It’s not earth-shattering news, but it’s now a little easier to earn the sign up bonus on the Chase Sapphire Preferred Card. As of today, when you sign up for a new account and spend $2,000 within your first 3 months (previously $3,000), you’ll earn 40,000 bonus points which can be redeemed for $400 in statement credit or a flight that costs $500.

Update 8/22: In an abrupt about-face, Chase is ending this $2,000 min spend offer as of 3pm ET today, 8/22. After that time, the min spending requirement will likely return to $3,000.
Update 8/23: As expected, the min spending requirement has returned to $3,000 as of today.

What the $2,000 min spending requirement means is that new account holders will effectively earn a 20% rebate on their first $2,000 in spend. And that’s assuming you’re redeeming your points for statement credit. Redeeming your bonus points towards flights will return a yield of 25%. These numbers also don’t take into account the points you would normally earn for that $2,000 in spending, which is at least another 2140 points.

Basically, an excellent sign up bonus just became a bit better.

Beyond the sign up bonus, the card has a number of other benefits which are detailed in this review. The card does have an annual fee of $95, which is waived for the first year. Do note, however, that if you are signing up primarily for the bonus, when your first year is up, you can also choose to convert the card to the Chase Sapphire Card which does not carry an annual fee.