With Chase dropping the best ever (public) offer on the Chase Sapphire Preferred, there are many wondering if they can get the Chase Sapphire Preferred 100,000 point offer. Here are some things to keep in mind if you want to get this deal.
Can You Get the Chase Sapphire Preferred 100,000 Point Offer?
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Chase has a couple of big rules that block the way of potential cardholders. One is known as “Chase 5/24” and the other concerns when you last received a bonus on a Chase Sapphire card. After you clear those hurdles, you still need to pass things like the actual application which will based on things like a credit score and also Chase checking your relationship with them.
Chase 5/24 Rule
This rule has been around for a while and, to put it simply, it means that you cannot have had 5 or more new card accounts open in the last 24 months (from any bank) to be eligible for a majority of Chase credit cards.
While business cards do not count towards that 5 number (if those business cards do not report to your personal credit report), card accounts from other banks do. So, if you have been grabbing some of the great offers out in the last two years, check to see how many you have opened in the last 24 months.
If you fall under the Chase 5/24 rule this month, you will need to wait until July 1 to apply. However, you could apply now and then call the reconsideration line after July 1 if you want to have it be reconsidered when you are free from the Chase 5/24 limit.
If the total number is under 5, you are good to go to apply for the Chase Sapphire Preferred 100,000 point offer – at least, based on the Chase 5/24 Rule. Take a look at the next rule.
Chase Sapphire Rule
This is the next rule hurdle in your way. This rule says “The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months.”
So, if you have received a bonus in the last 48 months on any Chase Sapphire card (Chase Sapphire Preferred or Chase Sapphire Reserve), you will not be eligible to get this offer. Furthermore, and this will likely affect many, you cannot currently hold a Sapphire card of any kind – no Sapphire, no Sapphire Preferred, and no Sapphire Reserve.
The easy thing to do would be to product change that Sapphire card to a Freedom card and then apply for the Chase Sapphire Preferred 100,000 point offer later on. Or, you can cancel the Sapphire card but you may not want to if you want the Sapphire card or Freedom card in case you do not get approved on the Sapphire Preferred.
So, if you have not had a Sapphire bonus in the last 48 months and you do not currently hold a Sapphire card, head down to the next section!
The Actual Application
Now we have cleared both hurdles that would have received a decline automatically. Now we are on to the application itself. It is based quite a bit on your credit score and for the Chase Sapphire Preferred, you would need over 720 (though some have had it under 720 but 720 is a good number to start at).
Another thing to consider is your relationship with Chase. How many cards do you have with them and what is your total line of credit on cards with them? If it is very high, you should pick a card that has a credit line that you do not mind splitting to have assigned to the Chase Sapphire Preferred, if you need to move some lines of credit around. You will need at least $5,000 of credit line to get approved for the Preferred.
If you do receive a negative response to your application, you can call the Chase reconsideration line to see what you can do to get approved. The Chase reconsideration line number is 1-888-270-2127.
Every so often, a credit card bonus comes along that is totally worth getting. This Chase Sapphire Preferred 100,000 point offer is one such offer. People were jumping on the 100,000 point offer when the Chase Sapphire Reserve was launched – and that came with a $450 annual fee (though it was offset by a $300 travel credit)! This card has a $95 annual fee so much easier to swallow.
This post helps you to understand if you can get the Chase Sapphire Preferred 100,000 point offer. Hopefully you can!