Chase Preapproval: How To Prequalify for Chase Credit Cards
Whether you’re looking for cash back accrual or point-earning power, Chase Bank offers some opportunities to earn rewards to its customers, spanning various credit profiles.
Like other leading U.S. credit card issuers, Chase will prequalify or preapprove customers for one or more of its offerings. This financial institution has specific baseline criteria and doesn’t always guarantee actual approval, though, so you need to be sure your application will be accepted to avoid having a needless hard check hurt your credit score.
Here’s everything you need to know to navigate the Chase preapproval process successfully.
How Does Chase Preapproval Work?
Chase is the commercial and consumer banking arm of JPMorgan Chase & Co., a global financial services firm with $2.6 trillion in operations and assets. With more than 47,000 branches and 16,000 ATMs, Chase has a broad reach in the U.S. Existing Chase customers may find it convenient and beneficial to have a credit card issued by this bank, too.
Backed by Visa, Chase has 35 credit card offerings in its portfolio, with its Chase Sapphire Preferred, Chase Freedom Unlimited and Chase Sapphire Reserve among the most competitive in terms of reward value. Chase cards typically offer generous welcome bonuses and a good combination of travel perks and reward-earning rates across several spending categories.
Some Chase cards have annual fees while others don’t — but that doesn’t limit a cardholder’s reward-earning potential. Those looking to boost their rewards can typically do so by using the Shop Through Chase portal to make purchases, reaping higher points.
Only seven cards in Chase’s portfolio give cardholders access to its Ultimate Rewards program, which is popular among rewards enthusiasts for the value it offers. Because points under this program are considered a type of currency, they can be redeemed to cover flight, hotel and car rental costs or to buy tickets to theme parks and special events. These points are also transferable to several airlines and hotels that are Chase partners.
The Benefits of Having a Chase Credit Card
Chase credit cards typically bring travel perks, point earnings, and cash back offers to mind, but card membership typically includes additional benefits. While these benefits often depend on your card, like most credit card issuers, Chase typically extends other benefits.
Advantages of Chase Credit Cards
- Some form of travel insurance. Chase travel insurance typically includes protection against flight cancellations and car rental collisions and damages. Some cards also include the option to receive emergency care abroad if needed.
- Travel upgrade opportunities. These upgrades can involve hotel accommodations and flight bookings, complimentary meals in-flight or at hotels, annual travel credit, and free checked luggage. You need to look out for these offers, though, with Chase partners.
- Theft and damage protection. Some devices, like a damaged cell phone or laptop, may be eligible for coverage against theft or damage through Chase. It’s a good idea to check the terms and conditions of the card you choose to see if this benefit is included.
- Fraud protection. This benefit allows you to dispute or report any unauthorized purchases that turn up on your monthly statement. Again, check the terms and conditions of your Chase card to make sure you understand how this benefit works for you.
Chase card membership brings significant rewards and benefits. These offerings are what have made the financial institution one of the most popular credit card issuers in the country.
How To Know Whether You’re Preapproved for a Chase Credit Card
Receiving a prequalification notice or a preapproval letter by mail is one of the most common ways Chase invites someone to apply for one of its credit cards.
If you’re not interested in waiting around for this correspondence, you can also stop by a local Chase Bank branch and ask a representative. They can let you know if you have any preapproval offers available.
Chase Bank customers can also log in to the Chase app and check the “Just for You” section, which lists special offers.
Keep In Mind
While Chase cards are among the top recommended, they aren’t always the easiest to get. That’s likely because, aside from running a standard credit history check and taking your income and existing credit accounts into consideration, Chase also adheres to a 5/24 rule, which prevents users from being approved for a Chase card if they’ve opened five personal credit cards during the past 24 months.
It’s important to note that, with Chase, prequalifying for a card isn’t quite the same an offer as being preapproved for one. Being preapproved means you’ve already met some of Chase’s criteria, so your odds of getting accepted are much higher.
Good To Know
Prequalification often involves a quick assessment compared to a preapproval, which requires you to share more personal and financial information with the credit card issuer. These terms are often used interchangeably, but they’re not the same.
Increasing the Chances of Getting Approved
Every credit card issuer has different criteria it considers in approving applicants. Eventually, it all boils down to having the best credit possible. This will prove that you — as the applicant — are trustworthy and responsible in making payments.
Some excellent ways for applicants to establish creditworthiness involve:
- Paying bills and credit card balances on time
- Not accumulating too much debt
- Paying more than the minimum amount each billing cycle
- Keeping card balances low
- Keeping information updated
- Not applying for several credit cards during a short period
Best Chase Credit Cards for Preapproval
Chase has 33 credit card options in its portfolio, offering a variety of rewards and benefits. Here’s a look at some of their top cards in 2022.
|Card||Required Credit Score||Benefits|
|Chase Sapphire Preferred||Good to excellent (670 or higher)||
|Chase Freedom Unlimited||Good to excellent (670 or higher)||
|Chase Sapphire Reserve||Excellent (740 or higher)||
|Chase Freedom Flex||Good to excellent (670 or higher)||
Is Chase Preapproval Worth It?
Being preapproved by Chase is handy if you’re looking for a new rewards card but aren’t sure where you stand in terms of creditworthiness. Chase has high standards, so receiving preapproval from this financial giant means you’ve likely met most of its stringent criteria.
If you’re just starting to build your credit, ask a family member who has strong credit history to add you as an authorized member on one of their credit card accounts. Doing so will enable you to build a credit history of your own.
Remember, with Chase, preapproval doesn’t necessarily guarantee acceptance. But if you made it this far, your odds of approval are much higher than someone who simply prequalifies.
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- Forbes. 2021. "Chase Ultimate Rewards: The Ultimate Guide."
- CNBC. 2022. "Why It May Be Easier To Be Approved for a Credit Card if You Already Have an Account With the Issuer."
- CNBC. 2022. "How the Chase 5/24 Rule Works and What It Means for Your Chase Credit Card Applications."
- Experian. "How To Improve Your Credit Score."
- Experian. "What Is a Good Credit Score?"