A 100,000-point welcome bonus doesn’t come around often.
The Chase Sapphire Preferred® Card (see rates and fees) is currently matching its highest-ever public offer: Earn 100,000 bonus points after spending $5,000 on purchases in the first three months from account opening. Many travelers are considering applying before the promotion ends.
However, a few simple missteps — from misunderstanding eligibility rules to missing the spending requirement — could cost you the bonus.
Here’s what you need to know before you apply.
Related: Is the limited-time 100,000-point Chase Sapphire Preferred offer really one of the best deals ever?
Thinking that a product change qualifies you for the bonus
One of the most common misunderstandings we see is assuming that switching an existing Chase card into a Sapphire Preferred will make you eligible for the Sapphire Preferred’s welcome bonus.
Unfortunately, that’s not how it works.
If you product change an existing Chase card — whether that’s a Sapphire product or another eligible Chase card — into a Sapphire Preferred, you won’t receive the welcome offer.
To earn a new cardholder bonus, you must submit a new application, be approved and satisfy the spending requirements associated with the offer.
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Before applying, be sure to review Chase’s current eligibility requirements, including restrictions related to previous Sapphire welcome bonuses.
Related: Who’s eligible for the Chase Sapphire Preferred’s 100,000-point bonus?
Thinking you aren’t eligible because you’re a Chase Sapphire authorized user
Some prospective applicants assume that being an authorized user on someone else’s Sapphire card means they can’t open their own Sapphire card and earn a welcome bonus.
In most cases, that’s not true. Being an authorized user on a Sapphire account generally does not prevent you from applying for your own Sapphire Preferred and earning the welcome bonus if you’re otherwise eligible.
If you’re considering applying, remember that Chase’s Sapphire bonus restrictions typically apply to primary cardholders who have received a Sapphire welcome bonus in the past, not simply to authorized users on someone else’s account.
Forgetting you’ve already earned a Sapphire Preferred welcome bonus before
Before applying, make sure you haven’t already earned the welcome bonus on the specific Sapphire card you’re considering.
Under Chase’s updated rules, you can generally earn the welcome bonus on each Sapphire card only once per lifetime.
That means someone who has previously earned the Chase Sapphire Preferred bonus will likely still be eligible for the Chase Sapphire Reserve®‘s (see rates and fees) bonus, and vice versa.
However, if you’ve already received the welcome offer on the same Sapphire product in the past, you likely won’t be eligible to earn it again. That means those who previously received a welcome offer on the Sapphire Preferred will more than likely not receive this current offer.
That’s why it’s important to review your account history before applying. If you’re unsure whether you’ve previously earned a Sapphire Preferred bonus, check old account records, statements or approval emails.
Related: Does it make sense to hold both the Chase Sapphire Preferred and Reserve?
Not complying with the infamous Chase 5/24 rule
Chase has an unwritten but very real rule that you can’t have opened more than five credit accounts across all banks within the last 24 months and get a sixth (or more) new account from them. Some accounts — such as those opened by your small business — may not count against this total, but otherwise, this is a pretty hard and fast rule.
If you’re denied for too many recent new accounts and think you are under 5/24, you can call Chase and see if they’ll flip the no to a yes, especially if you have some accounts where you’ve been added as an authorized user versus the primary account holder.
If you can’t remember the exact date you opened an account, check your e-mail for the account approval notice or your credit report.
Related: Your guide to calling a credit card reconsideration line
Not having a deep enough credit history
While a credit score in the 700s is believed necessary to get approved for the Sapphire Preferred, it’s possible that the score alone doesn’t make opening the card a slam-dunk.
We have heard from a number of TPG readers who were not approved for previous bonus offers despite stating they have “high credit scores.” What this can sometimes mean is that the applicant doesn’t have a demonstrated history on their own credit report of managing a mix of accounts or a certain number of revolving card accounts.
Whether it is because you are young and starting out, or have just had accounts primarily in another’s name while you’ve been an authorized user, this can be a hurdle to getting some really good rewards cards. There’s no overnight fix for a denial for this reason, but we recommend building up your credit with a card or two in your name so you’ll be ready in the future.
Related: 8 biggest factors that impact your credit score
Miscalculating spending for the welcome bonus
To earn the 100,000 bonus points, you need to spend $5,000 on the card in eligible purchases in the first three months. Given how valuable those 100,000 points are, you do not want to mess this one up.
It’s important to note that the $95 annual fee does not count toward that spending.
You can monitor your progress by going to the spending tracker in the “benefits and travel” section of your Chase online account, selecting rewards, selecting Chase Sapphire Preferred and scrolling down.
In the Chase app, you should be able to select Chase Sapphire Preferred and then scroll down.
We also recommend against waiting until the very end of the three months to cross that threshold, as purchases must post to the account during those three months to count.
So if you ordered something online with only a day or two to go, but then it didn’t charge your card until the order shipped four or five days later, you’d be left without the 100,000 bonus points if you needed that purchase to get you over the $5,000 threshold.
Related: 10 ways to meet the spending requirements and earn the bonus on a new card
Forgetting to unlock your credit report
When you apply, Chase will pull your credit report before deciding whether to open a new account for you. So, if you often freeze your credit report, you will want to make sure it’s unlocked so Chase can access it.
Some anecdotal reports suggest Chase often uses the credit bureau Experian, though this may vary. Regardless, while there may be solutions if you forget to unlock your credit report before applying, it’s much easier to remember to do that step.
Missing out on one of the best offers we’ve seen
Last but not least, don’t make the mistake of overlooking this offer. At 100,000 points, it matches the highest welcome bonus we’ve seen on the Sapphire Preferred in recent years.
Historically, elevated offers like this don’t stick around forever. Once they’re gone, there’s no guarantee they’ll return anytime soon — or at all.
For those who are eligible and confident they can meet the spending requirement, it may make sense to apply while the offer is available rather than risk missing out on one of the best bonuses the card has offered.
Bottom Line
The Chase Sapphire Preferred’s 100,000-point offer matches the largest welcome bonuses we’ve seen on the card, so it’s worth making sure you’re ready before applying.
Check that you’re eligible for the bonus, confirm you’re under Chase’s 5/24 rule, unfreeze your credit report and have a plan to meet the $5,000 spending requirement within three months. It’s also worth verifying when you last earned a Sapphire welcome bonus, as Chase’s restrictions could affect your eligibility.
By doing a little homework before you apply, you can avoid common mistakes that could cost you the chance to earn this valuable welcome bonus.
Apply here: Chase Sapphire Preferred
