The Chase Sapphire Preferred Card is currently offering its highest-ever public welcome bonus: earn 100,000 points after spending $5,000 on purchases in the first three months from account opening.
This limited-time offer is ending soon, making it crucial to apply now if you've been considering the card. However, a few simple missteps can cost you the bonus, ranging from misunderstanding eligibility rules to missing the spending requirement.
One common mistake to avoid is thinking that a product change qualifies you for the bonus. This is not the case; if you product change an existing Chase card into a Sapphire Preferred, you won't receive the welcome offer.
Additionally, being an authorized user on someone else's Sapphire card does not prevent you from applying for your own Sapphire Preferred and earning the welcome bonus if you're otherwise eligible.
Before applying, it's essential to review Chase's current eligibility requirements, including restrictions related to previous Sapphire welcome bonuses.
Another common mistake is not complying with the infamous Chase 5/24 rule, which states that you can't have opened more than five credit accounts across all banks within the last 24 months and get a sixth new account from them.
Not having a deep enough credit history can also be a hurdle to getting approved for the Sapphire Preferred. While a credit score in the 700s is believed necessary, your score alone doesn't make opening the card a slam-dunk.
Miscalculating spending for the welcome bonus can also lead to disappointment. To earn the 100,000 bonus points, you need to spend $5,000 on the card in eligible purchases in the first three months.
Finally, forgetting to unfreeze your credit report or missing out on one of the best offers can cost you the chance to earn this valuable welcome bonus.
By doing a little homework before you apply, you can avoid common mistakes that could cost you the chance to earn this valuable welcome bonus.
Eligibility for the bonus requires satisfying the spending requirements associated with the offer, and Chase's restrictions may affect your eligibility if you've previously earned a Sapphire Preferred welcome bonus.
Applying now while the offer is available rather than risking missing out on one of the best bonuses the card has offered may be the best decision for those who are eligible and confident they can meet the spending requirement.
