the fee.

GanonsSpirit posted...

Yeah, because his fridge broke.

And how much a fridge goes for these days? I see you can get one for about 800 Bucks (probably even cheaper than that)

My thing is, if you have $4000 to spend frivolously in 3mos, does having an extra Stack as a bonus really matter?

Its not frivilous expenses. Its just a fridge and everyday expenses and bills between my mom and i in 3 months.

There isnt much reason to overthink this

pionear posted...

And how much a fridge goes for these days? I see you can get one for about 800 Bucks (probably even cheaper than that)

My thing is, if you have $4000 to spend frivolously in 3mos, does having an extra Stack as a bonus really matter?

Sure if you want it to break down in a month.
---