When a Wall Street banking institution starts throwing 100,000-point bonuses at credit card customers, it may be best to grab them before they inevitably disappear. And so it goes with Chase Sapphire Reserve, a card that the bank, JPMorgan Chase, introduced last summer. The bank offered a sign-up bonus worth $1,500 to people who spent $4,000 on the card in the first three months they had it and then redeemed the bonus for travel.
Now the bank is cutting the bonus in half. Jan. 12 will be the last day that people can earn it by applying for the card online, though people who apply at a bank branch will still be able to get the bonus until March 12. You need not be a current bank customer to apply at a branch, according to a bank spokeswoman, Ashley E. Dodd, who confirmed the changes.
The bonus played a big role in bringing the card so much attention, landing it on the cover of Bloomberg Businessweek and leading the bank to hand out so many perks that it caused a $200 million to $300 million hit to its earnings.