Just checked and the referral offer is slightly better at $1k spending for $300 signup bonus for the moment
I don't spend alot on groceries, single and my groceries are split between grocery store (6% Amex) and Walmart (1% Amex, so 3% on BBVA), but I took the $250 SUB/$1k spend upgrade offer last month, $250 SUB with no new inquiry or new account was too good to pass up. I'll likely downgrade back to Everyday after 2 AFs.
The 1000/250 is equiv to the new app SUB. The upgrade is worthwhile either way since the AF is prorated and not the full $95. It really doesn't take much grocery spend to meet and beat the AF.
I got the 1000/$250 sub. I actually took the bait just last night, figuring the sub will cover the AF for 2.5 years and we spend a ton on groceries. The first $6K in grocery will now go to BCP, with the rest back to the Gold Card. (3-4 trips to Safeway and I've go the SUB in the bank )