Don’t Miss: Chase’s Limited Time 75,000 Point Welcome Bonus is Here. But not for long

If you’ve been eyeing one of Chase’s Sapphire credit cards, now’s the time to sign up.

Chase is offering a limited-time welcome bonus of 75,000 points when you open a Chase Sapphire Preferred® Card or Chase Sapphire Reserve® and spend $4,000 within three months.

“This is a strong bonus on an excellent card,” said Jason Steele, credit card expert and member of the CNET Expert Review Board. “It’s not the highest ever, but it’s better than the standard offering on cards that should be in the wallets of anyone looking to earn travel rewards.”

We don’t know how long the temporary bonus will last, but history tells us it won’t be there forever. Here’s what you need to know about the increased bonus and which cards qualify for it.

What is the new Chase welcome bonus?

From now on, if you spend $4,000 on eligible purchases within the first three months of opening a Sapphire Preferred or Sapphire Reserve card, you’ll receive 75,000 points. That means you’ll need to spend at least $1,334 per month to earn the bonus.

That’s an increase of 15,000 points over Chase’s typical bonus of 60,000 with the same spending requirement and time frame.

To earn this bonus, you can pay your bills with your credit card to reach the bonus faster. Or you might be able to earn the bonus if you have a big purchase planned that you’ve already set aside money for, such as a home renovation or a trip.

About Chase’s premium travel cards

The Sapphire Preferred is already our top pick for travel credit cards. In addition to the welcome bonus, these two popular travel cards have some useful benefits for booking a flight or taking a road trip. Make sure you have a plan for how you want to use the card before signing up.

“Both cards have excellent travel insurance and purchase protection benefits,” Steele said. “The CSR has even paid for roadside assistance and emergency evacuation cover. Both have primary auto insurance, along with trip delay and trip cancellation coverage.”

But there are big differences, such as annual fee, cardholder credits and rewards percentages – all of which can make a big difference in the long run. Here’s a quick look at both cards and a comparison to help you decide which is best for you.

Read more: Chase Sapphire Preferred Card vs. Chase Sapphire Reserve: Which is Better?

How can I redeem the bonus?

This increased welcome bonus can help you earn a free flight, hotel stay or other travel accommodation just in time for an end-of-summer trip – if you earn the bonus before the three-month period ends.

When you redeem rewards for travel with Chase Travel℠, you’ll redeem points at an increased rate of 1.25 cents per point on the Sapphire Preferred and 1.5 cents per point on the Sapphire Reserve. That means it could be worth $937 to $1,125.

In addition to the Chase portal, you may also be able to redeem your points at an even higher rate with Chase’s travel partners.

You can also redeem the points for other purchases, gift cards and statement credits, but at a lower value.

Read more: 6 reasons why the Chase Sapphire Preferred should be your next credit card

Am I eligible for Chase’s 75,000 point bonus?

Chase’s travel cards usually require good to excellent credit, so a FICO score of 670 or higher. There are also a few other factors that would disqualify you:

• You cannot be a current Sapphire cardholder.
• You cannot have earned a Chase Sapphire bonus in the last two years.
• You must not have exceeded Chase’s 5/24 rule, which means you cannot apply for five cards from any issuer in the past 24 months.

If you’re unsure, it’s best to call Chase customer service at 1-800-432-3117 for questions and assistance.