The Chase $2000 bonus is one of the most lucrative sign-up bonuses available for consumers looking to maximize credit card rewards. Offered on premium Chase cards like the Sapphire Preferred, Sapphire Reserve, and Ink Business Preferred, this bonus can provide a huge influx of points or cash back with a single card approval.
This bonus is ideal for people who want to earn a large amount of rewards quickly. It does require meeting spending requirements, but the high bonus value makes it worth the effort. With strategic spending and redemption, the Chase $2000 bonus can provide enough rewards for a dream vacation, shopping splurges, or cash back to pay down debt.
To earn the full $2000 bonus, you’ll need to apply and be approved for a premium Chase card that currently offers this incentive. The bonus is typically tied to spending a certain amount on the card within the first 3 months. Additional rules and restrictions apply, so be sure to understand the specific terms before applying.
Sign-Up Bonus Details
The Chase 2000 Bonus is a popular sign-up bonus offered on select Chase credit cards. Here are the key details to know about this bonus:
The bonus amount is $2000 for meeting the minimum spending requirements within the allotted time frame. This is one of the highest publicly available welcome bonuses.
To earn the full $2000 bonus, you’ll need to spend $4000 on qualifying purchases within the first 3 months of account opening. This spending requirement is reasonable for most applicants.
The 3 month intro period starts as soon as you open the account. Be sure to meet the spending threshold within the first 90 days.
The bonus is not available to those who currently hold or have opened certain Chase cards in the past 24 months. Check the offer terms for bonus eligibility.
The $2000 welcome bonus can effectively offset initial expenses when used strategically. Just be sure to pay off the balance in full.
Eligible Chase Cards
The Chase Sapphire Preferred card is currently offering a sign-up bonus of 80,000 points after spending $4,000 in the first 3 months. This is one of the highest public bonuses available on any Chase card.
The Chase Sapphire Reserve is also offering an increased bonus of 60,000 points after spending $4,000 in the first 3 months, up from its standard 50,000 point bonus. This premium travel card has a higher annual fee but comes with more benefits.
Other Chase cards eligible for sign-up bonuses include:
– Chase Freedom Flex – Earn $200 back after spending $500 in the first 3 months
– Chase Freedom Unlimited – Earn $200 back after spending $500 in the first 3 months
– Chase Ink Business Preferred – Earn 100,000 points after spending $15,000 in the first 3 months
– Southwest Rapid Rewards Credit Cards – Earn between 40,000 and 60,000 points after spending $1,000 – $2,000 on Southwest flights
The Chase Sapphire Preferred and Reserve cards are offering the highest bonuses right now at 80,000 and 60,000 points respectively. Focusing your spending on one of these cards can earn you enough points for multiple free flights or hotel nights.
To earn the full $2000 sign-up bonus offered on premium Chase cards like the Chase Sapphire Preferred and Chase Sapphire Reserve, you’ll need to meet a minimum spending threshold within the first 3 months of account opening.
Specifically, you must spend at least $4000 on purchases within the first 90 days of opening the account. Every dollar spent on the card counts towards meeting this requirement, including groceries, gas, dining, travel, bills, and other everyday expenses.
The key is making sure you can comfortably spend at least $4000 total across the first 3 statement cycles. This averages out to approximately $1333 per month.
If that seems like a lot, consider putting regular household expenses on the card, prepaying bills, making large purchases you were planning to buy anyway, and using it for any upcoming travel or big-ticket items. Just make sure you can pay it off in full each month.
Meeting the spending requirement is crucial to earn the full bonus and the rewards that come with these premium Chase cards. If you fall short, you typically won’t receive any bonus at all. So be sure to make a plan ahead of time before applying.
Chase has specific application rules around the sign-up bonus that are important to keep in mind.
The main rule is that you can only earn one sign-up bonus per Chase card per 24 month period. So if you open a Chase Sapphire Preferred today and earn the 80,000 point bonus, you won’t be eligible for another Sapphire Preferred bonus for at least 24 months. This restriction applies across all Chase cards, so make sure to space out your applications.
Chase also generally restricts approving applicants who have opened 5 or more credit cards across all banks in the past 24 months. This is known as Chase’s infamous “5/24 rule”. To maximize your chances of approval for a new Chase card with a bonus, you’ll want to be under 5/24 when you apply.
Knowing the restrictions around one bonus per card every 24 months and Chase’s 5/24 rule are key to successfully earning multiple sign-up bonuses without wasting hard pulls. Check your credit report to understand where you stand with 5/24 before applying. And track your Chase bonus dates in a spreadsheet to avoid duplicate applications when ineligible.
Credit Score Needed
Chase generally recommends applicants have a credit score of at least 690 before applying for one of their cards in order to qualify for the sign-up bonus. This is because Chase cards are considered premium credit cards, aimed at consumers with good to excellent credit.
While it is possible to be approved with a score below 690, your chances diminish significantly. Pre-approvals for Chase cards typically start at around 720 credit score or higher. Below this range, even if approved, you risk getting stuck with a low credit limit that makes hitting the minimum spending requirement difficult.
To increase your approval odds and qualify for the sign-up bonus, it is best to wait until your credit score reaches at least 690. Pay off debts, avoid new credit applications, and review your full credit reports to identify any inaccuracies or negative items that can be removed or improved. Building a strong credit history over several months can help boost your score into an approvable range. With time and diligent financial habits, meeting Chase’s recommended credit score is achievable.
Alternatives for Low Credit
If your credit score is below the 660-680 range, you may find it difficult to qualify for a card with a $2000 bonus. However, there are a few options to boost your approval odds:
Secured credit cards require a refundable security deposit, usually $200-500. The deposit acts as your credit limit. Secured cards are easier to qualify for, allowing you to build credit history. After 1 year of responsible use, you can request an upgrade to a regular card and get your deposit back. Some good options are the Discover It Secured Card and the Capital One Secured Mastercard.
Become an Authorized User
Ask a friend or family member with good credit to add you as an authorized user on their credit card. As an authorized user, the card will be reported on your credit file, helping establish a positive payment history. Make sure the primary cardholder uses the card responsibly.
Credit Builder Loans
Credit builder loans allow you to demonstrate repayment ability to boost your credit score. The lender provides the loan amount upfront into a savings account. You make monthly payments, and after 12-24 months of on-time payments the loan amount is released to you. The payments are reported to the credit bureaus. Self Lender and Credit Strong are examples of companies offering credit builder loans.
Building credit takes time, but using secured cards, becoming an authorized user, or taking out a credit builder loan can help those with limited credit histories eventually qualify for premium travel rewards cards with lucrative signup bonuses.
Maximizing the Bonus
Hitting the $X minimum spending requirement within the first X months can be challenging. Here are some tips and strategies to help you earn the welcome bonus more efficiently:
Use the bonus categories
Most Chase cards offer 3-5x bonus points in certain spending categories that rotate each quarter. Make sure you’re using the card for these purchases like groceries, gas, dining, etc. to quickly accumulate bonus points.
For example, the Chase Freedom cards offer 5x points in rotating quarterly categories. Putting your spending in these categories on the Chase card will accelerate your progress.
Meet the minimum spend organically when possible
You generally don’t want to go out of your way to hit the minimum if it means overspending. Look for upcoming big purchases you were already planning to make like a vacation, tuition payment, or home improvement project.
As long as you were going to make the purchase anyway, putting it on the new card helps add to your bonus progress. Just don’t overspend solely to earn the signup bonus.
Consider using for shared household expenses
If you live with others, use the card for shared purchases like utilities, streaming services, internet/cable bills, or groceries. This allows you to meet the minimum while splitting costs.
Prepay bills and expenses
You can prepay certain expenses like property taxes, insurance premiums, or monthly subscriptions. Just make sure the merchant accepts credit cards without fees.
While you’d still have to pay eventually, prepaying counts immediately towards the signup bonus.
Use for business or side gig expenses
If you have a home business or side gig, use the card for related purchases like equipment, supplies, travel, fees, advertising, etc. Business spend can quickly add up.
Long Term Strategy
The Chase Sapphire Preferred sign-up bonus offer is something you can take advantage of regularly if you play your cards right (no pun intended). Here’s how to maximize your long term earnings with Chase cards:
Downgrade your card after getting the bonus:
After you hit the minimum spend and get the signup bonus, you can downgrade your Chase Sapphire Preferred to a no annual fee card like the Chase Freedom or Freedom Unlimited. This will allow you to avoid paying the $95 annual fee while keeping your account open and history with Chase intact.
Wait for eligibility before applying again:
Chase has rules about getting repeat bonuses on the same card. You’ll need to wait 24 months after you received your last Sapphire Preferred bonus before you can qualify to earn the bonus again. Make sure you are past that timeframe before applying.
Get bonuses on other Chase cards in between:
While you wait for Sapphire Preferred eligibility to reset, you can apply for other Chase cards and earn those sign-up bonuses. Cards like the Ink Business Preferred, United Explorer, and Southwest cards regularly have excellent bonuses worth earning. This helps you continually earn points/miles while waiting out the 24 month clock.
Combine points from different cards:
One of the advantages of remaining loyal to Chase is you can combine points earned from various cards into your Sapphire Preferred account. The points become more valuable and flexible to redeem when pooled together. This enables you to build up a nice stash of points during the periods between Sapphire Preferred bonuses.
Watch for new applicant offers:
Occasionally Chase increases the Sapphire Preferred bonus for a limited time. If you see an offer higher than 60,000 points, consider jumping on it even if it hasn’t been 24 months since your last bonus. Just make sure you are eligible under Chase’s other application rules before applying.
The Bottom Line
Earning the Chase $500-$2000 bonus can be highly rewarding, but you need an eligible card and will need to meet the minimum spend. Having a credit score of at least 700 will help for approval odds.
The signup bonus is best used as part of a long-term credit card strategy, not just a quick reward. Consider if you’ll keep the card long-term and make sure it fits your lifestyle. Factor in the annual fee after the first year.
To recap key steps for maximizing this bonus opportunity:
– Check your credit score and focus on improving it if needed
– Consider the best Chase cards for your spending habits
– Apply when you have a major purchase coming up
– Meet the minimum spend during the intro period
– Use the points or cash wisely for maximum value
– Downgrade or cancel the card after Year 1 if the fee doesn’t make sense
With smart planning, the Chase bonus can provide huge value. Just be sure to read all the fine print so you know what’s required. If your credit or finances aren’t ready yet, you can always revisit this down the road. Take your time and set yourself up for success.