$500 Credit Card Bonus Offers for February 2024

Earning a $500 credit card bonus is easier than most people think. Finding the perfect card that suits your needs and pays the bonus is key.

Fortunately, there are many options, and we’ve rounded up the top choices for you.

Best $500 Credit Card Bonuses for February 2024

Find our round-up of the top banks offering $500 credit card bonuses below.

1. Chase Sapphire Preferred® chase sapphire preferred card art

  • Annual fee: $95
  • Bonus Offer: 60,000 bonus points

The Chase Sapphire Preferred® credit card can help you save money if you travel frequently. Cardholders earn 5x points on travel when using Chase Ultimate Rewards®.

They also earn 3x points on dining out and takeout, 3x on online grocery orders and some streaming services, and 2x points on travel booked elsewhere. Cardholders also earn 1x points on all other purchases.

As a bonus, Chase offers 60,000 bonus points if you spend at least $4,000 on the card within the first three months. That’s the equivalent of $750 in travel if you book through Chase Ultimate Rewards®, which is even more than a $500 credit card bonus.

  • Up to $200 in value from partners, like a complimentary DoorDash DashPass (must be activated by December 31, 2024) and complementary Instacart credit for a six-month membership
  • Get 25% more value in points when redeemed for travel through Chase Ultimate Rewards®
  • Bonus points equivalent to 10% of your annual spending on each anniversary date
  • Travel coverage, including trip cancellation, baggage delay, trip delay, and travel emergency services
  • No foreign transaction fees

2. Capital One Venture Rewardscapital one venture rewards

  • Annual fee: $95
  • Bonus Offer: 75,000 miles

The Capital One Venture Rewards card is a travel rewards card focusing on hotels and rental cars, not flights. Cardholders earn 5x miles on hotels and car rentals booked through Capital One Travel and 2x miles on all other purchases with no limit.

Capital One offers a welcome bonus for new members of 75,000 miles when you spend at least $4,000 on purchases in the first three months.

  • Room upgrades and experience credits when you stay at one of the Capital One Lifestyle Collection hotels
  • VIP service from Hertz Rentals
  • Up to $100 credit for TSA PreCheck® or Global Entry
  • Savings on flights booked through Capital One Travel
  • Exclusive access to entertainment
  • Access to exclusive dining reservations and experiences
  • No foreign transaction fees
  • 24-hour travel assistance
  • Access to Capital One lounges and a partner lounge network
  • Extended warranties on items purchased with your credit card

3. Chase Sapphire Reserve® chase sapphire reserve

  • Annual fee: $550
  • Bonus Offer: 60,000 bonus points

The Chase Sapphire Reserve® card comes with a hefty annual fee but can pay off if you frequent hotels or rent cars often. This travel card pays 5x points on flights and a hefty 10x points on hotel stays and rental cars as long as you book through Chase Ultimate Rewards®.

In addition, cardholders earn 3x points on restaurants and takeout and 3x points on travel booked elsewhere. Cardholders also earn bonuses from partners, including 10x points on Lyft rides and 10x points on Peloton purchases.

As a welcome bonus, cardholders can earn 60,000 bonus points if they spend $4,000 on purchases in three months. This is the equivalent of $900 in travel rewards through Chase, much more than a $500 credit card bonus.

  • Lounge access at 1,300 VIP lounges
  • Up to a $100 statement credit for TSA PreCheck® or Global Entry purchases
  • 50% more in travel redemption when you book through Chase Ultimate Rewards®
  • Room upgrades and free daily breakfast when you stay in a hotel within the Luxury Hotel & Resort Collection
  • Concierge service
  • 24/7 access to customer support specialists
  • Free DoorDash DashPass subscription for a year
  • Free Instacart subscription for a year
  • Travel coverage, including trip cancellation, trip interruption, rental insurance, lost luggage, and trip delay
  • Purchase and return protection

4. American Express Platinum Card® american express platinum

  • Annual fee: $695
  • Bonus Offer: 80,000 bonus points

The American Express Platinum Card® offers three ways to pay: paying your bill in full each month like a traditional American Express card, paying over time with interest on eligible purchases, and using Plan It®, a plan to split large purchases into monthly installments for a fixed fee.

In addition to the above benefits, cardholders can earn 5x points on flights booked through American Express Travel® or directly through the airlines (up to $500,000 in these purchases each calendar year). They can also earn 5x points on hotels booked through American Express Travel and 1x points on everything else.

Now, for the bonus. New cardholders can earn 80,000 points if they spend $8,000 on their American Express card in six months.

  • $200 in annual statement credits for hotel stays booked through American Express Travel®
  • Up to $20 per month statement credit on various streaming services, including Disney+, Hulu, Peacock, The New York Times, SiriusXM, and the Wall Street Journal
  • Free Walmart+ membership via a monthly statement credit
  • Access to the American Express Global Lounge Collection® with over 1,400 airport lounges
  • $15 Uber Cash monthly for Uber or Uber Eats ($20 in December)
  • Up to $200 airline credit for incidentals
  • Up to $100 annual statement credit for purchases at Saks Fifth Avenue
  • Up to $300 annual credit for Equinox membership
  • $189 CLEARr® Plus membership (digital identification at airports)
  • Exclusive access to hotels, resorts, and dining experiences through American Express Travel®
  • VIP travel services with a concierge
  • Hilton Honors™ Gold status
  • Trip and car rental insurance
  • No foreign transaction fees

5. Citi Premier® citi premier

  • Annual fee: $95
  • Bonus Offer: 60,000 bonus points

The Citi Premier® card is another great card for anyone who frequently stays in hotels and rents cars.

Citi Premier® pays 3x points on gas stations, supermarkets, airline tickets, restaurants, and hotels. However, through June 30, 2024, you can earn 10x points on hotel and car rental booked through Citi. The card also pays 1x points on all other purchases.

The Citi Premier® welcome bonus offers 60,000 bonus points after spending $4,000 in three months. This is the equivalent of $600 in gift cards or travel rewards at thankyou.com.

  • No foreign transaction fee
  • You can transfer ThankYou® points to partner airlines
  • $100 off one hotel stay per year
  • Use your ThankYou® points to pay at Amazon or BestBuy.com
  • No points expiration

What Is a $500 Credit Card Bonus?

A $500 credit card bonus (or more) is a welcome bonus that companies offer when you open a new card. You must meet specific requirements, often including spending a certain amount of money within a specific timeframe.

If you meet the requirements, the credit card company will reward your bonus, usually as points added to your points balance that you can spend how you want.

Why Do Credit Cards Give a $500 Bonus?

Credit card companies use bonuses as a marketing method to get more customers. Since people are more likely to apply for a credit card when there’s a healthy bonus, credit card companies profit by offering the bonus.

Of course, because you must meet certain spending thresholds, they weed out the people who would simply apply for a card and not use it. Because credit card companies make money when you use the card, it benefits them to offer an incentive to open and use a card immediately.

How Do Banks Benefit From Providing These Incentives to Customers?

Banks benefit in several ways when offering credit card incentives to new cardholders, including:

  • Fees for using the credit card
  • Interest is paid on any balances that are carried forward
  • Annual fees
  • Credit card rewards allow banks to have another avenue of income. Rather than relying on one source of income, they diversify their income to earn the most money possible

What Can the Welcome Bonus Be Redeemed For?

Every credit card company has different rules regarding redeeming the welcome bonus. Typically, they are points you can use like any others, redeeming for travel, gift cards, or statement credits.

However, with most credit card companies, you get enhanced benefits when you redeem the welcome bonus for travel through their portal, giving you as much as a 25% bonus.

How To Qualify for a $500 Credit Card Bonus: 5 Steps

It’s important to know each credit card company’s requirements to qualify for the $500 credit card bonus. Here are the simple steps to take:

  1. Find a credit card with rewards you’ll use. For example, a travel rewards credit card can be beneficial if you travel often, but if you travel infrequently, you may want to look for a different type of card
  2. Read the requirements and determine if you can meet them, especially the spending requirements. Don’t open a credit card for the bonus if meeting the minimum spending requirements will cause you to go into credit card debt. Ensure it’s spending you normally do
  3. Apply for the card and use it within the timeframe required, meeting the minimum spending requirements
  4. Keep your credit card in good standing. Make your payments on time, and if you can help it, try not to carry a balance
  5. Receive your credit card bonus

Considerations When Applying

Before taking a $500 credit card bonus offer, consider the following:

  • Can you afford the annual fee, and does it make sense? You should only take on annual fees when the benefits outweigh the fees; otherwise, many cards with no annual fees exist
  • Will you use the rewards? Don’t apply for a credit card with rewards you won’t use. Stick to cards that offer rewards that make sense for your lifestyle, whether travel rewards or otherwise
  • What’s the APR? If you carry a balance, look for a card with a promotional APR or at least a lower APR than standard credit card companies offer
  • What are the other benefits? The $500 credit card bonus is a one-time deal. Look at the other benefits the card offers and ensure they are something you’ll use

Pros and Cons

Chasing credit card bonuses has its pros and cons. Here’s what you should consider.

Pros

  • You have the potential to earn a nice bonus
  • You may get other benefits from the credit card that your current credit card companies don’t offer
  • You can help your credit score if you pay your credit card bills on time and keep a low balance (or no balance)

Cons

  • You might spend more than you typically do, putting yourself into credit card debt
  • You could hurt your credit score if you can’t keep up with your credit card balance and payments
  • You may pay interest on the amount required to earn the bonus, depleting the bonus’ benefits

Tips and Strategies To Maximize Your $500 Credit Card Bonus

So, how do you maximize your $500 credit card bonus? Here are some quick tips.

  • Ensure you can meet the requirements, including spending requirements, and that it’s not higher than what you normally spend
  • Look for cards that offer a higher bonus if you use the rewards through their travel portal, giving you even more bang for the buck
  • Don’t open a credit card to carry a balance; you’ll deplete your bonus
  • Understand all the perks the card offers and take advantage of them, especially free subscriptions or travel assistance
  • Don’t carry a balance higher than 30% of your credit limit, or you risk hurting your credit score

Frequently Asked Questions

Earning a $500 credit card bonus is a great way to earn free money if you already use credit cards. Here are more questions people have about credit card bonuses.

How Are Credit Card Bonuses Taxed?

Fortunately, if you earn a credit card reward for using the credit card, the IRS views the bonus as a rebate and not earned income. This means you don’t have to report the cash-back bonuses on your tax return, and it doesn’t increase your taxable income.

Can I Get a Sign-up Bonus With Bad Credit?

Most credit cards for bad credit don’t offer a credit card bonus; however, they may have rewards you can earn through regular use, including cash back on everyday purchases. Once you improve your credit score, you’ll have access to more sign-up bonuses.

Do I Need To Be a Bank Customer To Get a Credit Card?

No, you don’t need to bank at a specific bank to get a credit card. Most banks have their applications online, and anyone can complete one. Everyone, however, must complete the application with their income and employment and be able to prove they can afford the card.

Can Individuals With Less-Than-Perfect Credit Still Qualify for These Offers?

Some credit cards don’t require excellent credit, but most with high credit card bonus offers do. Read the fine print and talk to the credit card company before applying.

It’s important to avoid applying for credit cards excessively, as each inquiry on your credit report can lower your credit score.

Can I Apply for More Than One of These Credit Cards With $500 Bonuses?

You are free to sign up for as many credit card bonuses as you want, but proceed with caution.

Make sure you can handle the required spending and balances without putting yourself into credit card debt. It’s best to chase one offer at a time. After satisfying the requirements, you can move on to the next offer.

How Does Applying for Multiple Credit Cards or Managing Them Affect My Credit Score?

Initially, when you apply for new credit cards, your credit score may dip slightly.

However, your credit score will likely improve if you make your payments on time and if you don’t have a balance over 30% of your credit limit. The key is not to charge so much that you cannot keep up with the payments.

Leave a Reply

Your email address will not be published. Required fields are marked *