More Ways to Earn Points
Card Referrals
Referrals are an great part of the traveling with points hobby that allow you to rack up additional points.
Each bank and each card has their own rules regarding referrals, and business referrals and personal referrals aren't always treated the same. When in doubt, sign into your card's account to see if you have a referral link.
Keep in mind -- you should never refer yourself to a card! This can (and does) lead to banks shutting down your accounts. You can refer a friend, a partner, a family member -- but not yourself.
Who gives referral bonuses?
- Cardholders can generate a referral link when logged into their Amex account. Referral amount varies and can change throughout the year.
- You can refer from almost any Amex card to any other Amex card.
- Only given when the referred individual has never had ANY Capital One cards.
- Can usually only refer to the same card — someone with Venture cannot usually refer to Venture X and vice versa.
- Referral bonuses vary by card and card family.
- Many cards let you refer to a variety of cards in the same "family."
- Co-branded cards: can typically refer to any card within the card family.
The most commonly used referral programs are American Express, Capital One, and Chase.
Detailed referral rules by bank
American Express is unique because it allows you to earn referral bonuses for cards and card families that you don't have. For example, your friend could use your referral link that you generate from your American Express® Gold Card to open a Delta SkyMiles® Platinum American Express Card, and you will still get the bonus.
How much you will earn from a referral varies — your unique offer will be shown when you log in to your card.
American Express referrals are generally awarded within a week of the person being approved for their new card.
Capital One referral bonuses are fairly restrictive. Referral bonuses are available when the referred individual opens the referred card, and ONLY if the referred individual has never had ANY Capital One card before. The wording is vague and we don't have enough data points to confirm whether this includes authorized user cards.
If P1 has a Capital One Venture Rewards Credit Card, they can refer P2 — who has never had or been an authorized user on a Capital One card — to open a Capital One Venture Rewards Credit Card and earn a referral bonus.
They generally cannot earn a referral bonus if P2 opens a different card, such as a Capital One Venture X Rewards Credit Card.
Chase referral bonuses vary by card and card family. You can check to see what referral bonuses your Chase card is eligible for at their Refer-a-Friend page.
When you check a Chase card for referrals at that link, it will also tell you how many of your referrals you have used for the year.
Chase referrals typically are awarded when your next statement closes, but it may take an additional statement to receive them.
Business cards now have more restrictions: If the person you refer already holds a "Chase for Business card" which includes all the Inks and Sapphire Reserve for Business (sm), you will not earn a referral bonus.
Tax implications
While banks will not send you a 1099 for sign up bonus points, you may receive a 1099 form for referral bonuses.
Some banks send these forms out regardless of how many points you received from referral bonuses, and other banks send them out only if the referral bonus points are valued at $600 or more.
The value of points is set by the bank and will vary depending on the card and type of point. Flexible rewards points are typically valued at one cent per point for tax purposes, while there is more variation in the value of loyalty program points.
This isn't tax advice — we're travelers, not tax professionals. If you earn a number of referral bonuses, it's worth a conversation with whoever does your taxes.
