The *chase sapphire preferred* is easily among the best travel credit cards for beginning and seasoned travelers alike. And there's literally never been a better time to add it to your wallet than now!
Chase just rolled out one of the biggest limited-time offers we've ever seen on the card: bonus_miles_full Considering the standard bonus on this card is just 60,000 points (with a slightly lower spending requirement), this offer is unbeatable. You just need to get approved, which can be easier said than done.
But just because you've already had (or still have) a Chase Sapphire Preferred card before doesn't mean you can't earn this bonus again: It depends on how long ago you earned the bonus on a Sapphire card the last time around. So even if you think this huge offer won't work for you, you just might be eligible after all.
Curious if you'll make the cut? Read on for a full breakdown of everything you need to know about whether or not you're eligible to apply for the Chase Sapphire Preferred.
Learn more about the *csp*.
You'll Need Good-to-Excellent Credit
The first thing you’ll need to consider before applying for the Chase Sapphire Preferred is your credit score.
Chase indicates that you must fall into the “Good” to “Excellent” credit buckets to be approved. As you can see, that means you’d probably need at least a 680 credit score to get approved.
From our own experience, accounts from readers, and historical data from creditcards.com, anyone with a credit score below 700 will generally have a harder time getting approved for a Chase Sapphire card.
But this isn't a hard-and-fast rule. There are certainly exceptions – especially if you have a history with Chase. But your best bet for getting approved is having what the bank deems “good” to “excellent” credit. If your credit score is below 680, your odds of getting approved aren't great.
Read more: What Credit Score Do You Need for the Chase Sapphire Preferred?
The Chase 5/24 Rule
The next thing you’ll need to be aware of is something called the Chase 5/24 Rule. And it can be a killer.
The Chase 5/24 rule is a restriction rolled out years ago in order to limit card applicants from opening credit cards for the sole purpose of earning the bonus rewards.
Here’s what it boils down to:
- If you have opened five or more credit cards in the past 24 months from any bank (not just Chase), you will not be approved for Chase credit cards, regardless of your credit score or history with Chase Bank.
- The rule does not count credit inquiries, but rather card products you have applied for and been approved for. That also means mortgages and other lines of credit don’t count.
The rule is not officially published through any of Chase’s platforms. Case in point: If you ask about it in a Chase branch or on the phone with a Chase customer service representative, employees have likely not heard of it.
There have been some signs lately that Chase is relaxing this rule, but it's still hit or miss. Still, your best chance at getting the Sapphire Preferred Card is by being under that all-important 5/24 count.
Not sure where you're at on the 5/24 count? A great way to keep track of your status is by using the Travel Freely tool!
What if You Recently Downgraded Your Sapphire Card … Or Plan To?
Just because you've been a longtime Chase Sapphire Preferred cardholder doesn't mean you're out of the running for this big bonus. It just depends on timing.
There are two critical factors:
- Chase doesn't allow you to hold both the Chase Sapphire Preferred Card and the *chase sapphire reserve* at the same time. That means if you currently have one of them open, you will not be eligible to apply for another Chase Sapphire card.
- Additionally, you can't earn this new offer if you've earned a sign-up bonus on either Sapphire card within the last 48 months – four full years.
That means if you've got a Chase Sapphire Card that you opened in the last year or two, you can't grab it again for this massive, 100,000-point bonus. But if you've had either the Preferred or Reserve Card for many years, you could be in luck – even if it's still in your wallet.
Critically, the four-year restriction starts from the date you earned the bonus points – not the date that you opened or closed either card.
If you're thinking of doing this, downgrading to one of the no-annual-fee Chase Freedom cards instead of canceling your current card outright is probably the best move. If you close a Sapphire card with a balance of Chase Ultimate Rewards points, they will be forfeited. Downgrading keeps them intact. Once you open a new Chase Sapphire card, you could then transfer those points back to your new Chase Sapphire card.
Just keep in mind that when you reapply for a Sapphire card, you'll still need to be under the Chase 5/24 rule and have a credit score that will allow you to get approved.
Read next: The Chase Sapphire Preferred is My Oldest Card – Here's Why I'm Getting it Again
Bottom Line
Chase doesn't make it easy for everyone to work out whether they're eligible for a big welcome bonus. But if you've got a great credit score and can beat these restrictions, you are eligible to apply for the Chase Sapphire Preferred … and you should.
With the Sapphire Preferred's nearly-unprecedented 100,000-point bonus offer and modest $95 annual fee, theres little reason not to. We don't know for sure how long this big bonus will last, but we wouldn't wait around to find out.
Learn more about the *csp*.
Can you upgrade from a Chase Freedom Flex and still get the 100K Bonus on the Chase Sapphire Preferred® Card? If so, how can one go about it?
You won’t be eligible for a welcome offer bonus by upgrading an existing card. You will have to apply for the card as a new account.
It still shows 60K bonus on Chase website. Is there a trick to seeing this $100K offer?
The link wasn’t working earlier but should be updated now.
Just want to comment how clear and helpful your advice is. There are so many obscure rules regarding credit cards and bonuses. Thank you.
Thanks for reading, Allan! Glad you found it helpful.
I own the card as an authorized user so the sign up bonus received was not in my name. Can I sign up for this card? Does my authorized user card need to be cancel before that?
Authorized user cards will count towards your Chase 5/24 status. As long as that authorized user card doesn’t put you over the limit and you meet all the other qualifications, you should be eligible. There is no rule about not being able to get a Sapphire card if you are an authorized user on somebody else’s.
Hi there, I have a bit of an interesting situation, I believe I opened chase sapphire preferred in 2016, then upgraded to reserve in 2017, not realizing I wouldn’t get the reserve sign up bonus points. i believe i downgraded my preferred to a freedom unlimited.
Since it’s been 6-7 years, could i downgrade my reserve to a flex, then immediately open a sapphire preferred to get the 80k sign up bonus?
Hi Jonny, this absolutely should work as long as you are not impacted by Chase’s 5/24 rule.
Hi there,
We had Sapphire preferred (and received sign-up bonus) almost 4 years ago.
We called to cancel this card, and Chase’s moved us to the “no-annual fee” Sapphire card.
I understand that in order to receive sign-up bonus, we cannot have another sapphire card.
If we call and cancel / close this “no-annual fee” Sapphire card, are we allowed to re-apply the Sapphire preferred and receive it’s sign-up bonus in 2-3 months?
Thanks for your help~
Hi Steve, you absolutely should be. You could also request to move the card over to a Freedom Flex or Freedom Unlimited no annual fee cash back card. Those won’t impact your ability to get another Sapphire Card.
I applied for a credit card a few days ago with a reward of 60k points, but yesterday my friend told me that I could get a reward of 90k points by applying offline. I wonder if I can cancel my first card after receiving it and apply for a new card with the same value offline
What if your bonus was rescinded due to a cancelation because of COVID? Do you still have to wait the four years.
I am honestly not sure how that would be handled. It may be worth a quick call to Chase to see.
I’ve had my Sapphire Reserve card for more than four years. I just cancelled it. How long do I have to wait before I can apply for the Sapphire Preferred card?
Hi Melissa, being that the offer is now back at 60k, you have time. I would suggest waiting a full 30 days before applying again for the Sapphire Preferred.
I referred someone and they were accepted. How do both of us know if/when we get the bonus? Do they send notification emails or do you just need to watch your points to see if they are awareded?
I don’t believe you will get notified, but keep an eye on your account. Should post after a few weeks.
I was rejected even tho I have 800+ credit score. The reason they said was my retirement income was enough. I believe the real reason was even tho I own my condo, I’m a co-signer on my daughter’s condo.
I have had both Chase Slate and Chase Freedom cards for years. I applied for the Chase Sapphire and it was issued. 5 days after receiving the card, Chase moved the bonus from 80,000 to 100,000 points. Having been a Chase customer for numerous years, I called and asked for my bonus to be increased from 80,000 to 100,000. I was informed they will not increase the bonus, in a situation like this, for any customer or reason. Super disappointing.
If one spouse has a Sapphire Preferred card in her name, is it possible for the other spouse to apply for a card and receive the bonus points now being offered?
Hey Phil. Absolutely! There are no restrictions on that, as long as they meet the other requirements laid out in this list.