BEST CREDIT CARD REFERRAL BONUSES

What Is a Referral Bonus?

A credit card referral bonus is a special offering a credit card issuer will give you to get a new user to sign up for a card. As long as that user follows your link or uses your code to sign up, the issuer will give you referral credit. It’s similar to the issuers paying you a fee for marketing products for them. According to estimates from the market research company Emarketer, card issuers make an average of $930 per credit card holder each year. So paying a small referral bonus to you is more than worth it.

Credit card referral bonuses usually range between $50 and $500 and can add up over time, especially if you make a lot of referrals. Keep in mind that you won’t get a bonus just for getting people to apply for a card. They also need to be approved for the card. And in many cases, they also won’t be eligible if they already have the card (or had it in the past).

Typically, credit card issuers have specific bonuses for each card. For example, cards with a high annual fee typically offer higher referral bonuses than cards without an annual fee. Issuers may also offer higher bonuses during certain promotional periods. That’s why it helps to consider what current referral bonuses are before you start making card recommendations to others.

Current Referral Bonuses by Issuer

To help you better understand the value of credit card referrals, we’ve independently collected all of the current referral bonuses by issuer. The bonus information was gathered through issuer websites, issuer refer a friend programs (including those that require a current account) and other online sources. They’re also subject to change.

American Express

Capital One

Chase

Discover

Citi

Right now, Citi doesn’t offer credit card referral bonuses to all of its customers. Instead, it only provides offers to select cardholders. It doesn’t provide details on the types of customers it invites for this offer or what it pays out for making a referral. Log into your account to see if you have any personalized offers available.

Other Issuers

Some smaller issuers offer credit card referral bonuses as well. For example, you can earn referral rewards when you get new users to sign up for the Bilt Mastercard®. You’ll get 2,500 points for each successful referral, as well as an additional 10,000 Bilt points after you make five referrals. There’s a limit of 50 successful referrals.

You might also be able to find a referral bonus at your local regional bank or credit union. These institutions sometimes have their own credit cards with special bonuses. If you’re a member at a smaller institution, check your program guidelines to see what referral opportunities might be available to you.

Banks Not Offering Credit Card Referral Bonuses

Unfortunately, not every bank chooses to offer bonuses for credit card referrals. Here are some popular banks not currently offering credit card referral bonuses:

  • U.S. Bank
  • Wells Fargo
  • Bank of America
  • Barclays
  • Synchrony Bank

This doesn’t mean these banks will never offer credit card referral bonuses. If you have an account with one of these banks, check your account regularly to see if any referral bonuses are available. Policies often change or bonuses are only available on a limited time basis.

Frequently Asked Questions

How Are Credit Card Referral Bonuses Paid Out?

Credit card referral bonuses are usually paid out in the form of cash back, bonus points or bonus miles. It all depends on the type of card you have. Typically, your bonus will match the earning incentives you already have on your card. So if you have a cash back card, you’re likely to get a cash back bonus. Likewise, travel cards are more likely to earn travel rewards.

How Long Does It Take to Get Credit Card Referral Bonuses?

How long it takes to receive credit card referral bonuses varies by issuer. For example, Chase says it can take up to eight weeks to receive your bonus after the new member’s approval. But Discover’s referral bonus takes one to two billing periods to appear on your account. To know for sure what to expect, check with the card issuer directly to see their terms.

Can You Refer Yourself for Another Credit Card?

Most card issuers do not allow you to refer yourself for a new credit card. That’s because they’re looking for new customers. Since you’re already a customer, it’s not worth paying you a bonus to stay on as a customer.

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2024-04-22T20:06:35Z dg43tfdfdgfd