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On my recommendation, a very close friend applied for the Chase Preferred Sapphire Visa Card. He went to his local Chase branch and they offered him a sign on bonus of 50,000 Ultimate Rewards points (10,000 more UR points than the current best offer available). His application was approved, he received the card, and met his spend.
So far, so good…
Fast forward a few weeks. I receive this email from him:
So I just received 50,000(!) Ultimate Rewards points for my new Chase Sapphire. I’m toying with the idea of getting cash back for some of it. As you probably know, I can trade in 50,000 points for $500 cash which will just be deposited to my account.
Ohmigosh…I was horrified! I responded:
Don’t you dare take it as cash! Its so much more valuable as points.
For Chase Ultimate Rewards, seems like the best approach is transferring points to a travel partner, and I’m sure you’ve told me that before. Looks easy since I have the Chase Sapphire Preferred, and United and Hyatt seem to be the best (or at least most popular) options,. For now though, I’ll just hold on to them for now until I do more research.
Phew. That was close.
Remember: Friends don’t let friends exchange Ultimate Rewards points for Cash!
Editorial Note: The opinions expressed here are mine and not provided, reviewed, by any bank, card issuer, or other company unless otherwise stated.