The offer mentioned below for the Chase Sapphire Preferred® Card is no longer available.
Earning a welcome bonus on your new credit card can be an easy way to offset your everyday expenses. But even after you get approved for a card, there’s no guarantee you’ll be allowed to earn the bonus.
Many card issuers set limitations on who's considered a new card member and can therefore qualify for a welcome bonus. It can be frustrating to learn that you’re not eligible to earn a generous welcome bonus, so it's important to review the bonus eligibility terms prior to applying for a credit card.
To make the process easier, Select explains how to read a credit card's eligibility terms so you can take the guesswork out of wondering if you’re eligible for a welcome bonus.
Who’s eligible for a welcome bonus?
It can be tricky to understand all the terms of your credit card, and the welcome bonus offer terms are no exception. The simplest way to know if you’re eligible for a welcome bonus is by breaking down all the terms into bullet points. Then you can go through each point one-by-one and see if you qualify.
Chase and American Express are two major card issuers that commonly set strict eligibility requirements for welcome offers bonuses. Ahead, we break down the terms for the Chase Sapphire Preferred® Card (see rates and fees) and American Express® Gold Card welcome offer bonuses so you can understand if you'll qualify for their new offers. Unlike typical credit cards, the Gold Card allows you to carry a balance for certain charges, but not all.
Chase Sapphire Preferred® Card
New Chase Sapphire Preferred cardholders can earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
Here's what the Chase Sapphire Preferred terms say:
The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months. If you are an existing Sapphire customer and would like this product, please call the number on the back of your card to see if you are eligible for a product change. You will not receive the new cardmember bonus if you change products.
The language is a little tricky, so we've broken it down a bit so it's easier to understand if you qualify:
- If you've never had a Chase Sapphire card: Eligible
- If you currently have a Chase Sapphire card, regardless of whether you previously received the bonus: Not eligible
- If you previously had a Chase Sapphire card and received the bonus within the past 48 months: Not eligible
- If you previously had a Chase Sapphire card and received the bonus, but it's been more than 48 months: Eligible
- If you previously had a Chase Sapphire card and never received the bonus: Eligible
- If you’re an existing Chase Sapphire customer and want to request a product change: Not eligible
- American Express Gold Card
The Amex Gold card is also offering a generous welcome bonus to new cardmembers: You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership*.
Here's what the Amex Gold card terms say:
Welcome offer not available to applicants who have or have had this card or the Premier Rewards Gold Card. We may also consider the number of American Express cards you have opened and closed as well as other factors in making a decision on your welcome offer eligibility.
To simplify the language, just consider if you fit into two of these categories:
- If you've never had the Amex Gold card: Eligible
- If you've never had the Premier Rewards Gold Card: Eligible
- If you currently have the Amex Gold card: Not eligible
- If you currently have the Premier Rewards Gold Card: Not eligible
While the Amex Gold terms seem fairly simple, take note that there's also the disclaimer that Amex considers how many American Express cards you have opened and closed, plus other factors, which implies they consider bonus eligibility on a case-by-case basis.
The American Express Gold Card is great for earning valuable Membership Rewards® points at restaurants worldwide and U.S. supermarkets. Membership Rewards® points transfer to many of the top airline and hotel loyalty programs, which makes this card one of the best options for earning travel rewards.
- You can earn $400+ in dining and rideshare credits every year (Enrollment required for select benefits mentioned)
- Exceptionally rewarding for eligible restaurant and U.S. supermarket purchases
- No foreign transaction fees
- Large annual fee
- Credits are more complicated, you earn them monthly or semi-annually
- Spending caps on the top bonus categories
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount – all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App™.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App™, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App™ and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You'll know upfront exactly how much you'll pay.
- $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That's up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- Enjoy complimentary Hertz Five Star® Status benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Book two nights or more with The Hotel Collection through AmexTravel.com and receive a $100* credit towards eligible charges at over 1,300 upscale hotels worldwide.§ *Eligible charges vary by property.
- Book your travel through the Amex Travel App™ with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- See Rates & Fees
Foreign transaction fee
None
Bottom line
Before you open a new credit card with the hopes of earning a welcome bonus, make sure you review the eligibility requirements. Taking a quick look at the terms can help you understand if you qualify for the bonus.
Right now, there are a lot of really enticing credit card offers out there, so if you're not eligible for one, do your research to find a different card that allows you to earn the welcome bonus.
But you shouldn't open a card just to get the bonus. Make sure you're able to meet the spend requirements without blowing your budget. And when opening a new card, also take time to consider all the other factors, like annual fee, rewards rates and APR, to make sure you're getting a card you feel good about.
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For rates and fees of the American Express® Gold Card, click here.
*The American Express® Gold Card Welcome Offer: To view your personalized offer, you must first submit an application. If approved, you will: (1) receive your Welcome Offer details, (2) have the option to accept the Card with that offer, (3) be required to spend $8,000 on eligible purchases within the first 6 months of Card Membership, and (4) earn Membership Rewards® points. Welcome offers vary and you may not be eligible for an offer.
