I am starting this post off with a warning. Please, please, PLEASE do not sign up for a credit card if you have problems with credit cards and debt. Thanks!
Toward the beginning of my blogging adventures I wrote about how I was in the market and shopping around for a new AC unit. Well I finally took the plunge and bought a unit. They aren’t cheap though so, per usual, I was looking for ways to take advantage of expending a large amount of money. How on earth do you take advantage of spending money? Well there is always a way to earn or save money. You just have to dig deep enough.
Credit Card Sign Up Bonuses
So how did I do it? I signed up for the Chase Sapphire Preferred card. This card has a sign up bonus of 40,000 points which is worth $400 cash! The thing with credit card sign up bonuses is they normally require some significant legwork to qualify. You really need to pay attention to make sure you’ll receive the bonus.
How to Qualify for the Sign Up Bonus
In order to get the sign up bonus I first had to apply for the card and get approved. I have an excellent credit score so this wasn’t a problem for me. The next step after I got my card was meeting the spending requirement. In order to get the 40,000 bonus points I had to spend $3,000 in the first 3 months I had the card. This does not include balance transfers, cash advances, or checks that can access the account.
This would be a problem for me under normal circumstance but as I mentioned I was buying a new AC unit. The unit was around $4300 so it blew the minimum out of the water! I was well on my way to getting my $400 sign up bonus.
So Where Did the Other $43 Come From?
Another perk of this card is that I get 1 point for every dollar I spend which equates to 1% cash back. I also get 2 points per dollar spent on travel and dining. So when you add up the $400 sign up bonus I’d get plus the effective 1% cash back I made $443 dollars. All it took was the 5 minutes to fill out the application.
The Fine Print
There were some other things to note though. The biggest one is this card carries an annual fee of $95! YIKES! They do waive it the first year which is nice but if you forget to cancel the card you lose a big chunk of your sign up bonus. Make sure to set up a calendar reminder to cancel the card a couple weeks in advance of your first year if you don’t want to pay the fee.
The fine print also says it can take six to eight weeks to get the 40,000 bonus points but I was OK waiting. In reality they credited my account the statement my purchase happened on so that was nice.
*Special Tip* If you ask them to waive the fee they might do it. I don’t have experience with Chase but they may or may not do this. Worst case you have to cancel the card before your first year is up if you don’t want to pay the fee. Never hurts to ask! *Special Tip*
Have you ever applied for a credit card for a sign up bonus? I was not paid for this post and all opinions were 100% my own. I just wanted the sign up bonus and want other responsible readers to be able to make some money as well.