If you have a Chase or Discover credit card, you’ve probably seen the “Refer a Friend” offers in your online account. Both issuers reward you for introducing new cardholders, but the bonus amounts, redemption options, and fine print differ significantly. In this 2026 comparison, we’ll break down exactly how much you can earn, which program pays more per referral, and how to maximize your friend bonuses without running into account restrictions.
Whether you’re a seasoned points collector or just looking to earn a little extra cash, understanding the nuances of Chase and Discover referrals can mean the difference between a $50 bonus and a $500 windfall.
➡️ Read next (recommended)
đź“‹ Table of Contents
1. Chase Referral Program (2026)
Chase offers referral bonuses on many of its popular credit cards, including Chase Sapphire Preferred®, Chase Sapphire Reserve®, Chase Freedom Flex℠, Chase Freedom Unlimited®, and several co-branded cards like the United℠Explorer Card. Here’s what you need to know in 2026:
Chase Referral Basics
Ultimate Rewards- Bonus Type: Chase Ultimate Rewards® points (for Sapphire, Freedom) or miles (for co-branded).
- Typical Bonus Amount: 10,000–20,000 points per approved referral, depending on the card and current promotion.
- Value of Points: 1¢ to 2¢+ each when redeemed for travel through Chase, so 10,000 points = $100–$200+ in value.
- Annual Limit: Usually $500 worth of points per calendar year (e.g., 50,000 points if valued at 1¢).
- Per Referral Limit: No explicit cap, but total annual limit applies.
- Eligibility: You must be a cardholder in good standing; your friend must not have had the card before (or within a certain period, usually 24–48 months).
- Payout Time: Bonus points post 6–8 weeks after friend’s approval and first purchase.
🔍 Chase Referral Tip
Chase often runs limited-time promotions where referral bonuses are doubled. Keep an eye on your email and online account for these boosts. In early 2026, we’ve seen offers of 20,000 points for referring a Sapphire card.
2. Discover Referral Program (2026)
Discover’s referral program is simpler and purely cash‑based. It applies to all Discover it® cards (cash back, miles, student, etc.) and the Discover checking account.
Discover Referral Basics
Cash Bonus- Bonus Type: Straight cash (statement credit or deposit).
- Typical Bonus Amount: $50–$100 per approved friend, sometimes $50 for credit card, $50 for checking (or $100 for a combined product).
- Annual Limit: Typically 10 referrals per year ($500–$1,000 maximum).
- Per Referral Limit: One bonus per friend (friend must be new to Discover).
- Eligibility: You must have an open Discover card or bank account; friend must not have had that product before (or within a certain lookback).
- Payout Time: Bonus usually posts within 2–3 billing cycles after friend activates and uses the card.
âś… Discover Simplicity
Discover’s cash bonuses are easy to understand and redeem – no points valuation gymnastics. $50 is $50.
3. Head-to-Head Comparison: Chase vs Discover Referrals
| Feature | Chase | Discover |
|---|---|---|
| Bonus Type | Points (Ultimate Rewards or miles) | Cash |
| Typical Bonus Value | 10,000–20,000 points = $100–$400+ (depending on redemption) | $50–$100 cash |
| Annual Limit | $500 in value (e.g., 50,000 points at 1¢) | $500–$1,000 (10 referrals) |
| Redemption Flexibility | Travel, cash back, gift cards, transfer partners (Sapphire) | Cash – no restrictions |
| Per Referral Max | Varies, but limited by annual cap | $100 per friend, 10 friends max |
| Bonus Speed | 6–8 weeks after friend’s first purchase | 2–3 billing cycles |
| Best For | Travel enthusiasts who maximize point value | Cash-back seekers, simplicity |
Maximum Annual Referral Earnings (Illustrative)
Discover’s annual cap can be higher, but Chase points can be worth more per referral if redeemed strategically.
4. Referral Bonus Calculator
Estimate your potential earnings based on your number of referrals and chosen program.
đź’° Referral Earnings Estimator (2026)
5. Which Program Pays More? It Depends on Your Goals
There’s no single winner – it depends on how you value points and your spending habits.
When Chase Wins
- You have a Sapphire card and transfer points to travel partners (e.g., Hyatt, United) where you routinely get >2¢ per point.
- You’re targeting a specific award redemption and need a points top‑up.
- You prefer flexible rewards that can be used for travel or cash.
Example: 20,000 Chase points transferred to Hyatt can book a hotel room worth $400+, making that single referral worth $400.
When Discover Wins
- You want guaranteed cash with no valuation guesswork.
- You have many friends to refer and can hit the 10‑referral cap.
- You prefer simplicity and immediate statement credits.
Example: 10 referrals at $100 each = $1,000 cash, no annual fee cards, easy to achieve.
6. How to Maximize Your Referral Earnings
🚀 Proven Tactics
- Share your link on social media (with proper disclosures). Many people are looking for credit card recommendations.
- Timing is everything: Refer during elevated bonus periods (Chase often runs 20k point promos; Discover occasionally doubles bonuses).
- Combine with welcome offers: Your friend gets their own sign‑up bonus, so it’s a win‑win.
- Leverage family and close friends: The most successful referrers start with people they know.
7. Common Mistakes & Fine Print
⚠️ Avoid These Errors
- Referring someone who already had the card: Both Chase and Discover have strict “new cardholder” rules. Wasted referral.
- Ignoring annual limits: Chase caps at $500 value; if you refer 5 friends at 20k points each (100k points), you’ll only get $500 value (the rest are forfeited unless you have a premium card with higher cap – check terms).
- Not meeting minimum spend for the friend: Many referrals require the friend to make a purchase; remind them.
- Tax implications: Referral bonuses are generally considered taxable income. Keep track.
Frequently Asked Questions
Yes, each card often has its own referral program. You can earn bonuses on each card, but the annual $500 value limit typically applies per card or per household – check your cardmember agreement.
Discover’s referral program is separate for credit cards and bank accounts. You can earn up to 10 credit card referrals ($50–$100 each) and also refer friends to Discover checking for additional bonuses.
Chase referral links typically expire after 90 days of inactivity, but check your account. Discover links are usually valid for a year.
Chase explicitly allows referrals to household members, but they must be new cardholders. Discover also permits it, but they may scrutinize multiple referrals from the same address.
If you have a Sapphire card, transfer to Hyatt or United for outsized value. Otherwise, cash back at 1¢ per point is a solid option.
Final Verdict: Chase or Discover?
Both programs can be lucrative, but your choice depends on your rewards style. Choose Chase if you’re a travel rewards optimizer and can consistently get more than 1.5¢ per point. Choose Discover if you want straightforward cash and have the potential to max out the 10‑referral cap.
Remember to always refer friends who genuinely benefit from the card – it’s the best way to maintain relationships and ensure they complete the requirements. Happy referring!