Do You Have the Chase Sapphire Preferred or Reserve Card? This Special Offer From Chase Is a Game-Changer

One of the more interesting things about credit card rewards is the ways various cards interact with other cards from the same issuer. My favorite example is with Chase credit cards from the Freedom and Sapphire families.

Turning cash back into travel rewards

When held by themselves, the Freedom cards are cash back rewards cards. However, they technically earn Chase Ultimate Rewards points; you're just restricted to redeeming for cash back (or gift cards).

However, when you also have a Sapphire card, such as the Chase Sapphire Preferred® Card, you can pool the Ultimate Rewards points you earn from both card families into one pot. Now, you can redeem your points for travel or transfer them to a travel partner -- including the rewards you earned from your Freedom card.

If you redeem your rewards for cash back, you get a value of $0.01 per point. But if you transfer your rewards to a travel partner, the possible value is much higher. I've personally earned more than $0.025 per point on multiple redemptions (and I've read anecdotes from people who got $0.03 to $0.04 per point on aspirational trips).

In other words, redeeming for travel instead of cash back can potentially double (or more) the value of your rewards.

The latest Chase Freedom Unlimited® offer

So, what's this to do with, well, anything? You see, there's a brand new welcome offer available on the Chase Freedom Unlimited®. And it has unlimited potential (at least, that's what Chase says).

The offer: New cardholders are eligible for a double cash back offer. Chase will match all the cash back you earn with your new card in the first 12 months, automatically, after your first year is over. And there's no limit on how much cash back you can earn -- or how much Chase will match.

How to maximize your rewards

With the Chase Freedom Unlimited®: Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.

Now, in your mind's eye, swap out "cash back" for "points" on these categories (because that's what you're effectively doing when you pool your points with a Sapphire card). The 3% back on dining suddenly becomes 3x points on dining, making your Chase Freedom Unlimited® card your new go-to restaurant card (at least for the first year).

There's also that non-category 1.5% cash back on purchases. Only now, it's 1.5x points per dollar on non-category purchases.

Now, double that. That's right, when you pair the Chase Freedom Unlimited® welcome offer with the Chase Sapphire Preferred® Card -- or, if you like, the Chase Sapphire Reserve® -- suddenly your little cash back card is earning an effective 3x points per dollar on purchases, with no limit on how much you can earn.

Points to consider

Alright, this deal sounds pretty awesome, right? Well, I hate to burst your bubble with fine print (and some math), but here it is.

To start, the Chase Freedom Unlimited® is absolutely subject to the Chase 5/24 rule. This means if you've opened five or more new cards in the last 24 months, you won't be eligible for this card now.

Even if you're under the 5/24 limit, you're still ineligible for this offer if you already have a Chase Freedom Unlimited®, or if you're received a welcome bonus for one within the last 24 months.

Finally, the math. The typical welcome offer for this card is $200 in cash back when you spend $500 on your card in the first three months. So, for the double cash back offer to be worth what you'd get otherwise, you need to earn at least $200 in cash back during the year. At 1.5% back, you'll need to spend around $13,333.33 to get that $200.

When all is said and done, this card offer is a huge deal for people who:

• Will eat out a lot in the next year
• Want to book a lot of travel through Chase
• Have one or more large, non-category purchases planned

If you can say "yes" to at least one of these points -- and you already have, or plan to get, a Sapphire card -- then this offer could offer a ton of value. If none of these apply to you, you may be better off looking for the standard welcome offer if you want to add a Chase Freedom Unlimited® to your wallet.