Errors to keep away from if you would like the 100,000-point Chase Sapphire Most popular provide

As you might have seen, Chase just lately instructed us that the very best Chase Sapphire Preferred® Card (see rates and fees) provide we have seen this yr is ending on Might 15 at 9 a.m. EDT.

With 100,000 Final Rewards bonus factors on the road — and no solution to know if as soon as the provide is gone whether or not Chase will take one other four-year break (or longer?!) earlier than they roll out a proposal this large — we do not need anybody to by accident mess this chance up.

Provide alert: Earn 100,000 bonus Chase Final Rewards Factors after spending $5,000 inside three months from account opening with this limited-time provide on the Chase Sapphire Preferred earlier than the provide ends on Might 15.

Based mostly on the various emails and feedback on our social posts about this uncommon and beneficial 100,000-point provide, we have picked up on a number of themes the place would-be-Sapphire Most popular cardholders have some nice questions … or, in some instances, unlucky mistake tales.

Whereas there are some errors we sadly cannot erase, we will hopefully unfold the phrase about these you’ll be able to keep away from to extend your approval odds.

Associated: Is the limited-time 100,000-point Chase Sapphire Preferred offer really one of the best deals ever?

Which means if you’re at present a main cardholder with an open Chase Sapphire Reserve® (see rates and fees), you would not be eligible for a Chase Sapphire Preferred. This additionally applies to those that could have downgraded their card to a no-annual-fee Sapphire card, too.

Word that calling Chase to vary your product from Chase Sapphire Reserve to Most popular is not going to set off eligibility for the bonus. It’s important to apply from scratch for the Chase Sapphire Most popular and get permitted to be thought of for the provide with the 100,000 bonus factors.

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Professional tip: Downgrade to a card within the Chase Freedom family when you do not need to absolutely shut your account and need to get a Sapphire Most popular or Reserve once more in some unspecified time in the future sooner or later. Additionally, downgrading does not have an effect on your credit score rating the identical manner closing an account does.

The knowledge for the Chase Sapphire has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or supplied by the cardboard issuer.

Associated: Who’s eligible for the Chase Sapphire Preferred’s 100,000-point bonus?

Whilst you can solely have one Sapphire card open as the first account holder, being an authorized user on a Chase Sapphire Reserve or Preferred mustn’t in any other case cease you from opening an account (with the bonus!) and getting the cardboard below your personal identify.

The phrases state that “earlier cardmembers of any Sapphire bank card who obtained a brand new cardmember bonus throughout the final 48 months” usually are not eligible for the welcome bonus. And observe that it says it’s 48 months from receiving a brand new cardmember bonus, not 48 months from opening a Sapphire account.

First, when you aren’t positive while you had a Sapphire card prior to now, you’ll be able to have a look at your credit score report back to see while you opened it. However that is not the date it is best to use for the 48-month clock.

In your on-line Chase account, you’ll be able to see as much as seven years of statements. As soon as you have narrowed down while you opened the cardboard, check out your statements round that timeframe to test when your bonus truly hit.

Remember the fact that when you suppose you took near the complete three months to earn the bonus, the bonus factors could not have come via for a number of months after the very fact.

As soon as you have discovered your magic month, be certain you are 48 months eliminated.

This additionally signifies that when you acquired a Sapphire Most popular the final time it had a 100,000-point welcome bonus in the summertime of 2021, it nearly definitely has not been 48 months because you earned that welcome bonus.

Chase has an unwritten however very actual rule that you may’t have opened greater than 5 credit score accounts throughout all banks throughout the last 24 months and get a sixth (or extra) new account from them. Some accounts — akin to these opened by your small enterprise — could not depend towards this complete, however in any other case, it is a fairly arduous and quick rule.

In case you are denied for too many current new accounts and suppose you might be below 5/24, you’ll be able to name Chase and see if they’re going to flip the no to a sure, particularly in case you have some accounts the place you have been added as an authorized user versus the first account holder.

Associated: Your guide to calling a credit card reconsideration line

Whereas a credit score in the 700s is believed essential to get permitted for the Chase Sapphire Preferred, it is potential that the rating alone does not make opening the cardboard a slam-dunk.

Now we have heard from numerous TPG readers who weren’t permitted for this provide regardless of stating they’ve “excessive credit score scores.” What this may typically imply is that the applicant does not have a demonstrated historical past on their very own credit score report of managing a mixture of accounts or a sure variety of revolving card accounts.

Whether or not it’s since you are younger and beginning out, or have simply had accounts primarily in a companion’s identify when you’ve been a licensed person, this generally is a hurdle to getting some actually good rewards playing cards. There is not any in a single day repair for a denial for that reason, however we advocate increase your credit score with a card or two in your identify so you will be prepared sooner or later.

Associated: The 6 best starter cards for building your credit

First, know that the $95 annual fee doesn’t depend towards that spending. Second, I nearly tousled incomes a welcome bonus earlier than, as I paid for some issues with Venmo hooked up to the cardboard, which didn’t depend as a “money equal”.

You may monitor your progress by going to the spending tracker within the “advantages and journey” part of your Chase on-line account, choosing rewards, choosing Chase Sapphire Preferred and scrolling down.

Within the Chase app, it is best to be capable of choose Chase Sapphire Most popular after which scroll down.

I additionally advocate towards ready till the very finish of the three months to cross that threshold, as purchases must submit to the account in these three months to depend.

So when you ordered one thing on-line with solely a day or two to go, however then it did not cost your card till the order shipped 4 or 5 days later, you would be left with out the 100,000 bonus factors when you wanted that buy to get you over the $5,000 threshold.

If assembly that spending requirement would require some effort, this is a refresher on on a regular basis issues you’ll be able to charge to credit cards that will help you meet it (and past).

Professional tip: Automobile and owners insurance coverage are an enormous assist in the direction of spending bonuses in my home.

Associated: 9 things you didn’t know you could pay for with a credit card

Whenever you apply, Chase will clearly pull your credit score report earlier than deciding whether or not to situation you a brand new account. So, when you typically freeze your credit report, you’ll want to be sure you have unlocked it for Chase to have the ability to entry it.

Some anecdotal reviews counsel Chase typically appears on the credit score bureau Experian — although it may differ. Regardless, whereas there could also be options when you neglect to unlock your credit score report earlier than making use of, it is a lot simpler to recollect to try this step.

Lacking out on the very best provide in years

Final however not least … do not make the error of ready too lengthy and lacking out on the very best provide on this card in nearly 4 years. Chase has stated it’s ending on Might 15 at 9 a.m. EDT, so now could be the time to behave when you do not need to miss out.

I bear in mind in 2021, when this provide was final round, some people waited till the final minute to use. Then life occurred, and so they in the end missed out.

Proper after it ended, I acquired many emails and questions on when it could come again or if there was something they may do, and the reply is as soon as it is over, it is over.

If you need it, suppose you are eligible and might hit the spending requirement, you have acquired till early within the morning on Might 15.

These are the commonest errors we have come throughout from these wanting to use to the Chase Sapphire Preferred and earn the 100,000 bonus.

It comes all the way down to this: Examine while you final obtained a welcome bonus on a Sapphire card, downgrade when you at present have a Sapphire product, be sure you’re below 5/24, unfreeze your credit score report, spend accordingly and do not miss out on the very best provide this yr.

And bear in mind, the provide is ending very quickly, so do not delay on making use of.

Apply right here: Chase Sapphire Preferred