Chase offers a whole range of credit cards varying from rewards, travel and business, but how hard is it to get a Chase credit card?
We’ve listed a couple of factors that Chase might look at to determine whether you’re going to be approved, as well as a strict application rules that might have nothing to do with your credit.
If you’re planning on signing up for a Chase credit card, continue reading below to see if you’re going to get approved for one!
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Table of Contents
- 1 Minimum Credit Score Needed
- 2 Income Requirement for Chase Cards
- 3 Reasons Why You Might Get Denied
- 4 Important Chase Application Rules
- 5 How hard is it to get Chase Sapphire Cards?
- 6 How hard is it to get Chase Business Cards?
- 7 Easiest Chase Cards to be approved for
- 8 How long does it take to be approved?
- 9 Bottom Line
Minimum Credit Score Needed
Since Chase has many cards from beginner to premium rewards cards, lower tier cards tend to have a credit score of at least 600, while the premium cards requires a more excellent score.
While cash back cards like Freedom Unlimited usually need needs a good credit score of around 680.
So if you have a score around 700 or higher, you’re approval chance for higher-tier rewards cards is really good.
The Chase Sapphire Preferred Card offers 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®!
You'll earn 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases. And when you redeem your points for travel through Chase Ultimate Rewards, you'll get 25% more value!
Furthermore, you'll earn 2X total points on up to $1,000 in grocery store purchases per month from November 1, 2020 to April 30, 2021. Includes eligible pick-up and delivery services.
You get unlimited deliveries with a $0 delivery fee & reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
This card carries a $95 annual fee.
The Chase Sapphire Reserve® offers 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.
You'll earn 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. When redeeming your points for travel through Chase Ultimate Rewards, you'll get 50% more value.
This card does carry a $550 annual fee and there are no foreign transaction fees. However, you're able to earn a $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year & up to $100 application fee credit for Global Entry or TSA Pre?®.
The Chase Freedom Unlimited® Card offers a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. Earn unlimited 1.5% cash back on all purchases.
In addition, you can earn:
• 5% cash back on grocery store purchases (not including Target or Walmart purchases) on up to $12,000 spent in the first year.
• 5% on travel purchased through Chase,
• 3% on dining at restaurants and drugstores, and
• Unlimited 1.5% cash back on all other purchases.
There is no minimum to redeem for cash back & your cash back rewards do not expire as long as your account is open.
This card comes with no annual fee and you'll get a free credit score that is updated weekly with Credit JourneySM.
Income Requirement for Chase Cards
Although there is no official income requirement for Chase cards, they will still consider your income in the approval process. Chase wants to make sure that you as a cardholder can support the credit limit and any annual fees that the card might have.
Not only that, a few Chase cards have minimum credit limits. To illustrate, the minimum required for the Chase Sapphire Preferred is $5,000 and $10,00 for the Sapphire Reserve. So if you think your income isn’t high enough and Chase isn’t comfortable giving you that much credit then you won’t be approved for the card.
Reasons Why You Might Get Denied
Other than credit score, Chase also factors in other reasons for why you might not get approved for a Chase card.
Too many credit accounts
If you opened more than five new credit cards in the past two years at any bank, you will be automatically denied for a new Chase card no matter how qualified you are. This is the 5/24 rule.
Too many recent hard inquiries
Most people who reported that they got rejected due to too many inquiries on their credit recently and this might tell the bank you’re desperate for credit.
Too new to credit
If this is your first time owning a credit card and don’t have any credit history, Chase might be a little hesitant on issuing you one since they don’t know if you’re able to handle credit responsibly. Most of the credit cards Chase has require that you show that you can manage credit.
Too high credit utilization
This means how much a balance you’re carrying compared to your total limit, usually you should never go over 30%. A high percentage is a signal that your income might not support your spending.
Too much credit with Chase
If you already have multiple cards with Chase cards than you might be near and already maxed out the limit. But if this happens you can ask if you can transfer some of the limit over to the new card.
Important Chase Application Rules
Chase 5/24 Rule
The 5/24 rule states that if you’ve opened five credit card accounts in the past 24 months with any bank, you will not be approved for a new Chase card, even if you have a perfect score.
As of November 2018, ALL Chase credit cards are subject to this rule. There are no longer any Chase cards to which this rule does not apply.
Chase 2/30 Rule
You might not get approved for more than two chase cards within any 30-day period. This usually goes for two personal cards.
Most people who applied have such when it comes to two personal cards at the same time. This will be just one hard inquiry on your credit report. But this usually works best when the two cards are not from the same family, so just like a Chase Freedom Unlimited and a Chase co-branded card.
Chase Sapphire Rules
If this happens, you have to call customer service and either upgrade your current Preferred to Reserve, or close your Preferred account and apply to Reserve.
Welcome Bonus Rules
You will not be eligible to receive the welcome bonus offer if you have received a new cardmember bonus for the card in the past 24 months. For Chase Sapphire cards, this restriction goes up to 48 months.
How hard is it to get Chase Sapphire Cards?
The Chase Sapphire cards are one of the most popular travel rewards cards on the market due to their high sign-up bonuses, rewards, and benefits. You’d need an excellent credit score of at least 720 to be approved for either of the Sapphire cards.
The approval process for the Sapphire Reserve will be more strict because of its high annual fee of $550. Cardholders generally have higher income close to six digits, as Chase has to make sure your income can support the annual fee and higher credit limit. Preferred cardholders generally have income over $50,000.
How hard is it to get Chase Business Cards?
Chase business cards are harder to get compared to small business cards by other issuers. They usually require you to have an excellent credit as well as other things like your type of business, annual revenue, and years in business.
It’s not that common to get an instant approval on Chase business cards. If you get the pending response then don’t jump on it right away since it might hurt your chances. Make sure to wait for the system to process your application and then call recon after you’ve been denied.
Easiest Chase Cards to be approved for
The easiest Chase cards to get are the Chase Slate and Chase Disney Visa cards since they only require a fair credit of around 600 or more.
While Chase Freedom cards are also considered to be beginner cards, you can be approved with just a $500 limit! If you have a credit score of 680 or more, no bad marks on your credit and not a lot of new cards then you have a good chance of being approved.
How long does it take to be approved?
So if you have an excellent credit score and checked off the qualifications, then you may get an instant approval.
However, if you didn’t get the instant approval, you might receive an email saying a decision will be made in 7-10 days. This might mean rejection or that Chase need to look for more verification information.
Another popular response is the 30 days message. This most likely means your application hasn’t yet been processed. Keep an eye out on whether this turns into an approval or the 7-10-day message.
The Chase reconsideration hotline number is:
- 1-888-270-2127 (personal cards)
- 1-800-453-9719 (business cards)
Chase offers different credit cards for different credits, so if you have a Chase card you want to sign up for, you can use the guidelines to help see how qualified you are before applying.
If you’re looking for a specific Chase credit card to sign up for, you can check out the best Chase credit card bonuses here! Are you interested on banking with them or already are? You can check out Chase bonuses or more Chase offers!
However, if you’re not looking for any Chase related product, you can check out other credit cards to sign up for here at HMB!