The Chase Sapphire welcome bonus is a one-time reward for opening an account and spending a set amount within a few months
Chase offers two Sapphire cards — the Sapphire Preferred and Sapphire Reserve — and each comes with a different welcome bonus. The Sapphire Preferred currently offers points you can redeem for cash, travel, or other purchases. The Sapphire Reserve offers a higher bonus but requires a higher annual fee and higher spending threshold to unlock it.
The bonus is not automatic. You have to open the card, spend the required amount within the timeframe Chase sets (usually three to six months), and then the points post to your account. The bonus sits in your rewards balance and you decide how to use it — you are not locked into any particular redemption.
Both cards charge an annual fee. The Sapphire Preferred fee is lower; the Sapphire Reserve fee is higher but comes with perks like travel credits that can offset it. The welcome bonus does not cover the annual fee — you pay that separately in your first year.
Key Takeaways
- The welcome bonus requires you to spend a specific amount (usually $4,000 to $5,000) within three to six months of opening the card.
- Both Sapphire cards charge an annual fee that you pay regardless of whether you earn the welcome bonus.
- The bonus points can be redeemed for cash back, travel bookings, or other redemptions through Chase's portal.
- You must be a new cardmember to the specific Sapphire card to receive the bonus — Chase does not offer it to existing cardholders.
How the spending requirement works
Chase sets a dollar amount you must spend on the card within a window of time — typically three to six months from when your account opens. Only purchases count toward this threshold; balance transfers, cash advances, and fees do not. Once you hit the spending target, the bonus points post within one to two billing cycles.
The spending requirement is real money you actually spend, not a credit or discount. If you were not planning to use a credit card for those purchases anyway, the bonus does not save you money — it just rewards spending you would have done on another card. If you can genuinely shift regular expenses to the new card without overspending, the bonus becomes a net gain.
Chase does not pro-rate the bonus. You either meet the full threshold and get the full bonus, or you do not meet it and receive nothing. There is no partial reward for getting close.
What the bonus is worth in real terms
The point value depends on how you redeem. If you cash out points as statement credits, each point is typically worth about 1 cent. If you book travel through Chase's portal, points are often worth 1.5 cents each or more. If you transfer points to Chase's airline or hotel partners, the value can swing widely depending on which partner and which redemption you choose.
The Sapphire Preferred bonus is usually worth $500 to $750 in cash value, depending on current offer and redemption method. The Sapphire Reserve bonus is typically worth $800 to $1,200 or more, but the annual fee is also higher, so you need to factor that into whether the card makes sense for your spending.
Do not assume the bonus is "information programs." It is a reward for spending you have to do anyway. If the spending requirement forces you to buy things you would not otherwise purchase, or to pay interest on a balance, the bonus becomes a net loss.
Annual fees and ongoing costs
The Sapphire Preferred charges an annual fee that varies but is typically in the $95 range. The Sapphire Reserve charges a higher annual fee, usually $550 or more. Both fees renew every year you keep the card open, even if you never use it again after the first year.
The Sapphire Reserve comes with benefits designed to offset the higher fee — a travel credit that reimburses certain travel purchases, a dining credit, and other perks. If you use these credits, the net cost of the card drops. If you do not, you are paying the full fee for a card you are not using.
The welcome bonus does not waive or reduce the annual fee. You pay the full fee in your first year, even while earning the bonus. Some cardholders close the card after the first year to avoid paying the fee again; others keep it open if they use the card regularly or take advantage of the ongoing benefits.
Who can get the welcome bonus
Chase restricts the bonus to new cardmembers. If you have held either Sapphire card in the past, you may not be may be able to access for the bonus now, depending on how long ago you closed it. Chase's rules on this vary — sometimes there is a waiting period, sometimes the restriction is permanent for that specific card.
If you currently hold a Sapphire card, you cannot get the bonus by upgrading to the other Sapphire card. Upgrades do not trigger welcome bonuses. You would have to close the current card, wait the required period, and explore for a new one — and even then, Chase may not allow it.
Chase also reviews your account history and credit profile before approving any new card. Having too many recent applications, a low credit score, or a history of missed payments can result in a denial, regardless of the bonus offer.
How to decide if the bonus is worth pursuing
Start by asking whether you would use the card even without the bonus. If the answer is no, the bonus is not a reason to open it. Credit cards are tools for spending you plan to do anyway, not incentives to spend more.
Next, calculate the net value. Take the bonus point value (using the cash-back redemption rate as a conservative estimate), subtract the annual fee, and see what you have left. If the Sapphire Preferred bonus is worth $600 in cash value and the fee is $95, your net gain is $505 in year one — but only if you were going to spend that amount on the card regardless.
Consider the card's ongoing rewards rate too. After the welcome bonus, the card earns points on every purchase. If the rewards rate is higher than your current card, keeping it open makes sense. If it is lower, you might close it after the first year to avoid paying the annual fee again.
What happens after the bonus posts
Once the bonus points land in your account, they sit there until you redeem them. You can use them when ready or hold them indefinitely — they do not expire as long as your account remains open. If you close the card, you typically keep the points, but check Chase's terms to be sure.
The points can be redeemed through Chase's website or app. You can cash them out as a statement credit, book travel directly through the Chase portal, or transfer them to airline and hotel partners. Each method has different point values, so compare before you redeem.
After the first year, you will be charged the annual fee again unless you close the card. Many people set a calendar reminder for the anniversary date so they do not forget and pay a fee they did not intend to.
Frequently Asked Questions
Can I get the welcome bonus if I had a Sapphire card five years ago?
Chase's rules on this change, so you would need to check with them directly. Generally, if you closed the card more than a few years ago, you may be may be able to access, but Chase reserves the right to deny the bonus based on your account history. Call Chase or check their current terms before explore.
What if I cannot spend the full amount in the timeframe?
You will not receive the bonus. Chase does not award partial bonuses or extend the spending window. If you are close to the threshold near the end of the window, you can make a large purchase to push over it, but only if that spending makes sense for your budget.
Do I have to use the bonus points right away?
No. Points do not expire as long as your account is open. You can hold them for months or years and redeem whenever you want. However, if you close the card, you may lose the points, so check Chase's policy first.
Is the welcome bonus taxable income?
No. The IRS does not treat credit card rewards as taxable income. The bonus is a discount on your purchases, not income you have to report.
Can I explore for both Sapphire cards at the same time to get both bonuses?
Chase typically does not allow you to hold both Sapphire cards simultaneously. You would have to choose one, and if you wanted to switch to the other later, you would need to close the first card and wait before explore for the second.