It’s pretty amazing that you can earn a sign-up bonus from a credit card issuer, just for giving their products a chance. The credit card industry is so competitive that these sign-up bonuses have become quite common and extremely generous. The best sign-up bonuses will offer new cardholders valuable points, miles, or cash back, typically after meeting a minimum spending requirement within a specified period of time.
To choose a card with the best sign-up bonus, you should consider the value of the offer, along with the size of the minimum spending requirement. For example, it would be unwise to choose a card that requires $3,000 of spending within three months of account opening when you only spend $500 each month. In addition, applicants should also examine the features and benefits of these cards, and choose the one that best meets their long term needs, not just one that has the best initial bonus. Finally, it is always worth considering the cost of the annual fee, and noting whether or not it is waived the first year with a particular offer.
The top four credit cards with sign-up bonuses:
The Capital One VentureOne Rewards card
currently offers a sign-up bonus of 20,000 miles after spending $1,000 in the first three months, which is equal to $200 in travel. After that, it doesn’t matter whether you are buying gas, your morning coffee, or a diamond ring, you will earn 1.25 miles per dollar on every purchase, every day. These reward miles do not expire, and there is no limit to the number of miles you can earn. Redeem miles for travel credits through Purchaser Eraser or to book new reservations through the Capital One Rewards Center. Cardholders can use their miles to fly on any airline and stay at any hotel at any time, and there are no blackout dates associated with travel rewards. In fact, you will even earn miles with the airline from your award travel, something you can never do with traditional frequent flier miles. You may also redeem miles for cash, gift cards, and more. There are no annual fee for this card, and no foreign transaction fees.
The Bank of America® Cash Rewards Credit Card is an outstanding cash back card. It offers 1% cash back on all purchases, but 2% on transactions made at grocery stores and at wholesale clubs, and 3% on a category of your choice: gas, online shopping, dining, travel, home improvement/furnishings or drug stores. These increased payouts are applicable on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter. Cardholders can update their choice category for future purchases once each calendar month using the Mobile banking app or Online banking, or do nothing and the category stays the same. If you’re a Bank of America Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase. New customers can earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days of opening an account. In addition, new applicants will get 15 billing cycles of 0% APR on both new purchases and balance transfers. The balance transfers must be completed within 60 days of account opening, and a 3% balance transfer fee applies. The card has an APR ranging from 15.74% - 25.74% Variable APR on purchases, depending on your credit worthiness. The card has no annual fee.
For those business owners looking for a great sign up bonus, the Capital One Spark Cash for Business card offers new applicants a one-time $500 cash bonus after spending $5,000 on purchases in the first three months, a return of over 10%. Whether you are purchasing office supplies or taking a client out to eat, you will earn 2% cash back on every purchase, every day. For example, a business owner who spends $5,000 each month on this card will earn $1,200 cash back every year. There are no limits to where you can earn cash back rewards, which never expire. You can redeem cash anytime, for any amount, and you can even set up an automatic redemption. Add employee cards at no extra cost to you, and you will earn all the rewards from those purchases! This card has a $95 annual fee that is waived in the first year and no foreign transaction fees.
The Chase Sapphire Preferred® Card
has emerged as one of the premier travel rewards cards, which is conveyed to merchants when they receive this heavy, solid card with its metal core. New cardholders earn 60,000 bonus points when they spend $4,000 within three months of account opening. Cardholders also earn double points for all travel and dining expenses, and one point per dollar spent elsewhere. These 60,000 points are worth $600 in cash back, or $750 in travel if booked through the Chase Ultimate Rewards program. There is a $95 annual fee for this card but no foreign transaction fees.