Apply for a Credit Card & Get $500 aka Credit Card Offers Gone Mad
Posted on July 1st, 2011
Two short years ago, credit card companies seemed to be going out of their way to get rid of customers. Today, the same companies are begging for new business and they’re willing to pay handsomely for it.
In the past, getting a $50 bonus for opening a new account would be considered generous. These days, $50 is chump-change. And, while $100 bonuses appear to be the new norm, some companies are really upping the ante, offering consumers who apply for a credit card and get approved bonuses of $500 or more. Here is a rundown of the most mind-boggling credit card offers on the market today.
The Chase Sapphire $500 sign up bonus is likely the best in the industry, as the Chase Sapphire card is as good or better than any other high end rewards card – including those offered by American Express. The bonus offered to new customers comes in the form of 50,000 Ultimate Rewards points. These points are worth a solid one cent apiece when redeemed for cash and gift cards. However, if you use your 50,000 points for travel, the $500 sign up incentive’s value increases to $625 as Chase provides a 25% bonus when points are redeemed for travel.
Citibank is also offering 50,000 points to applicants who are approved for their Citi ThankYou Premier Card. This particular offer, which is tentatively slated to end on July 1st, is very similar to the Chase Sapphire card, though the value of these points varies based on how you use them. To capture the most value, redeem your points for travel, where you can earn a 33% bonus, making the 50,000 points offered on this card worth $665.
In most instances, credit card promotions come with a catch. The Chase Sapphire Preferred card doesn’t charge an annual fee during the first year, but does charge $95 after that. The Citi ThankYou Premier Card comes with a $125 annual fee. These fees are more than offset by the generous bonuses offered but, for many, paying an annual fee is less than ideal. Fortunately, consumers can avoid paying annual fees and still reap some pretty substantial sign up bonuses.
Once again, the Chase Sapphire Card leads the back. Chase is presently offering a $250 sign up bonus on the standard, no annual fee version of the Sapphire Card. This card doesn’t offer a 25% bonus when points are redeemed for travel like the Sapphire Preferred Card does, but the lack of an annual fee is a benefit many people would rather have.
Yet another Chase card, the Chase Freedom $200, makes this list of the most generous credit card offers, as does another version of the card that offers a $150 bonus. Both Freedom cards carry no annual fees and, for the next three months, offer 5% cash back on gas, hotels and airfare – categories many people will likely be spending heavily in.
Citibank isn’t far behind here either. They’re offering two versions of the Citi Dividend Card. Their $150 bonus offer is the most generous, but they also have a $100 version that is worth taking a look at, as this card offers 0% APR balance transfers as well as a 0% APR on purchases that lasts 12 months.
In all likelihood, credit card companies like Chase and Citi will pull back the most generous credit card offers in the near future, especially if more consumers start looking for credit cards. After the chaos of the credit crisis, many people simply stopped using credit cards. This has made it harder and harder for banks to bring in new customers.
Because demand is weak, consumers looking for credit cards now are being offered incredible sign up bonuses. However, once more consumers start looking for credit cards, banks will no longer need to give away absurd amounts of money. This is unfortunate for people who aren’t in the market for a credit card now, but fantastic for those who are lucky enough to be shopping for new cards today.
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Tags: Card, Credit Card
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