How does the Chase Sapphire Preferred card work?

Check it out right now with more details and know how it works, fees, interest rates, and much more.

As you know, JP Morgan Chase Bank is one of the best banks in America. It offers services to a natural person and legal person and has more than 4,000 branches.

It is known for offering its customers a range of rewards, such as travel reward cards, so if you want to get a credit card that you can easily use when traveling abroad, the Chase Sapphire is made for you.

How does it work and who issues it?

It works like a regular credit card but has the advantages of a travel finance product. With the points program, you earn how much you spend.

It even offers a bonus of 100,000 points if you spend $4,000 in the first 3 months.

The Chase Bank that issues this credit card and offers its customers an App, where they can manage their credit card and bank accounts. It is very easy to get the App.

You just need to download it on your mobile and sign in. It is available on Google Play and the Apple store.

What is the card limit?

When you are approved for this card, the minimum credit limit that you can get is $5,000. If you have a great score, you will be able to get the average credit limit which is $10,000.

Some of the cardholders report a credit limit that exceeds $20,000. Therefore, you can also get a credit limit of more than $10,000 if you are a Chase Bank member and have an excellent score.

Does it have interest rates?

Yes. This card comes with a higher interest rate on balances.

• Regular APR: 15.99%-22.99% (variable)
• Purchase Intro APR: non-applicable.
• Balance Transfer Intro APR: Either $5 or 5% of the amount of each transfer.

Does it have fees?

Yes. Even offering their customers a lot of benefits, Chase Sapphire has some fees. See below which they are:

• Annual fee: $95.
• Cash advance: Either $10 or 5% of the amount of each transaction.
• Foreign purchase transaction fee: $0.

Who can get the card?

If you have an excellent credit history, that is, to be approved is recommended to have a credit score higher than 690 or a FICO (a credit score created by the Fair Isaac Corporation).

If you have one of these requirements, you will have a chance at being approved.

See below three factors that Chase Bank will look at before approving or rejecting your application.

• Payment history;
• Amounts owed;
• Length of credit history.

How to apply for it?

First, enter all the required information in the application form. To make your application process easier, you should follow the steps below:

• Personal information: You will have to inform, your name, social security number, date of birth, and mother’s maiden name.
• Contact information: Email address, mailing address, and phone number.
•  Financial information: Annual gross income, type of employment, annual gross income, and your monthly rent/mortgage payment.

What happens after you apply for Chase Sapphire Preferred?

The bank will analyze all the information that you put in your application. Chase could approve or deny it or even put your application under review.

Frequently asked questions:

Is it hard to get approved for Chase Sapphire Preferred?

It depends. That’s why it’s important to understand the rules before submitting your application to Chase Bank.

It can be hard to get approved for Sapphire Preferred, but it’s not impossible.

How much do I need to spend to make Chase Sapphire Preferred worth it?

That’s worth at least $800 in cash or $1,000 toward travel you redeem through the Chase Ultimate Rewards travel portal.

Why did I get declined for Chase Sapphire Preferred?

If you have debt on other cards, Chase may decline your application as a concern that you’re overextending yourself, and you will likely not be able to pay the credit card debt.

Is Chase Sapphire Preferred prestigious?

For sure! It’s probably one of the best all-around rewards cards on the market, at least for people who travel a lot.

How often can you get Chase Sapphire Preferred bonus?

You can get it once every 48 months.