Are You Eligible For the Chase Sapphire Preferred® Credit Card’s 100K Bonus?

The *chase sapphire preferred* just rolled out the biggest, limited-time offer we've ever seen: bonus_miles_full

This is up considerably from the old 75,000-point bonus (with the same spending requirement), making now the perfect time to apply – but only if you can't get approved. 

When Chase revamped the Sapphire Reserve last year, the bank softened some of its notoriously strict eligibility requirements – most notably, allowing travelers to open and hold both the Sapphire Preferred and the *chase sapphire reserve* simultaneously. This is especially great news for anyone who's picked up a Sapphire Reserve in recent years, as it clears the way for earning another bonus on the cheaper Sapphire Preferred this time around. 

But in some ways, Chase made things murkier than ever before with plenty of “mays” and “may nots” buried in the terms. This leaves the door open for some applicants to get approved while others are turned away entirely. 

The bank itself isn't willing to say exactly who's eligible or not, telling Thrifty Traveler in a statement last year that “New account bonus offer eligibility for either [Sapphire] card will be based on factors including previously earned bonus offers and the number of cards opened and closed, among others.” 

Still, enough data points have filtered in by now that we're starting to get a sense of what it takes to get approved. Here's what we know. 

Related reading: Chase Sapphire Reserve® Hikes Annual Fee, Adds Tons of Perks

Learn more about the *csp*. 

You'll Need Good-to-Excellent Credit

First and foremost, if you've never had a Chase Sapphire card and have good credit, you should be a shoo-in for either the Sapphire Preferred or Reserve … and eligible for the bonus. 

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.

Based on our experience, reader accounts, 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 to have what the bank considers “good” to “excellent” credit. If your credit score is below 680, your chances of approval aren't great.

Read more: What Credit Score Do You Need for the Chase Sapphire Preferred?

What if You Already Have a Sapphire Card?

While it's now possible to have both the Sapphire Preferred and Reserve simultaneously, you may not be eligible for a bonus on the Sapphire Preferred if you've had it before.

For example, several members of the Thrifty Traveler team jumped at the opportunity to apply for the Sapphire Reserve's own big bonus last month. In all cases, these team members were recent(ish) Sapphire Reserve cardholders.

The result? One was auto-declined with little explanation, and the others received Chase's new pop-up message letting them know they could proceed with the application but weren't eligible for the bonus.

We don't know for sure if the same logic will be applied to the current 100,000-point bonus on the Sapphire Preferred – but if you've ever held the card before, your odds of earning a big bonus are slim. 

Having said that, if it's been a little while since you earned a bonus on the Sapphire Preferred – four years is a pretty safe bet – it could be worth trying again. Chase's terms officially state that: “The new cardmember bonus may not be available to you if you previously held this card or received a new cardmember bonus for this card.” That leaves the door open for some people to get approved and earn a big bonus this time around.

And here's the good news: Even if you have or have had a Sapphire Reserve – not the Preferred – you should be eligible for this bonus. This means if you picked up a Sapphire Reserve in recent years to earn a big bonus, you can now apply for the Sapphire Preferred and earn even more points! 

Keep in mind, it's no sure thing as Chase also considers factors like the number of cards you've opened and closed, in addition to your credit score. Thankfully, there's no harm in checking: With Chase's new pop-up, you'll know whether you're eligible for the bonus before your credit is pulled and your application is officially submitted. 

What if You Recently Downgraded Your Sapphire Card … Or Plan To?

Just because you've been a longtime Chase Sapphire cardholder doesn't mean you're out of the running for this big bonus. It just depends on timing. 

Chase previously had a 48-month rule (four full years) for Sapphire bonus eligibility: If you earned a bonus on either the Sapphire Preferred or Reserve in the prior 48 months, you weren't eligible … but that's no longer in the terms. 

This means if you recently downgraded (or closed) your Sapphire Preferred Card to one of the no-annual-fee Chase Freedom cards, you could still be eligible – even if it's been less than 48 months since you last earned a bonus. 

If you're considering this, downgrading to a Freedom card rather than 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 can transfer those points back and move them to airline and hotel partners or redeem through Chase Travel℠.

The Chase 5/24 Rule

The final 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 was introduced years ago to prevent applicants from opening multiple credit cards solely to earn bonus rewards. This is an unofficial rule (you won't see it in the application terms), and there's no sign that it's been relaxed yet.

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 Does All This Mean?

While Chase's new application rules aren't exactly cut and dry, we've got a decent idea of what it takes to get approved for a big bonus on the Sapphire Preferred. 

Here's what it (mostly) boils down to:

• You cannot currently have an open Sapphire Preferred card.
• If you’ve previously earned a bonus on the Sapphire Preferred, you might not be eligible for another.
• If you’ve had a Sapphire Preferred before, you may not be eligible for this offer – even if you didn’t receive a bonus at that time.

If you currently hold a Sapphire Preferred, but it's been a while since you earned a bonus, you can try downgrading to a Freedom card or closing your account outright (just be sure to use your points or move them to another Chase card) before applying. It's best to wait a few days – or even a week or so – if you decide to go this route. And keep in mind, it's no sure thing. 

Furthermore, you'll need to make sure you've opened fewer than five new cards (not counting business cards) with any bank in the last 24 months to get approved and have good to excellent credit. If you meet all these qualifications, your chance of approval (and getting a bonus) is quite good! 

Bottom Line

You can now hold both the Sapphire Preferred and Sapphire Reserve at the same time, opening the door to earn a new bonus on the Preferred even if you already have the Reserve.

As long as you haven’t previously earned a Sapphire Preferred bonus – and meet other approval requirements – you should be eligible for this big, limited-time offer.

Learn more about the *csp*.