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The Chase Sapphire Preferred is a perennial favorite for travel aficionados. And if you haven’t heard of it until now you’re probably very new to credit cards that offer rewards. Maybe you’ve held the Sapphire Preferred before in your wallet, but want to know if you can apply for it again, or you might have the Sapphire Reserve or Ink Preferred and don’t know if you can apply for the Preferred as well. This post will tell you how to apply for the Chase Sapphire Preferred as we walk you through the entire application process.
Two Important Things to Know Before You Apply for the Chase Sapphire Preferred
Before you apply for the Chase Sapphire Preferred, there’s one important stipulation to remember, the Chase 5/24 rule.
If you have been approved for at least five new credit cards in the past 24 months, either as a primary or secondary cardholder, Chase will most likely decline your application until your oldest application drops off your credit report. You might be able to overturn Chase’s decision by applying in-person or pre-qualifying for the card, but most people have to wait for their oldest credit card application to disappear.
This rule is how Chase keeps card application abuse to a minimum to discourage you from applying for a Chase credit card and canceling it immediately after you earn the sign-up bonus. Despite this restriction, Chase is still more lenient than some of the other credit card companies that only let you earn the sign-up bonus once in a lifetime.
Chase has begun enforcing a second rule that’s exclusive to the Sapphire card family. If you currently own any Sapphire credit card or owned one within the past 24 months, you do not qualify for the 50,000 point Sapphire Preferred sign-up bonus. You can still qualify for the bonus, but you must apply at least two years after you cancel your Sapphire cards.
As a side note, the ideal credit score for the Chase Sapphire Preferred is 720 or higher. We recommend waiting until your score is at least 700 to have the best chance of being approved.
A Step-by-Step Guide on How to Apply for the Chases Sapphire Preferred
If Chase’s 5/24 rule doesn’t apply to you and you haven’t owned a Chase Sapphire product in the last 24 months, it’s time to apply!
1. Click Chase Sapphire Preferred Application Link
The first step is to click an application link: Chase Sapphire Preferred. This will begin the application process.
2. Submit Your Personal Information
Next, enter your personal information including name and mailing address. If you plan on adding an authorized user, that step will be further in the application process.
3. Submit Your Financial Information
On the financial information screen, you will need to submit the following information for Chase to determine your credit limit:
- Types of Bank Accounts You Own
- Rent or Own Your Residence
- Gross Annual Income
- Source of Income
- Employer’s Name
To boost your approval chances, include as many income streams possible. For the “Source of Income” drop-down menu, choose the option that’s your primary income stream. The primary source of income for most applicants will be employed or self-employed, however, there are eight different options to choose.
4. Enter Your Security Information
Chase needs your personal security information to verify your identity and thwart identity thieves from applying for phone credit cards in your name.
You will need to provide:
- Primary phone number
- Email address
- Social Security Number
- Date of Birth
- Mother’s maiden name
After entering this information, Chase has everything they need to run a credit check and to make an application decision. On the next screen, you will have a final opportunity to review your application information and to add an authorized user.
5. Add an Authorized User
There are several actions you can take on the “Review” screen. The first and most important step is to add any authorized users to your account. Although you can add up to five authorized users, Chase gives you 5,000 bonus points for adding your first authorized user. If you don’t add one now, you still have three months to add one and earn the bonus points. The added authorized user must make a purchase in the first 3 months of card membership.
6. Review the Pricing and Terms
Before you can submit your application, Chase requires for you to review the E-Sign Disclosure and Pricing & Terms information that list the current APR, annual fee, and any additional fees you might encounter if you make a partial payment, transfer a balance, or request a cash advance.
You will need to scroll to the bottom of both disclosure boxes so avoid receiving an error message when you certify your application in the next step.
7. Certify Your Application and Click Submit
Finally, it’s time to click the Certification Box that confirms you read and agree to all of the Certifications and Pricing & Terms listed on the current screen.
Once you click Submit, Chase will immediately begin working on your making an application decision and pull your credit report. It’s possible to receive an instant decision in less than one minute if you’re highly qualified.
Once Approved, Earn the 50,000 Bonus Points
After Chase approves your application for the Sapphire Preferred, you will have three months from the application approval date (the account opening date) to earn the sign-up bonus. Spend at least $4,000 in the first three months on all purchases to earn the 50,000 bonus points in addition to the normal purchase rewards.
Once you reaching the spending requirement, Chase will credit the bonus point within six to eight weeks. As soon as they land into your account, you can begin transferring them on a 1:1 basis to the Chase Ultimate Rewards partners in 1,000 point increments or redeem them for award travel directly through Chase.
If you didn’t add an authorized user during the application process, don’t forget that you have three months from the initial account opening to add your first user and instantly earn 5,000 bonus points.
By reaching the spending requirement and adding an authorized user, you have 55,000 Ultimate Rewards points that can be worth at least $687 in award travel. Plus, Chase waives the $95 annual fee for the first year.
Summary on Applying for the Chase Sapphire Preferred
You can apply for the Chase Sapphire Preferred and receive a decision in less than five minutes. It’s really that easy. If Chase approves your application, you will own one of the most valuable travel rewards cards ever! But don’t apply for the Chase Sapphire Preferred if you don’t meet the requirements, have a good credit score, or can manage our payments.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.