by Emily Thompson, Newsletter & Partnerships Editor
You may have seen us rave about the current limited-time offer on the Chase Sapphire Preferred® Card (yeah, we’ve spilled a lot of ink on it but it’s really that good). In case you were on a media blackout and somehow missed it, the Chase Sapphire Preferred is currently offering a staggering 100,000 bonus points after you spend $5,000 in the first three months from account opening.
But the most frequently asked questions about this card and great offer boil down to one concern: Am I eligible?
This is especially true if you have other Chase cards in your wallet, have had this card before or have heard of Chase’s 5/24 rule.
So let’s break it down. Here are the things that keep you from being eligible for the bonus:
You have a card in the Sapphire family: If you currently have the Chase Sapphire Preferred, you can’t open a new one. And even if you currently have a different card in the Sapphire family — the Chase Sapphire Reserve® or an older version that isn’t available to new applicants anymore — you won’t be eligible for this welcome offer.
You got any Sapphire card bonus in the past 48 months: Even if you’ve canceled or downgraded a Sapphire card and don’t currently have it anymore, you won’t be able to get this bonus if you’ve earned a bonus from any Sapphire card in the past 48 months.
You’re over 5/24: Chase is famous for its 5/24 rule. If you’ve opened five or more personal credit cards from any banks in the past 24 months, Chase will almost certainly deny your credit card application — excluding you from getting approved for this card and earning the bonus.
Your credit score needs work. For the best shot at being approved for the Sapphire Preferred, we recommend at least a good credit score (670 or above).
If your credit score is in good shape and you’ve never gotten a card in the Sapphire family, you should be in the clear to apply for the Sapphire Preferred and earn this massive 100,000-point welcome bonus.
But even if you’ve had a Sapphire card in the past, you can potentially apply again and earn this bonus — as long as it’s been long enough since you last earned the bonus and you’re currently under 5/24.
Still not sure if you’re eligible? Check out these resources:
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