The mega 80,000 offer on the Chase Sapphire Preferred is expiring in less than a week (June 1st at 6:00 pm). 

Here is a list of FAQs about the offer and eligibility.

Is the Chase Sapphire Preferred affected by the Chase 5/24 rule?

The Chase Sapphire Preferred card is affected by the Chase 5/24 rule. Meaning, if you’ve already opened 5 personal credit cards (including from other banks), within the past 24 months, then Chase will not approve you for this card.

Most business cards (including Chase business cards) are not counted towards the 5 cards since they do not show on your credit report. 

Also, if you are only an authorized user on a card, you can call the reconsideration department at 1-888-609-7805 to point out the authorized user status and they will disregard the card.

How many Chase cards can I apply for at the same time?

Besides the 5/24 rule, Chase has an additional rule where you can only get approved for up to 2 Chase credit cards per 30 days, with personal and business cards counted separately. That means you can open 2 Chase personal cards within 30 days and 2 Chase business cards within 30 days.

If I apply for two Chase cards the same day will it only be one inquiry?

Results vary. In most cases if you apply for two personal cards or two business cards then it will only result in one inquiry. But if you apply for a personal card and a business card then it will be two credit inquiries.  

If I got the welcome bonus for the Sapphire in the past, can I get it again?

In order for you to be eligible for a new Sapphire card it must be 48 months since you’ve received your last welcome bonus on any Sapphire card, (including the Reserve).

There is also another rule to keep in mind. Chase will not approve you for this card if you already have any other Sapphire card open. This includes the Sapphire, Sapphire Preferred, and Sapphire Reserve.

But here is what you can do. You can downgrade from a Sapphire card to a Freedom card and wait 48-72 hours after the downgrade in order for the downgrade to register. At that point you will be eligible for a new Sapphire card (as long as you did not receive the welcome bonus within 48 months). 

After you get approved, you can upgrade the card back to a Sapphire if you choose to do so. It only needs to be downgraded for the duration of the application and approval process.

How do I know if it's already been 48 months since I got the bonus?

If you’re not sure if 48 months have passed then you can check your credit report or Credit Karma to find the date you opened the Sapphire card and figure that you probably received the welcome bonus 2-3 months later. If you still have the card open you can look back at your statements to see when you got the bonus. But in either case, you can try to apply. If you’ve received the bonus within 48 months you will get instantly denied but Chase will not pull your credit (if rejected for this reason). So there is nothing to lose.

What if I already have a Freedom card? What can I downgrade to?

If you already have a Freedom card you can still downgrade to another Freedom product (Freedom, Flex, Freedom Unlimited) or you can have the same Freedom card twice. 

If I'm an authorized user on my spouse's Sapphire card, can I get my own card?

Yes. You can get your own card including the welcome bonus even if you’re an authorized user on a different Sapphire. 

Will the 100k offer still come back?

A few months ago, Chase had a 100k offer on the Sapphire Preferred card. I have no idea if the offer will come back again or not. For now, all that I know is that the 80k offer is expiring on May 31, 2022.

Can I upgrade the Chase Sapphire Preferred card to the Chase Sapphire Reserve?

You may really want the Chase Sapphire Reserve card but opt to apply for the Preferred in order to earn the higher welcome bonus and then upgrade to the Reserve card which has a lower welcome bonus. If that’s your intention, know before you apply for the Preferred that you can only do the upgrade 13 months after you get the Chase Sapphire Preferred card.

Can I downgrade the card to a no annual fee card?

The Chase Sapphire Preferred card can be downgraded to  the Freedom Unlimited ($0), Freedom Flex ($0), or to the plain Sapphire ($0). Please note, Chase will only allow you to downgrade the card after 12 months of account opening.

If I got declined, how do I get Chase to reconsider?

Call the Chase Underwriting Department at 1-888-609-7805. You have to call within 30 days of when you applied. Chase won’t do another hard credit pull to get your application reconsidered. You’ll ask them to please have another look at the application. They have a friendly group working in the department and they’ll do that gladly.

A good idea is to ask Chase to move an existing Chase credit limit from another Chase card in order to get the new card approved (you can only do personal to personal or business to business).

How can I check the application status?

If you are not instantly approved, you can call 1-888-338-2586 to check your status (not always accurate). 

You can also check the status online. To check online, log in into your Chase.com account, go to Customer Center on the right-hand side, and click on Check My Application Status. This tells you if your application has been received, is still pending, has been declined, or has been approved.

Another great way to check the status is by logging in to your Chase online account and looking for a new card popup. After approval the card usually shows in your online account within the hour. 

Which credit bureau does Chase pull?

Chase will usually pull your Experian credit report.

How fast can I get the card?

Once you’re approved for the card, you can get the credit card real quick. You can ask Chase to overnight the card and you’ll have the actual credit card by the next day. You can also immediately add your card to your mobile wallets by logging in to your Chase account.  

What credit limits is Chase giving for the Sapphire Preferred card?

Chase is approving generously for the Chase Sapphire Preferred card. Within the past few months, there have been many approvals reported in our Credit Card Database. The credit limits they were approved for range from $4,000 to $34,000.

What credit score do I need to get approved for the Sapphire Preferred card?

In most cases, you need a min of a 720 credit score. According to results in our database, the average score for approved applications on the Sapphire Preferred card is 751.

How much credit history do I need to get approved for the Sapphire Preferred?

In most cases, Chase will want to see a minimum of 12 months of credit history. It’s important to note that Chase will only count your own credit cards, not authorized users.

If you have $10k or more in your Chase bank account then Chase can sometimes approve with less history as well (in some cases, I have even seen people getting approved with absolutely zero credit history).

What other factors will Chase look at?

Chase will not like it if they see another inquiry on the same day you apply, or two or more credit inquiries within the past six month. 

You also need to make sure you’re not above the Chase 5/24 rule. In short, the Chase 5/24 rule means that Chase will not approve you if you opened 5 or more personal credit cards within the past 24 month. You can read a lot more about the Chase 5/24 rule here.