Chase is rolling out another significant change — and it’s one that will impact many in the points and miles community. Starting October 7, 2025, Chase will only allow referral bonuses for new Chase Business cardholders. That means if someone already has a Chase business credit card, referring them will no longer earn you a bonus.
What’s Changing?
Previously, you could earn 20,000 bonus points for each approved referral to a Chase business card — whether they were new to Chase business cards or not. But going forward, only first-time Chase business card customers will qualify for you to earn that referral bonus. Chase is also capping this at 100,000 points per year, as before. This update is reflected within the online portal – no official notice has been sent out to customers – at least not yet.
This update mirrors similar restrictions Capital One recently implemented. It’s clearly part of a larger trend where issuers are cracking down on referral gaming, likely due to increased costs from aggressive referral strategies like P2 (Player 2) setups — where spouses or business partners refer each other repeatedly to stack bonuses.
Why This Matters
If you’ve been using referral links as a consistent way to earn points — especially by helping your partner, clients, or even within a close network — this change is a major blow. Those running blogs, consulting businesses, or social media pages (like myself with Journey with Reese J) may also feel the impact.
When I first began formalizing my blog into a true business, Chase referrals were a helpful income stream. It allowed me to earn rewards without charging readers or clients directly, which was a win-win. Changes like this limit that flexibility.
Final Thoughts
For those in the points and miles space, this is yet another reminder that you have to stay adaptable. Strategies that worked in the past may no longer be viable in the future — especially when banks make moves to tighten approvals, reduce referral values (remember when the 40K referral dropped back to 20K?), or restrict bonuses to new users only.
So while this is disappointing news for many, it’s also a signal: maximize opportunities while they’re available — because they can change at any time.
