Consumers thinking about ditching their current credit cards will be pleasantly surprised to learn that a slew of credit card deals are presently available that offer substantial sign up bonuses which can be worth upwards of $625. Of course, some of these cards do carry annual fees, but even those that offer the richest incentives waive these fees the first year.
The primary consideration one must make when opting to apply for a credit card deal with a lucrative sign up incentive is the long term value of the offer. While pocketing $625 just for swapping credit cards is nice, it is more important to find cards that offer good value as well as eye-popping bonuses.
Consequently, consumers who don’t use their cards heavily or tend to carry a balance from month to month should stick to 0% balance transfer or no annual fee rewards credit cards with lower interest rates, while those who are adept at managing credit accounts and maneuvering through rewards programs should focus on credit card deals that offer generous incentives, but also good long term rewards earning potential.
Here are leading offers:
With Chase Sapphire and Chase Sapphire Preferred, Chase is trying to make inroads into the travel credit card market by offering very generous sign up bonuses and a rewards program that rivals that of American Express. The standard Chase Sapphire card offers 25,000 Ultimate Rewards points while the Sapphire Preferred card deal offers applicants 50,000 points. With the Sapphire Preferred card, points are worth 25% more when redeemed for travel at Chase’s web site, raising the value of the sign up bonus to $625.
With the standard Sapphire card, the 25,000 bonus points are only worth a lowly $250. However, the standard card comes with no annual fee, while the Preferred card carries a $95 fee (though this is waived the first year). In order to earn the 25,000 or 50,000 point sign up incentives, consumers must simply spend $3,000 within 3 months. This works out to $1,000 a month and for even casual credit card users, simply putting all expenses on the card during this period should make this spending threshold easy to attain.
The Starwood Preferred Guest card is a favorite among hotel rewards experts, as expert collectors of miles and points know that Starpoints are far more valuable than the equivalent amount from other hotel or airline programs. For example, these points can be transferred to miles in the programs of thirty different airlines at a rate of 1.25 mile per Starpoint. When used for hotel awards, cardholders can stay four nights at a Westin for as little as 7,000 points a night, and receive their fifth night free. Five nights at a Westin is certainly worth more than most sign up bonuses.
To get customers started, this card comes with a 30,000 Starpoint bonus which, depending on how it is used, can acquire as many as four nights free.
The Capital One Venture Card currently offers a 25,000 mile sign up bonus. Absent of any actual travel, these miles are no different than points in most programs as each can be redeemed for value in many different ways. Redemption options include cash back and gift cards, although the highest value, one cent each, is returned when miles are used as a statement credit against any travel expense. Cardholders can simply charge $250 directly with any travel provider and go online to request a credit equal to the charges. There is a $59 annual fee for this card, but it is waived the first year.
An added benefit of the Capital One Venture card is its lack of foreign transaction fees. This element can save consumers as much as 3% on all purchases made outside the U.S.
Points and miles are beloved by hardcore rewards experts, but many consumers prefer the simplicity of cash back rewards. The Chase Freedom Card is a pack leader in this category, offering four credit card deals with sign-up bonuses that range from $50-$200. The rewards program is the same on each card, but there are pretty wide variations between rates, as can be seen below.
Apart from Chase, Citibank also has a $100 cash back promotion running on the Dividend World MasterCard. This offer is similar to the Freedom card in some ways, but offers a long 15 month 0% promotional rate on purchases and balance transfers. This feature makes the Dividend card a good fit for consumers who want to earn rewards, but also need to work off some credit card debt or want a low rate on upcoming purchases.
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