You might have heard that Chase is wrapping up what they’re calling the best offer on the Chase Sapphire Priority Card in four years. I mean, that’s quite a long time, and it’s kind of hard to say if or when they’ll come back with something similar.
We’re talking about a chance to snag 100,000 Ultimate Rewards bonus points, which is significant. So, if you’re thinking about it, now might be the time, especially since it could be a while before they offer such a lucrative deal again.
Offer Alert: If you spend $5,000 in the first three months after opening an account, you’ll earn 100,000 bonus points with Chase Sapphire. It’s worth considering.
From what I gather through emails and comments online, folks who hold this card have all sorts of questions. Some are curious, but others, uh, well, they talk about mistakes they’ve made. Unfortunately, some errors are tough to fix, but I think I can share some tips on how to avoid common pitfalls and improve your odds of approval.
Related: Is the limited-time 100,000 points offer for the Chase Sapphire one of the best ever?
Apply for Chase Sapphire or Reserve
Now, it’s important to note that Chase has some pretty strict rules. You can only have one type of Sapphire card open at a time. That means if you currently have the Sapphire Reserve, you can’t switch to Sapphire without applying for a new account entirely. This includes anyone who might have downgraded their cards to options that are no longer available.
Just a heads-up: calling Chase to switch from Reserve to Preferred won’t make you eligible for the bonus. You’ll need to start a new application to qualify for those 100,000 bonus points.
Pro Tip: If you want to keep your account but look into options down the line, consider downgrading to a Chase Freedom card for now.
The information here is gathered independently by The Points Guy, not influenced or provided by the card issuer.
Related: Who qualifies for the 100,000 point bonus from Chase Sapphire Preferred?
You May Not Think You’re Qualified
If you’re already a Sapphire cardholder, just remember you can only open one as the primary account holder. So, if you have the Reserve or Preferred, it’s complicated.
Don’t Wait Too Long If You’ve Had a Bonus Recently
Beware! If you’ve had a Sapphire card and received a bonus in the last 48 months, you won’t qualify for another one. It’s the date you got the bonus, not when you opened the account, that counts.
If you’re not sure when you last had a Sapphire card, you could check your credit report. This can clarify when the account opened, giving you a better idea of your eligibility.
Your online Chase account typically keeps statements for several years, so you can identify when you received your bonus by checking past statements.
If you’re close to the three-month mark for the bonus but haven’t received the points yet, remember that they might take a little time to appear.
The last big welcome bonus for Sapphire was in summer 2021, and waiting that long again might not happen. Just keep this in mind.
The Chase 5/24 Rule
Chase has a straightforward but seriously challenging rule: you can’t have opened more than five credit accounts with any issuer in the past 24 months. There are exceptions, like some small business accounts, but overall, it can be a bit limiting.
If you’re feeling unsure about your account status, it might be worth a call to see where you stand with authorized user accounts.
My Credit History Seems Insufficient
You generally need a credit score in the 700s for Chase Sapphire approval. Some applicants have been surprised when they don’t get approved despite having high scores, often because there isn’t enough history showing they can manage multiple accounts effectively.
This can be tough if you’re new to credit or if most of your accounts are under someone else’s name, like a partner. Building credit takes time, so consider starting with a couple of cards in your name.
Related: 6 Best Starter Cards for Building Credit
Spending Mistakes for the Welcome Bonus
To earn those 100,000 bonus points, you need to spend $5,000 within the first three months. That’s quite a few points, so it’s worth focusing on this requirement.
Also, keep in mind that your annual fee doesn’t count towards that total. I’ve almost missed out on a bonus once myself, simply because I paid things that weren’t considered “eligible purchases.”
You can track your spending progress in your Chase online account or app, which makes it a tad easier.
Unlocking Your Credit Report
When you apply, Chase will check your credit report, so if it’s been locked for any reason, just remember to unlock it beforehand. Some people report that Chase prefers using Experian for this, but things can vary.
Don’t Miss Out on This Rare Offer
Finally, I really don’t want you to lose out on this fantastic offer that might not come around again for a while. Chase has hinted at it ending soon, though the exact timing is unclear.
In previous rounds, many waited too long to apply—then life happened, and they missed out. Think ahead!
I’ve gotten plenty of questions after offers have ended, and once they’re gone, they’re just gone.
If you think you’re ready and can meet the spending requirements, do keep in mind that this offer will end soon, so it might be wise to act now.
Apply here: Chase Sapphire is worthwhile.
