Here's how these 5 new credit card welcome offer bonuses from American Express, Capital One and Chase compare

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Many card issuers have been busy releasing new limited-time promotions. Rewards cards from American Express, Capital One and Chase have seen record-setting welcome bonus offers worth up to $1,250, depending on the card.

If you're looking to maximize credit card rewards, earning a welcome bonus is a great perk on top of the rewards you already earn by using your card.

Select breaks down the welcome offers for these five cards and what they're worth:

• American Express® Gold Card
• Blue Cash Preferred® Card from American Express
• Chase Sapphire Preferred® Card
• Capital One Venture Rewards Credit Card
• Chase Freedom Flex℠

When determining the best welcome bonus, consider how you can redeem each offer for maximum value, which we explain below.

The Amex Gold card's 60,000-point bonus can be worth up to $600 when you redeem points for flights and gift cards. But since the value of points varies based on redemption method, other redemption options can be worth less. Statement credit redemptions are worth $360, while booking prepaid hotels through Amex Travel is worth $420.

Blue Cash Preferred card members receive cash back in the form of Reward Dollars that can be redeemed for statement credits. The welcome bonus offer is a $250 statement credit after you spend $3,000 in purchases on your new card within the first six months.

The Sapphire Preferred card's 60,000-point bonus can be worth up to $750 thanks to the added value points receive on eligible redemptions. When you redeem points for travel through Chase Ultimate Rewards® or grocery store, dining, home improvement store and eligible charity statement credits with Pay Yourself Back, points are worth 25% more. The Pay Yourself Back benefit ends Dec. 31, 2022

Since Freedom Flex cardholders receive cash back in the form of Ultimate Rewards points, the $200 bonus is equal to 20,000 points. Points are worth up to $200 in statement credits or more than $200 when Chase is running a gift card sale. You can even transfer points between other Chase cards that earn Ultimate Rewards, like the Chase Sapphire Preferred.

Overall, the best welcome bonus depends on how much money you can reasonably afford to spend with a new card. Consider the spending requirements and time frame for each offer to narrow down your options. You should also review the annual fee and rewards rates to make sure the card is worthwhile.

If you're looking to maximize rewards and spending thousands of dollars to earn a bonus is within your means, consider the Chase Sapphire Preferred or Capital One Venture.

If you need more time to earn a bonus that has typical spending requirements of $6,000 or $4,000, the Amex Gold and Blue Cash Preferred are good options with six-month time periods.

And if you want a bonus that's easy to earn and doesn't require much spending, the Chase Freedom Flex is your best choice.

To determine which credit cards offer the best value, Select analyzed popular credit cards available in the U.S. We compared each card on a range of features, including rewards, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem points.

Select teamed up with location intelligence firm Esri. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here.

Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.

Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net the annual fee.

While the five-year estimates we've included are derived from a budget similar to the average American's spending, you may earn a higher or lower return depending on your shopping habits.

For rates and fees of the American Express® Gold Card, click here.

For rates and fees of the Blue Cash Preferred® Card from American Express, click here.

Information about the Chase Freedom Flex℠ has been collected independently by Select and has not been reviewed or provided by the issuer prior to publication