Houston, we may have a potential development in who can qualify for the Chase Sapphire Preferred® Card (see rates and fees) welcome offer of 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening.
Last week, TPG editor-in-chief Nick Ewen shared that he unexpectedly qualified for the Chase Sapphire Preferred’s 100,000-point welcome offer even though he’d previously earned its bonus nearly 15 years ago.
At the time, it was just one intriguing data point. Now, it looks like the beginning of a pattern.
Since Nick’s approval, several more longtime former Sapphire Preferred cardholders — including me — have had the exact same experience.
We had assumed we were probably ineligible after Chase changed Sapphire bonus eligibility rules twice over the past year.
First, it replaced its long-standing 48-month restriction with much stricter language suggesting previous cardholders generally wouldn’t qualify for the same Sapphire bonus again. Then, earlier this year, it relaxed those rules by allowing eligible cardholders to hold both Sapphire cards and earn the other card’s welcome bonus if they hadn’t previously earned it.
Now, after seeing several approvals with remarkably similar histories, we think the answer may be more nuanced.
If you’re wondering whether it’s worth applying, here’s what we’ve learned so far.
Before you apply, here’s what to check
These approvals are encouraging, but they’re far from a guarantee.
Before submitting an application, consider the following:
- You don’t currently have a Sapphire Preferred open. The card’s terms clearly state that current cardholders can’t open another Sapphire Preferred.
- You’re under Chase’s unofficial 5/24 rule. While Chase doesn’t publish this policy, applicants who have opened five or more personal credit cards across all issuers in the past 24 months are generally unlikely to be approved.
- You first had the Sapphire Preferred many years ago. Every successful approval we’ve seen so far has involved longtime former cardholders who originally opened the card in its early years.
- You’re comfortable with the fact that eligibility is still determined by Chase. We don’t know exactly where the bank draws the line, and these approvals don’t guarantee anyone else will qualify.
If your history looks similar, it may be worth testing your eligibility.
Related: Am I eligible for the Chase Sapphire Preferred’s 100,000-point bonus?
Here’s how to test your eligibility
Because of the excitement surrounding the limited-time 100,000-point bonus (and the refreshed benefits and elevated earning categories), a few of us who had the Sapphire Preferred many years ago decided to test our eligibility.
One helpful aspect of Chase’s application process is that it generally lets applicants know whether they’re eligible for the welcome bonus before completing a hard credit inquiry.
Chase currently displays a pop-up during the application process informing some applicants they’re ineligible for the welcome bonus because they previously held the card or received its welcome offer.
Here’s what that pop-up looks like:
If you receive that message and your primary goal is earning the welcome bonus, you can simply cancel the application before moving forward.
However, several of us who first opened the Sapphire Preferred around the time it launched didn’t receive that warning when we applied again recently.
Instead, we were either approved immediately or told our applications required additional review.
Our Chase accounts are also displaying the welcome-bonus tracker showing our progress toward earning the 100,000-point offer.
We are thrilled, to put it mildly. I mean, that’s a lot of points, and there’s certainly no shortage of ways to use 100,000 bonus points.
Related: Are you eligible for a Chase Sapphire welcome bonus? Here’s how to check
Don’t panic if your application goes pending
A pending application doesn’t necessarily mean you’ve been denied.
That’s exactly what happened to TPG editor-in-chief Nick Ewen.
Rather than approving or denying his application immediately, Chase placed it under review. The following day, Nick called Chase’s lending department, where a representative explained that Chase had already extended about as much credit as it was willing to across his existing accounts.
Nick reallocated roughly $15,000 of available credit from his Chase Freedom Unlimited® (see rates and fees) to the new Sapphire Preferred account, and his application was approved immediately afterward.
If your application is pending, it’s worth calling Chase’s reconsideration line at 1-888-270-2127 and asking whether reallocating available credit from another Chase card could help complete your application.
The pattern we’re seeing
We’ve heard from several longtime points-and-miles enthusiasts with similar histories who reported the same outcome.
Based on the approvals we’ve seen so far, several similarities have emerged:
- Successful applicants originally opened the Sapphire Preferred around 2010 to 2012, within a few years of the card’s launch.
- Many downgraded or closed the card circa 2016 or 2017, around when the Chase Sapphire Reserve® (see rates and fees) launched. At the time, Chase did not allow cardholders to hold both Sapphire products, so many longtime points and miles enthusiasts followed a similar path.
- Successful applicants no longer had a Sapphire Preferred open, as the terms are clear that you cannot have two of the same card.
- None received Chase’s bonus-ineligibility pop-up during the application process.
On the other hand, applicants who opened the Sapphire Preferred more recently continue reporting that Chase displays the ineligibility pop-up before completing the application.
Individually, none of these approvals proves much. Together, though, they’re beginning to paint a picture that Chase’s new eligibility system may be more nuanced than many of us initially assumed.
Related: Value simplicity? Why the Chase Sapphire Preferred is now the only card you need
What does this mean for Sapphire Preferred eligibility?
Chase’s current terms no longer specify a waiting period before a previous Sapphire Preferred cardholder may qualify again.
Instead, they simply state that the bonus “may not be available” if you’ve previously held the card or earned its welcome offer.
That wording is certainly accurate. Many previous cardholders remain ineligible. However, it now also appears clear that the bonus may be available to at least some people who earned it before.
We still don’t know exactly where Chase draws the line, but these approvals suggest that having the Sapphire Preferred years ago doesn’t automatically disqualify you forever.
Related: Sapphire Preferred 100,000-point bonus offer is ending soon, Chase confirms
Bottom line
Just a week ago, we had one unexpected approval.
Now we have several.
That’s still far from enough data to define Chase’s eligibility rules, but it does suggest longtime former Sapphire Preferred cardholders may have a better chance of qualifying than we initially believed.
If you first had the card around 15 years ago and haven’t held it in many years, it may be worth testing your eligibility. If Chase determines you’re ineligible for the welcome bonus, it should tell you before completing the application and performing a hard credit inquiry.
In other words, checking your eligibility may carry relatively little downside and could potentially result in earning the card’s highest-ever 100,000-point welcome offer.
To learn more, check out our full review of the Sapphire Preferred.
Offer ending soon: Earn 100,000 bonus points on the Chase Sapphire Preferred after spending $5,000 on purchases in the first three months from account opening.
