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Even if you don’t travel frequently, it could still be a great choice. With generous rewards and plenty of perks and benefits, it’s easy to take on the $95 annual fee and still come out ahead. To see whether you’re eligible for a product change, you can call the customer service number listed on the back of your Chase Sapphire Preferred Card. See why the Chase Sapphire Preferred is one of the most recommended credit cards for travel perks, generous rewards, and a variety of redemption options.

Mones is a college student who reports having a $24,000 annual income and was approved for the Sapphire Preferred in July 2023 with a $5,000 credit limit. This is also their third Chase travel credit card but it wasn’t given instant approval. It took two weeks to receive final approval due to several factors including being near the Chase 5/24 application limit. It’s not typical for a credit card to have a $3,000 minimum credit limit, even when it comes to good credit. For example, cards like Citi® Double Cash Card – 18 month BT offer offer starting credit limits as low as $500. If you’ve opened five or more new credit card accounts, sometimes including authorized user accounts, within the past 24 months, you won’t be eligible for either of these cards.

Refer friends if you already have a Chase Sapphire Preferred® Card!

There is no official record of Chase currently offering to waive this fee, though it’s completely up to the issuer’s discretion. If you compare the Chase Sapphire Preferred vs. the Chase Sapphire Reserve, you’ll find each of these cards has its own unique benefits. You might consider one over the other depending on how they fit your spending habits and lifestyle. Receive instant access to your card by adding it to a digital wallet, like Apple Pay®, Google Pay™ or Samsung Pay. Find out how at chase.com/digital/spend-instantlyOpens in a new window. Below are a couple of examples of people getting approved for the Sapphire Preferred with an annual income of $30,000 or less, plus others with a higher annual income.

Benefits

Chase Sapphire Preferred credit cards are issued by JPMorgan Chase Bank, N.A. Member FDIC. This credit card is unavailable to you if you currently have one open. The new cardmember bonus may not be available to you if you currently have any other personal Sapphire cards open, previously held this card or received a new cardmember bonus for this card.

We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. FinanceBuzz does not provide credit cards or any other financial products. If you’re a frequent traveler, the Chase Sapphire Preferred is a wonderful option to have in your wallet.

How do I activate my Chase Sapphire Preferred?

According to FICO, your length of credit history accounts for 15% of your score. I had to use my Sapphire Preferred for my DoorDash purchases to receive my membership benefits, and I didn’t have a card with elevated earning rates for streaming. Aside from that, though, I had other cards that earned more points per dollar spent on the Sapphire Preferred’s categories. So, you have the flexibility of qualifying for more Chase credit cards later on down the road. There is some speculation regarding how Chase determines an applicant’s credit limit for a credit card. A general rule of thumb is that your combined limit can be up to 50% of your annual income, meaning up to $15,000 in credit when you earn $30,000 annually and $40,000 with an $80,000 yearly income.

You will also need sufficient income to qualify for the Sapphire Preferred and it’s enticing sign-up bonus. The income you need for the Chase Sapphire Preferred seems to be an annual income above $25,000 to qualify for the minimum $5,000 spending limit. However, the typical applicant appears to have an annual income above $50,000, which is more in line with the national average. This makes it easier to justify the $95 annual fee and make several trips to utilize the card benefits. Your application can be ineligible if five or more new credit cards have been added to your personal credit report in the last 24 months. These cards include those where you are the primary cardholder or an authorized user.

• You just have to make note when it happens so you know for the future if you’re trying to get the most rewards for your purchases.
• However, the typical applicant appears to have an annual income above $50,000, which is more in line with the national average.
• There is a lot to like about the Capital One Venture Card, including the perks that exemplify why this card is so popular.
• A good or excellent credit score is needed that’s usually 670 or above.
• They opened their banking division in 1997 to primarily serve military families and veterans as an online/mobile bank, but they do have one physical branch.

What is the highest credit limit for the Chase Sapphire Preferred?

Additionally, paying off your balance in full each month is best to avoid interest charges that ultimately reduce your spending power. While Chase doesn’t require a minimum income, the bank will verify you can afford your monthly payments. It is also likely to assign a lower spending limit if you have a smaller income or imperfect credit. Millionaires use credit cards like the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card, and The Platinum Card® from American Express.

Or, if I’m buying something expensive like furniture or technology, I can put that charge on my Sapphire Preferred. I assumed I’d apply for the Bilt Mastercard® (see rates and fees) early on and that my Chase Sapphire Preferred® Card (see rates and fees) would be little more than a sock drawer card. Apparently he was sitting on multiple millions and it opened doors for him, even without a thick credit file.

Aside from that, I planned on keeping it out of my wallet and just charging my DoorDash orders and monthly streaming subscriptions to it. Past me made a lot of wrong assumptions about where my credit card journey would take me. You should make sure you have enough income and free cash to earn the Chase Sapphire signup bonus. How much income you need for the Chase Sapphire Preferred is open for debate. But if you meet the criteria below it’s not hard to get approved for the Chase Sapphire Preferred.

Partners are not able to review or request changes to our content except for compliance reasons. Financial products are highly regulated so we work closely with partners to make sure the information we have on our site is accurate and includes any required legal language and disclaimers. FinanceBuzz reviews and rates products on a variety of quantitative and qualitative criteria. Whenever possible we test each product and include our honest, firsthand experience using it. FinanceBuzz makes money when you click the links on our site to some of the products and offers that we mention. If you love traveling or dining out (or both!), you might consider making a space in your wallet for this card.

Is a $3000 credit limit good?

• You can get free Priority Pass Select lounge access with the Chase Sapphire Reserve®, though.
• I thought I’d pull it out every now and again for some travel expenses.
• This premium credit card benefit allows access to more than 1,300 airport lounges within the Priority Pass worldwide network.
• The credit report that Chase is most likely to pull for your credit card application is your Experian credit report.
• The typical time frame to receive new Chase credit cards is three-to-five business days after you receive approval.
• This may include sightseeing activities, in-flight goods and services, purchases from gas stations, and tourist attractions.

Theoretically, you only need $10,000 in annual income to satisfy the Sapphire Preferred income requirements if you meet the issuer’s other Chase Sapphire application guidelines. Enjoy 24/7 access to a customer service specialist from virtually anywhere in the world. Those experiences generally can’t be booked with points, but I can still earn bonus rewards on my bookings. Back when I first got my Sapphire Preferred, the majority of my travel plans involved using points and miles to pay for all my flights and staying in hotels I could book with points as often as possible. I used to rely on my American Express® Gold Card as my primary dining card, but these days, I pull out the Sapphire Preferred just as often.

That means using my Sapphire Preferred more often, in combination with my other Chase cards, the Chase Freedom Flex® (see rates and fees) and the Chase Freedom Unlimited® (see rates and fees). Although those cards are marketed as cash-back cards, the rewards they earn can be turned into transferable Ultimate Rewards points thanks to my Sapphire Preferred. However, you must pay the $95 annual fee upfront and each annual renewal.

You can also redeem your Chase points for gift cards, travel, and products or services available through Chase. In fact, with the Chase Sapphire Preferred, your points can be worth up to 1.5x when redeemed for travel through the Chase travel portal, thanks to bonus redemption rates through the Points Boost program. So 100,000 points could be $1,500 toward travel if you redeem them for qualifying hotel stays or airline purchases.

Not to mention, I can’t put a substantial purchase on either card unless I want to take up all or almost all of my available credit. It’s seems that starting CL have fallen over the last several years with some financial institutions.Years ago Capital One issued me a Venture with a $30k starting limit since cut to 16k. Before the annual fee was implemented I was issued 2 Pathfinders by PenFed with 30k and https://p1nup.in/ 20k limits where they remain despite hardly any use. The $5K minimum starting limit on Visa Signature cards is a convention, not a requirement.

This just goes to show that often it’s not the CARD that gives the highest limits. Chase Sapphire Preferred has a $5K minimum starting limit BTW, it’s the Sapphire Reserve that has the $10K minimum SL. Obviously charge cards and cards with no preset limits are not included in my question. Get expert-picked card offers, from low-interest options to travel upgrades, sent directly to you.

They are the 90th largest bank in Texas and 983rd largest in the US, according to depositaccounts.com. So honestly, I wouldn’t expect them to have a cutting edge credit card product. Yes, it’s true that the First Command Visa Signature Premier is sort of a meh card in terms of rewards, but it is a card that just everyone can’t acquire since it requires minimum assets of $250K.