Chase Sapphire Requirements

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
57 posts
Keysmasher
Gold Member
Gold Member
 
Posts: 36
Joined: Sun Oct 10, 2010 10:02 am
Location: Texas

Chase Sapphire Requirements

Postby Keysmasher » Fri Sep 06, 2013 10:09 pm

For Q4 2013 what are the *REAL* requirements for this particular card?

I know an applicant needs to have an excellent credit score, but is there also an income requisite? I have read some review sites where they mention the Sapphire being designed towards the top 15% earners, not sure if they meant the cards features were designed for the top 15% earners or whether the card in general is only approved for the top 15% earners.

I am thinking about applying for this card by the way, and I currently have a credit score of 737.


jeffysdad
Centurion Member
Centurion Member
 
Posts: 875
Joined: Thu Apr 30, 2009 2:32 pm
Location: Texas

Postby jeffysdad » Fri Sep 06, 2013 10:48 pm

I got one when they first came out and my credit score runs 775-800, but I'm in no way a "top earner," whatever that is. You'll probably get one. The exclusivity is mostly just marketing IMO, as is the case with most "prestige" products. Chase cards aren't bad, but I think there are equal or better alternatives out there.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

CCG
Centurion Member
Centurion Member
 
Posts: 151
Joined: Thu Apr 17, 2008 6:52 pm
Location: Austin, TX

Postby CCG » Sat Sep 07, 2013 10:58 am

I am a Chase Private Client banking customer and called my customer service rep to try and get some answers for you (the Private Client banking customer service goes that extra mile to hunt down info). Here's what I found out...

  • There is no official income requirement for the Sapphire or Sapphire Preferred. Rather, they look at a mix of everything (credit history, income, etc) in making their approval decision.
  • The minimum age to apply for the card is 18 years old (obviously though, you would be very unlikely to get approved at such an early age since your credit history would be so thin).
  • He said "if someone has good credit it is worth it for them to try and apply for it."
As is the case with ALL credit card companies, the credit score requirements are not publicly disclosed. However if it's any help, according to CK the average credit score of someone approved for Sapphire Preferred is 745 and the lowest is 689.

From my experience of running this website for 5+ years, Chase and most issuers seem to be more willing to take a chance on someone who has a great - but thing - credit history, versus someone who has a great history with a past history of charge-offs and bad debts in the last few years.

My advice? If you have good credit, give it a try, especially considering this current sponsored signup offer. I have friends with incomes as modest as $35k/year getting approved for it, so it's worth taking a chance. Good luck, you will really like this card if you get approved for it - it's actually made out of metal!

Here is the full Chase Sapphire review for a more thorough explanation of the card if needed.

-CreditCardGuru

Keysmasher
Gold Member
Gold Member
 
Posts: 36
Joined: Sun Oct 10, 2010 10:02 am
Location: Texas

Postby Keysmasher » Sat Sep 07, 2013 12:09 pm

ugh, got a letter from Chase a few days ago and I was denied. The reason for denying my application was as stated:

Too many requests for credit or opened accounts with us
Which doesn't make sense because the only account that I have under MY name (not as an authorized user) is a Student credit card with a $300 limit. I also have this American Express that I got back in a couple months ago and both cards have been paid in full every statement.

I got a Student cc in July, and another starter card in mid-October, so 2 soft credit card hits in the past 6 months. So the reason "Too many requests for credit" is invalid.

This brings me to the next statement "Too many opened accounts with us." The only official card I have (as stated before) is the student credit card. The rest of the cards that show up on the Experian report are my parents credit cards that they have with Chase and added me as the authorized user. I am currently added as an AU for 2 credit cards.

Could this be an error on behalf of Chase as those two accounts aren't technically mine, they are my parents? On the letter, it has a phone number (not sure if that is a direct number or CSR call center) to contact if I have any questions. Do I have a chance to dispute their reason, or should I just give up?

EDIT: by the way, according to the letter they ONLY used the report from Experian, if that helps any.

jeffysdad
Centurion Member
Centurion Member
 
Posts: 875
Joined: Thu Apr 30, 2009 2:32 pm
Location: Texas

Postby jeffysdad » Sat Sep 07, 2013 12:38 pm

I don't know if I would take what they say about the reasons for the denial too seriously. I've read that the Sapphire card is targeted at individuals with incomes of $120k and above.

If you gave them your income and it wasn't at least that, that could be a reason. That said, I got the Sapphire card immediately after the first mailing about it that I got from Chase. This was way before they flooded the airwaves with advertising. I had a long history with Chase and the Freedom card, and I got the Sapphire card without any problem, even though my income is below their target. If I had to apply for one out of the blue, I don't know if I would get it.

All that said, unless you travel a lot, the Sapphire card isn't the best card for you, probably. Freedom rewards are much more generous, in my opinion. And there are other options out there depending on your spending habits and whether you're willing to juggle two or more cards to maximize rewards.

However, if you place a premium on customer service, placing it above rewards and low interest rate, then the Sapphire is worth considering. Sapphire customer service is way better than what you get from the other Chase cards. I think it beats Amex and Discover, too, not to mention Citi, HSBC, et al.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

Keysmasher
Gold Member
Gold Member
 
Posts: 36
Joined: Sun Oct 10, 2010 10:02 am
Location: Texas

Postby Keysmasher » Sat Sep 07, 2013 1:04 pm

You basically dodged my questions (sad face), or are you trying to say to "give up" on a rebuttal?

The Household Income that I stated on the application was well over 120k, and I need this card for January & Spring Break since it's a Visa Signature and the special feature about them is that they all (usually) have no preset limit and Visa is essentially accepted everywhere. I would apply for the Freedom, but I am afraid I will only get a measly $500 limit again.

jeffysdad
Centurion Member
Centurion Member
 
Posts: 875
Joined: Thu Apr 30, 2009 2:32 pm
Location: Texas

Postby jeffysdad » Sat Sep 07, 2013 2:29 pm

Income -- if it matters in this case, which it may not -- most likely refers to that of the individual cardholder, not his/her household.

Freedom is available as a "Visa Signature," too; I have one.

"No preset limit" is essentially a marketing gimmick. If you're charging too much in their opinion, they will cut you off no matter what.

I doubt whether a card is Freedom or Sapphire, Signature or not, would affect credit line you get. BTW, both my Freedom and Sapphire are Signature cards and on their website Chase says I can spend up to $13,500 on each, so there does appear to be predetermined credit limit associated with each account. I recently reassigned some of the available credit from one card to another by calling and asking them.

You should call Chase and clear up what other (if any) open lines you have with them. If you have an existing account, perhaps they could convert it to something you would want.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

Keysmasher
Gold Member
Gold Member
 
Posts: 36
Joined: Sun Oct 10, 2010 10:02 am
Location: Texas

Postby Keysmasher » Sat Sep 07, 2013 4:18 pm

jeffysdad wrote:Freedom is available as a "Visa Signature," too; I have one.

"No preset limit" is essentially a marketing gimmick. If you're charging too much in their opinion, they will cut you off no matter what.


I don't know about the "No preset spending limit" being a market gimmick. I have the Amex which has no preset spending limit and when I put 25k as a test charge, it was accepted.

I'll probably give them a call later today for a rebuttle and explain my situation after I get over this raging hangover.

DoingHomework
Centurion Member
Centurion Member
 
Posts: 707
Joined: Tue Sep 22, 2009 1:15 pm
Location: Arizona

Postby DoingHomework » Sat Sep 07, 2013 5:03 pm

2 credit pulls in a year or so is enough to get you denied. You said you opened a new account in July and another shortly after. I think you'll need to wait a while.

hockeyplayr
Platinum Member
Platinum Member
 
Posts: 66
Joined: Sun Jun 23, 2013 6:19 pm
Location: United States

Postby hockeyplayr » Fri Sep 13, 2013 7:15 pm

When I applied for a freedom in July, I was given a $700 credit limit because I had too many new lines. I only had 2 credit pulls before that for about 6 months. So like doinghomework said they seem very picky about that
Credit Scores: Equifax - 736 (October Fico) | Experian 726 (October Fico) | TU - 758 (October Fico)

Credit Lines: Diners Club 20k | Citi DC 9.1k | SDFCU 5k | Penfed 7k | Amex BCE - 10.5k | Chase Marriot - 5.2k | CSP - 6.5k |Discover IT - 9k | Sallie Mae 3.8k | Citi TYP - 3.5k | BOA 123 - 4.9k | Total Rewards 3.25k|



Return to “Visa & MasterCard”

Who is online

Users browsing this forum: No registered users and 1 guest