Editor’s Note: This is a recurring post, regularly updated with new information and offers.
Last month, Chase launched one of the highest sign-up bonuses it has ever offered on Chase Sapphire Priority Card. New cardholders can earn 80,000 Ultimate Rewards points after spending $4,000 on purchases in the first three months of account opening. TPG . value Chase the Ultimate Bonus at 2 cents each, which means the bonus is worth a staggering $1,600 — and possibly more, depending on how you go about it.edeem Ultimate Rewards points.
Since this is one of the hottest signup bonuses on the market today, you might be interested in signing up. However, before you do, you should make sure you’re eligible for this offer. Here is a quick summary of the eligibility requirements and restrictions for Chasing my favorite Sapphire welcome bonus.
Who is eligible for the Chase Sapphire Preferred?
This is what Chase claims on its website about Chasing my favorite Sapphire Bonus Eligibility:
The product is not applicable to (i) existing cardholders of any Sapphire credit card, or (ii) previous cardholders of any Sapphire credit card who have received a new cardholder bonus within the past 48 months. If you are an existing Sapphire customer and would like this product, please call the number on the back of your card to see if you are eligible for an exchange. You will not receive the new cardholder bonus if you change the product.
If you have never owned a Chase Sapphire Preferred or Chase Sapphire Reserve, you can apply for a card and try to meet the minimum spending requirement to get the welcome bonus. Things get a little more complicated, though, if you currently have a Chase Sapphire Preferred or Chase Sapphire Reserve—or if you used to have one.
Chase has a 48-month rule for customers to receive a new cardholder bonus in the Chase Sapphire family of cards.
If you’ve earned a Chase Sapphire Preferred or Chase Sapphire Reserve sign-up bonus in the past four years, you won’t be lucky enough to earn it until you’ve passed the 48-month mark from your last reward. And remember that the 48-month rule applies to when you get your bonus, not when you sign up for the card.
Additionally, you can only open one Sapphire credit card at a time, which means those who are current cardholders of Chasing my favorite Sapphire, Chase Sapphire Reserve or the annual free Chase Sapphire Card (no longer open for new applications) cannot apply for this card or receive bonuses.
Related: What credit score do you need to get the Chase Sapphire Preferred card?
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Chase’s 5/24 Rule
Another thing to consider when thinking about whether to sign up for the Sapphire Preferred is Chase’s 5/24 Rule.
Even if you meet the above requirements to be eligible for this bonus, you’ll still need to follow Chase’s notorious — though unpublished — 5/24 rule. If you have opened five or more new personal credit card accounts (including authorized user account And several business accounts) on all issuers over the past two years, Chase will almost certainly reject your application.
You can ask Chase not to count authorized user accounts against up to five of your new accounts in the past two years if you call in after a denial, but note that won’t be an endorsement. automatic agreement.
Related: How to calculate your 5/24 status
Move around the credit line
There is one final note regarding the Sapphire Preferred app. If you currently have multiple Chase credit cards With a large line of credit, you’ve likely reached the maximum (total) amount the issuer is willing to lend you.
If this happens, chances are you won’t have your card denied when you sign up. Instead, your app will go into a “pending” state.
You can wait for Chase to make a decision, but you might be better off call the review line. You can proactively offer to transfer your credit lines from your existing card to Sapphire Preferred, which can help the agency push your application.
bottom line
Such an enhanced welcome offer for the Chase Sapphire card is rare, so those who qualify should consider signing up for the Chase Sapphire Preferred’s current 80,000-point sign-up bonus.
Even if you know you’ll eventually want to upgrade Chase Sapphire Reserve (currently with a signup bonus of 60,000 points after you spend $4,000 on purchases during the first three months of account opening), it makes sense to sign up for Sapphire Preferred now and then upgrade to Reserve Sapphire after a year of card membership if you want later Additional perks.
Official app link: The Chase Sapphire Priority Card with 80,000 points after spending $4,000 on purchases in the first three months.
Read our full Chase Sapphire Priority Review to learn more about cards.
Additional reporting by Emily Thompson, Stella Shon and Eric Rosen.
