50K Chase Sapphire Preferred for Chase Private Clients

There's a 50K Chase Sapphire Preferred offer for Chase Private Clients, which is 10,000 points better than the 40,000 public offer (or 5000 points better than the maximum 45,000 bonus points, if you also add an authorized user to the card within the first 3 months of account opening). I learned of this deal via Nick, a TravelSort client, who is also a Chase Private Client. It's not as good, however, as the 55,000 Chase Sapphire Preferred offer (50K bonus + 5K for adding an authorized user) from last November.

Here are the details:

• 50,000 Ultimate Rewards points after you spend $2000 spend in the first 3 months

• 2 points per dollar spent on travel and dining at restaurants & 1 point per dollar spent on all other purchases

• No foreign transaction fees

• Receive a 7% Annual Points Dividend on all new points earned on purchases – even on points already redeemed. This makes your effective earn on travel and dining 2.14X

• 1:1 point transfer to United and Hyatt (best use of points), Korean Air, Southwest, Marriott, InterContinental, Priority Club, Amtrak

• Annual fee waived first year (still checking to see if in subsequent years the annual fee is $95 or $125)

• Offer only available to first-time cardholders: “Previous and existing cardmembers/accounts are not eligible for this bonus offer”

What is Chase Private Client? Am I Eligible?

Chase Private Client is JP Morgan Chase's private banking for the mass affluent, offering all the usual banking services (checking and saving accounts, mortgages, business banking) as well as investment management. So don't worry if you're not “the 1 percent” since it targets more the top 5-10%, who have ~$250,000 in investable assets. That said, as with all of these actively managed investment options, be aware that fees will be considerably higher than if you simply used Vanguard or similar index funds. 

It's certainly not worth becoming a Chase Private Client just for this slightly better Sapphire Preferred signup bonus, but if you're a Chase Private Client already and don't have the Sapphire Preferred, you may as well get the higher signup bonus.

Can I Get the Bonus for the Sapphire Preferred Again?

Per the terms, no. That said, some who had previously converted their old Sapphire Preferred Visa to a MasterCard have been able to earn the signup bonus again, when applying for the Sapphire Preferred Visa. As always, your mileage may vary.

Are Ultimate Rewards Points Worth Less Given the United Award Chart Devaluation?

In my view, yes–Ultimate Rewards points' best value transfer partner was United, and with the United Award Chart Devaluation (which will now go into effect Monday, February 3, instead of February 1 as planned), Ultimate Rewards points have also suffered a devaluation, especially if you liked using them for Lufthansa First Class, Singapore Business Class, Swiss Business Class, Asiana Suites, Thai First Class, and other Star Alliance first class and business class awards. 

If your main use of United miles is to book economy class awards or awards within the U.S. and Canada, the Caribbean, Central and South America, however, there's been very little devaluation.