You should know these 8 things before applying for a Chase credit card: The Chase Bank may be what you are looking for if you are seeking one of the best credit cards for everyday expenses. Here are 8 things you need to know before applying for a Chase credit card.
Chase today offers more than 30 types of credit cards covering a wide range of uses and categories. There are many excellent signup bonuses, programs, and promotions available to you.
The guidelines do not appear in Chase’s credit policies or manuals, so they are not regulations.
However, based on the research and antecedents, we believe that the tips that we will share with you below can be regarded as the “maximums” of experiences that you should consider before applying.
The first thing you should know before applying for a credit card is 8 Things You Should Know Before Applying for the Chase Credit Card.
You need to read this article if you wish to succeed in your application. In this article, we will explain everything regarding this topic clearly and concisely. Find out everything you need to know about applying for a Chase credit card today.
What to know before applying for a Chase Credit card
Before you apply for a Chase credit card, make sure you know the 5/24 rule. Chase almost always rejects applicants who have opened five or more credit cards in the past 24 months.
Check how many credit cards you have opened in that time period. In cases where you do not meet the 5/24 rule, you should wait and apply later. The 5/24 rule is one of the most stringent requirements of any credit card company. It can only be avoided if you are pre-approved for a Chase credit card.
Your credit score is also very important. Chase credit cards are geared towards people with good credit scores or higher. If your FICO® Score is not in the mid-600s, you may want to first focus on improving it.
Chase is not requiring you to have an existing relationship with them. In addition, having a current positive relationship with Chase, such as a mortgage, savings or checking account, or other financial relationship could positively affect your chances of approval.
In addition, signing into an existing Chase account before applying for a Chase credit card can speed up the application process, since parts of the application will be filled in automatically.
In addition to the above criteria, Chase will also review your payment history, credit utilization, and other information found on your credit report or application eligibility.
For Chase’s best credit cards, you must at least have a good to excellent credit score, adequate income, and have not opened more than five credit cards in the last 24 months.
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1- If you have applied for five or more bank cards in the last 24 months, you may be denied Chase cards
The ” 5/24 rule ” is being applied here.
If you apply for and receive more than five credit cards over a period of two years, you are likely to experience rejection from Chase based on various anecdotes and reviews found in internet forums.
This information appears to have been gathered by internet users.
There is no question that this is a fantastic bonus, even when you consider how much the Chase Sapphire card costs each year and how they wanted to alienate those who wanted only the bonus.
Other types of Chase credit cards are still subject to the 5/24 rule.
2- Chase can approve only two credit cards every 30 days
That’s crazy! Another important thing you should know before applying for Chase credit cards is that you shouldn’t apply for more than two.
Chase takes this measure to prevent people from abusing the system and obtaining bonuses or offers.
It is common for Chase to approve a maximum of two credit cards to the same cardholder within 30 days of each other.
As such, if you plan to obtain several Chase credit cards, you will have to apply very gradually and not more than twice every 30 days.
As an added benefit, you can use this point to meet the Chase spending requirements so you can benefit from the best benefits and bonuses.
Applying to multiple credit cards at once might be a good idea if you are aware that you are asking for a “hard inquiry” or hard review of your credit report when you formally apply to an active credit card.
A credit report that has been reviewed extensively multiple times can negatively impact your credit score. Experian.com explains the differences between soft and hard inquiries to your credit report.
3- Chase can deny an application if you have received the registration bonus within the past 24 months
The Chase credit card company had in the past prevented you from using a bonus after receiving a registration bonus for the same card within a two-year period if you applied for the same card within a two-year period.
Within 24 months of receiving an offer, Chase can even deny you the same card if you apply within the same month.
Chase Bank posted the following on their credit card information page:
In order to qualify for this product, you must not have this card and not have received a new cardholder voucher for it within the past 24 months.
When it comes to cancelling your Chase credit card, you must already apply for another one if you want to cancel it.
4- You are only allowed to have one Sapphire brand card at a time
We will tell you about it if you don’t know.
Those two cards can be considered the most popular Chase credit cards, along with Chase Sapphire Reserve®. It is not possible to sign up for both credit cards simultaneously with Chase Bank, however.
Both cards offer separate sign-up bonuses, despite their overlapping benefits. It is a rule that also applies to the Chase Sapphire credit card free of charge or annual fee.
It is another restriction aimed at preventing those who are trying to take advantage of the system and the benefits that are offered in a suspicious or malicious manner.
A new application for these two Chase credit cards is also eligible for the aforementioned welcome bonus when enjoyed within 24 months.
It is extremely likely you won’t be approved for a Chase Sapphire credit card if you have received any bonuses in the previous 24 months.
5 – Within 90 days after being approved, you can earn higher sign-up bonuses through Chase
It’s likely you are one of those who are seeking the best offers and benefits from credit cards. Is there anyone who does not?
The good news is that even if a better offer arrives in the next 90 days after you apply for a Chase credit card, they will match your bonus with the new offer.
You may request an additional difference of 60,000 points for example, if Chase launches a new offer granting its clients 60,000 points for your credit card in 60 days.
You can contact Chase Bank’s support team via the web or by phone if you want to request a difference on an offer that is better. Our goal is to “evaluate” you in order to award you with the best bonus; note that there may also be additional requirements to grant you an additional bonus.
Although this isn’t a written rule, Chase typically wants to make sure you’re happy and have your relationship progress as smoothly as possible.
6-It could take longer than three months for a person to meet the registration bonus spending requirement
When you consider having to spend $4000 in a period of 3 months to receive 50,000 points, it seems like a lot, at least to most people.
In practice, however, might it be more like 4 months?
The Chase credit card application deadline typically is 115 days after you apply, according to research conducted by Chase credit card customers.
The shortest time is 103 days after you are approved, so that all of your expenses can be accounted for on time. It will take you a certain amount of time to receive your Chase credit card, activate it and use it.
You will need to contact Chase customer service to find out when you will need to spend the minimum amount.
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7-If you request a new card, Chase will send it to you the next day
Now is the time to apply for a credit card if you really need one. Charge could expedite your shipping without cost.
It is possible for you to receive your Chase credit card within a couple of days.
The Chase plastic could be yours in less than 48 hours if you need it to cover an emergency or if you worry about reaching the spending requirements for the bonus on time.
Keep in mind that the approval process and the requirements are rigorous and everything is decided according to your credit score and your income verification.
8-If your credit card is denied, you should contact the reconsideration department and find out why
We have already explained a few reasons why you might be denied a Chase credit card.
Nevertheless, if you do not find yourself in any of the situations we’ve described, you should contact Chase’s reconsideration department. An explanation about what happened can be given to you, and you will learn some things to consider before reapplying for a chase credit card.
You may be able to meet the requirements very easily, but you can always call 1-888-270-2127 to request an explanation directly.
What is Chase Bank?
Let’s talk a little bit about Chase Bank.
- In the United States, Chase Bank is one of the largest and most important national banks.
- It is a subsidiary of JPMorgan Chase.
- JPMorgan Chase was founded in New York City on September 1, 1799. It was originally called Bank of the Manhattan Company until 1955.
- The bank changed its name to Chase Manhattan Bank after merging with Chase National Bank in 1955.
- By 2004, it had merged with Bank One Corporation, which had its headquarters in Chicago.
- It ranked third among banks with the most retail branches in the United States in 2008, after Wells Fargo and Bank of America.
- A number of services are available to its clients, including savings and checking accounts, credit cards, certificates of deposit, car loans, and mortgage loans.
- The bank currently has more than 4,700 branches and 16,000 ATMs.
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Until next time and good luck with your process!