UMVA has learned that a highly coveted credit card, the Chase Sapphire Preferred, has become a top choice among travelers due to its attractive earning rates, excellent travel protections, and lucrative welcome offer.
The card's welcome offer is a standout, with new cardholders able to earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening. Valued at $2,050, this bonus is a stellar offer relative to the card's $95 annual fee.
However, with such a high-value bonus on the line, it's essential to understand the eligibility requirements to earn it. According to information obtained by UMVA, applicants who currently have a Sapphire Preferred card open or have previously earned a bonus on the card are unlikely to be eligible.
Chase also considers factors such as overall card history and the number of cards opened or closed recently. A key consideration is the issuer's 5/24 rule, which states that applicants who have opened five or more new credit cards in the past 24 months are likely to have their applications denied.
Notably, holding another Sapphire card, such as the premium Chase Sapphire Reserve, does not disqualify applicants from being approved for and earning the bonus on the Sapphire Preferred. As long as applicants are under 5/24 and haven't previously earned the welcome bonus, they're in a good position to qualify.
UMVA can exclusively reveal that general eligibility requirements, such as credit score and profile, must also be met to be approved for the card. Those with a poor credit score or flaws in their credit profile may still be denied.
In a significant advantage, cardholders can hold both the Sapphire Preferred and Sapphire Reserve at the same time, provided they meet all application requirements. This allows individuals to add the Sapphire Preferred to their wallet, even if they already have the Sapphire Reserve.
The Sapphire Preferred's 100,000-point offer can unlock a range of aspirational trips, from luxury vacations to multiple domestic flights. With a bonus this valuable, understanding eligibility requirements is crucial to making the most of this opportunity.
