8 Mistakes to Avoid to Maximize Your Chase Sapphire Preferred Offer

In recent weeks, Chase has made headlines with its notable 100,000 Ultimate Rewards point offer on the Chase Sapphire Preferred® Card. This limited-time promotion promises consumers significant benefits, but securing this lucrative bonus can be tricky if you’re not careful. Here, we explore common pitfalls that potential applicants should avoid to increase their chances of eligibility and success.

Understand the Offer

To clarify, this exceptional 100,000-point bonus requires new applicants to spend $5,000 within the first three months of opening the account. Given that these points can offer significant value when redeemed for travel or other rewards, missing out on this bonus could be a costly mistake for prospective cardholders.

Limitation of Sapphire Cards

One of the primary rules applicants should be aware of is that consumers can only hold one type of Sapphire card at a time. If you are currently the primary account holder of a Chase Sapphire Reserve®, you are ineligible to apply for the Sapphire Preferred without first canceling or downgrading your current card. It’s important to know that simply contacting Chase to switch products does not automatically qualify you for the new welcome bonus. You must apply for the Sapphire Preferred as a new account holder.

Pro Tip: If you wish to maintain an account with Chase but are looking to switch, consider downgrading to one of the no-annual-fee Sapphire cards.

Clarifying Authorized User Status

Many prospective cardholders mistakenly believe that being an authorized user on a Sapphire card disqualifies them from applying for their own card. This is not the case. If you’ve been an authorized user on either a Sapphire Reserve or Preferred, you are still eligible to apply for your own Sapphire Preferred account and earn the bonus.

Timing is Key

Another critical factor is ensuring you comply with the timing rules set by Chase regarding previous bonuses. The bank stipulates that applicants must be at least 48 months removed from receiving a new cardmember bonus on any Sapphire credit card. It’s essential to check your history and ensure that enough time has elapsed since your last bonus.

To verify your eligibility, you can review your credit report for when you first opened a Sapphire card and check your Chase account online to find the specific month when the bonus was credited to you.

Navigate the 5/24 Rule

Chase also strictly enforces its “5/24 rule,” which limits applicants to five new credit accounts opened across all banks within the last 24 months. If you find yourself bumping up against this rule and believe you are still eligible, a careful examination of your credit history or a call to Chase may help clarify your standing.

Credit History Matters

While a credit score in the 700s is often seen as a good indicator of creditworthiness, having strong credit history and experience managing a variety of account types is equally important when applying for the Chase Sapphire Preferred. If you have only a few credit accounts or have been an authorized user under someone else’s account, you may need to work on establishing a more robust credit profile before applying.

Pro Tip: Consider obtaining a starter credit card in your name to build your credit history, making it easier to qualify for desirable cards in the future.

Spending Calculations for the Bonus

To secure the coveted 100,000 bonus points, you need to meet the $5,000 spending threshold within three months. Be cautious about your expenditures; some transactions, such as paying for items through Venmo, may not qualify as eligible purchases. Additionally, note that the $95 annual fee does not count toward the spending requirement.

It is advisable to track your spending progress through Chase’s online account tools regularly, ensuring you meet the threshold well before the deadline.

Accessibility of Credit Reports

Before you submit your application, ensure your credit report is unlocked for Chase to pull. If you typically freeze your credit report for security reasons, choking off access could delay your application process and negatively impact your chances of approval.

Don’t Delay Your Application

Lastly, with the offer described as “ending soon,” it is crucial not to procrastinate. Historically, opportunities such as these can disappear quickly, and once the offer is removed, you might be waiting years for another like it.

In summary, by being mindful of these potential mistakes, you can enhance your chances of successfully securing the attractive 100,000-point offer from Chase. Make sure to apply with full knowledge of your eligibility, account history, and spending capabilities to take advantage of one of the best credit card offers on the market.

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