Whether you’re looking for cash back accumulation or the ability to earn points, Chase Bank offers opportunities to earn rewards for its customers, spanning different credit profiles.
Like other leading US credit card issuers, Chase will prequalify or pre-approve customers for one or more of its offers. This financial institution has specific baseline criteria and does not always guarantee actual approval, however, so you must ensure that your application will be accepted to prevent unnecessary rigorous verification from hurting your credit score.
Here’s everything you need to know to successfully navigate the Chase pre-approval process.
How does Chase pre-approval work?
Chase is the commercial and consumer banking arm of JPMorgan Chase & Co., a global financial services company with $2.6 trillion in operations and assets. With over 47,000 branches and 16,000 ATMs, Chase has a wide reach in the United States. Existing Chase customers may also find it convenient and beneficial to have a credit card issued by this bank.
Backed by Visa, Chase has 35 credit card offers in its portfolio, with its Chase Sapphire Preferred, Chase Freedom 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 benefits and reward rates across multiple spend categories.
Some Chase cards have annual fees while others don’t – but that doesn’t limit a cardholder’s reward potential. Those looking to increase their rewards can usually do so by using the Shop Through Chase portal to make purchases and earn higher points.
Only seven cards in Chase’s wallet give cardholders access to its Ultimate Rewards program, which is popular among rewards enthusiasts for the value it offers. Since the points in this program are considered a kind of currency, they can be redeemed to cover flight, hotel and car rental costs or to buy tickets for theme parks and special events. These points are also transferable to several Chase partner airlines and hotels.
The Benefits of Having a Chase Credit Card
Chase credit cards typically talk about travel perks, point earning, and cash back offers, but card membership usually includes additional perks. Although these benefits are often dependent on your card, like most credit card issuers, Chase generally extends other benefits.
Benefits of Chase Credit Cards
- Some form of travel insurance. Chase travel insurance typically includes flight cancellation and rental car collision and damage protection. Some cards also include the ability to receive emergency treatment abroad if needed.
- Possibilities of travel upgrades. These upgrades may involve hotel rooms and flight reservations, free in-flight or hotel meals, annual travel credit and free checked baggage. You should, however, seek out these offers from Chase partners.
- Protection against theft and damage. Certain devices, such as a damaged cell phone or laptop, may be eligible for theft or damage coverage 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 appear on your monthly statement. Again, check your Chase card terms and conditions to make sure you understand how this benefit works for you.
Chase card membership brings significant rewards and benefits. These offers have made the financial institution one of the most popular credit card issuers in the country.
How to know if you are pre-approved for a Chase credit card
Receiving a prequalification notice or pre-approval letter in the mail is one of the most common ways Chase invites someone to apply for one of its credit cards.
If you are not interested in waiting for this correspondence, you can also stop by a local branch of Chase Bank and ask for a representative. They can let you know if you have any pre-approval offers available.
Chase Bank customers can also log into the Chase app and view the “Just for You” section, which lists special offers.
keep in mind
Although Chase cards are among the best recommended, they are not always the easiest to obtain. This is likely because, in addition to performing a standard credit history check and taking into account your income and existing credit accounts, Chase also adheres to a 5/24 rule, which prevents users from being approved for a Chase card if they have opened five personal cards. credit cards in the last 24 months.
It is important to note that with Chase, prequalifying for a card is not quite the same offer as being pre-approved for a card. Being pre-approved means you have already met some of Chase’s criteria, so your chances of being accepted are much higher.
Good to know
Pre-qualification often involves a quick assessment versus pre-approval, which requires you to share more personal and financial information with the credit card issuer. These terms are often used interchangeably, but they are not identical.
Increase the chances of being approved
Each credit card issuer has different criteria they consider in approving applicants. In the end, it all comes down to having the best credit possible. This will prove that you, as the applicant, are trustworthy and responsible in your payments.
Here are some great ways for applicants to establish their creditworthiness:
- Pay bills and credit card balances on time
- Do not accumulate too much debt
- Pay more than the minimum amount each billing cycle
- Keep card balances low
- Keep information up to date
- Do not apply for multiple credit cards for a short time
Best Chase Credit Cards for Pre-Approval
Chase has 33 credit card options in its portfolio, offering a variety of rewards and benefits. Here’s a look at some of their best cards in 2022.
|Map||Credit score required||Benefits|
|Chase unlimited freedom||Good to excellent (670 or more)||
|Reserve Chase Sapphire||Excellent (740 or better)||
|Hunting Freedom Flex||Good to excellent (670 or more)||
Is Chase Pre-Approval Worth It?
Being pre-approved 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 pre-approval from this financial giant means you’ve likely met most of its strict criteria.
If you’re just starting to build your credit, ask a family member with a strong credit history to add you as an authorized member on one of their credit card accounts. This will allow you to create your own credit history.
Remember that with Chase, pre-approval does not necessarily guarantee acceptance. But if you’ve made it this far, your chances of being approved are much higher than someone who just prequalifies.
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