What credit score do you need?

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The Chase Sapphire Preferred® Card is one of the best travel rewards credit cards on the market, offering cardholders a lucrative welcome bonus of 60,000 points after spending at least $4,000 within three months. opening the account. If you were to redeem the bonus points through the Chase Ultimate Rewards® travel portal, it would be worth $750. Although, you can potentially get more value when transferring your points to Chase’s travel partners like United and Southwest.

For a modest annual fee of $95, Chase Sapphire Preferred cardholders will have access to a host of different travel-related benefits, such as trip cancellation and interruption insurance, collision damage waiver for car rentals, baggage delay insurance and zero liability protection, as well as no foreign transaction fees when using the card abroad.

You’ll also get access to benefits like a free year of DashPass membership (to be used for food delivery with DoorDash and Caviar) when you activate the offer by December 31, 2024, and an annual hotel credit of $50 when you book your hotel. stay direct through Chase Ultimate Rewards®.

Chase Sapphire Preferred® Card

  • Awards

    $50 annual Ultimate Rewards hotel credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining, 2X points on all other travel purchases and 1X points on all other purchases

  • welcome bonus

    Earn 60,000 bonus points after spending $4,000 on purchases within the first 3 months of account opening. It’s $750 when you redeem through Chase Ultimate Rewards®.

  • Annual subscription

  • Introduction AVR

  • Regular APR

    18.24% – 25.24% variable on purchases and balance transfers

  • Balance Transfer Fee

    Either $5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fees

  • Credit needed

Most importantly, cardholders can earn transferable points – 3X points for dining, including takeout and select delivery services, as well as select streaming services and online groceries; 5X points for travel purchased through Chase Ultimate Rewards® (not including $50 annual resort credit); 5X points on Lyft rides through March 31, 2025; 2X points on all other travel purchases; 1X points for all other purchases; plus a 10% points bonus on your card’s anniversary.

The Chase Ultimate Rewards® points you earn can then be redeemed in a number of ways or transferred to any of Chase’s airline and hotel partners, including United, Southwest, British Airways, Air France, JetBlue, Hyatt, Marriott and IHG, which makes it one of the most valuable travel rewards cards.

Keep in mind that to qualify for this card you will need to have a decent credit score. Below, Select looks at the type of credit score you’ll need to become a Chase Sapphire Preferred cardholder.

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What credit rating should you aim for?

First, most credit card issuers will review your FICO credit score to determine your eligibility for a new card. FICO scores range from 300 to 850, with higher scores indicating a greater likelihood that you will be able to pay off your balance on time and in full.

FICO score ranges:

  • Very bad: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739
  • Very good: 740 to 799
  • Exceptional: 800 to 850

Generally, you will need to have a credit score of at least 700 to qualify for the Chase Sapphire Preferred® card. You may qualify with a lower score – or even be rejected with a higher score – but to improve your chances of being approved, aim for a score above 700.

To maintain a good credit rating, you will need to make your payments on time, maintain a low credit utilization rate, and have a long credit history. Here’s how each category contributes to your overall credit score.

FICO factors:

  • Payment history (35%) — If you made your previous payments on time
  • Amounts due (30%) — Your credit utilization rate, or the ratio of the amount of credit you are using to the amount that has been extended and due on your accounts
  • Length of credit history (15%) — The time you have had credit
  • New credit (10%) — How often you open new accounts
  • Composition of credit (10%) — Whether you have different types of credit, such as installment loans or revolving lines of credit

You might also benefit from signing up for a service like Experian Boost, which uses your one-time payments for certain subscription services and utilities to calculate your credit score.

Experian Boost™

On Experian’s secure site

  • Cost

  • Average increase in credit score

    13 points, although results vary

  • Affected credit report

  • Credit score model used

Credit card issuers, however, take into account factors other than your credit score, such as your annual income, the length of your credit, and the number of credit cards you have applied for recently.

For example, Chase is known for its strict 5/24 rule, which means Chase credit card applicants will not be approved for a new card if they have opened five or more personal credit cards in the last 24 hours. last months. Note that this rule applies to all credit cards, not just those offered by Chase.

Another factor considered by issuers is the length of your credit history. When I first applied for the Chase Sapphire Preferred I was rejected immediately even though I had a FICO credit score over 700 (I had been an authorized user on my parent’s card) because I had no credit history. Generally, the Chase Sapphire Preferred may not be a good option for a first credit card if you are in a similar situation. If you have a lower credit score, first consider looking at cards for those with no credit, bad credit, or fair or average credit.

What happens if you are rejected?

You will be will be automatically rejected for this card if any of the below apply to you:

  • You currently have a Chase Sapphire Reserve® or Chase Sapphire Preferred® card, whether or not you have already received the bonus.
  • You previously had a Chase Sapphire Reserve® or Chase Sapphire Preferred® card and received the bonus within the last 48 months.

If you are not accepted for the card, issuers and banks are required by federal law to tell applicants why they were rejected for a line of credit, and you should be notified within 60 days.

It is possible to dispute the rejection by calling Chase. If you are a current customer, you can indicate your long-standing relationship with the issuer and, if possible, your history of on-time payments.

You may also be able to sign up for the card by being a current Chase customer, calling the issuer and requesting a product change, although this means you will not be eligible for the welcome bonus.

At the end of the line

The Chase Sapphire Preferred Card is a great choice, especially if you’re interested in transferable travel rewards, with a modest annual fee of $95 and the ability to redeem points for 25% more through the Chase Ultimate Travel Portal Rewards®.

Generally, you’ll need a credit score of at least 700 to qualify, but the card issuer will also look at other factors, such as income, length of credit, and number of new personal credit cards. you have opened in the past two years.

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Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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