The Chase Sapphire Preferred® Card offers a generous welcome bonus of 75,000 points after spending $5,000 in the first three months. At a valuation of 2.05 cents per point, this bonus is worth approximately $1,538 – a significant reward for the $95 annual fee. However, eligibility isn’t guaranteed; Chase has specific rules governing who can claim this offer.
Understanding Chase’s Sapphire Bonus Rules
Chase updated its bonus policies in January, making it easier to earn bonuses on multiple Sapphire cards. Cardholders can now earn one welcome bonus per Sapphire card (Preferred or Reserve) even if they already hold the other. This means that if you have the Chase Sapphire Reserve®, you can still qualify for the Sapphire Preferred bonus, and vice versa.
The main requirements for eligibility are simple:
- Previous Bonus: You generally won’t get the bonus if you’ve previously received it on the Sapphire Preferred.
- Current Sapphire Cards: Holding another Sapphire card (like the Reserve) doesn’t automatically disqualify you.
- Credit History: Chase considers your overall credit profile and recent card activity.
The 5/24 Rule: A Critical Factor
The most important factor is Chase’s 5/24 rule. If you’ve opened five or more credit cards (from any bank) in the past 24 months, your application will likely be denied. This is a hard rule, and even excellent credit won’t override it. Fortunately, Chase doesn’t typically include business cards in the 5/24 count.
Credit Score and Overall Eligibility
Beyond the 5/24 rule, a poor credit score or significant flaws in your credit history can lead to denial. Chase looks for responsible credit behavior as a prerequisite for approval.
Can You Hold Both Sapphire Cards?
Yes. The Sapphire Preferred and Reserve can coexist in your wallet. Earning the bonus on one doesn’t prevent you from earning it on the other, even though they belong to the same family of cards.
Conclusion
The Chase Sapphire Preferred’s 75,000-point bonus is a valuable reward, but eligibility depends on meeting specific requirements. Staying under the 5/24 rule and avoiding previous Sapphire Preferred bonuses are the keys to qualifying. If you meet these conditions, you stand a good chance of unlocking this lucrative offer.
