The Chase Sapphire Preferred grace period is at least 21 days. The grace period lasts from the end of each billing period to the payment due date. If you pay your statement balance in full every month, Chase will not charge any interest.
Here’s more info about the Chase Sapphire Preferred grace period:
Keep in mind that you are not required to pay the entire balance by the due date. But if you decide to pay less than the full amount due, you will lose the grace period. The remaining Chase Sapphire Preferred balance and any new purchases will then start to accrue interest that compounds daily. To get a credit card grace period back, you will need to pay the statement balance in full for two consecutive months.
Keep in mind that the Chase Sapphire Preferred grace period only applies to purchases. That means any cash advances or balance transfers you make will begin to accrue interest the day you make them. You should probably avoid these transactions, anyway – cash advances and balance transfers are both expensive with this card.
The Chase Sapphire Preferred late fee is a maximum of $29 for the first late payment. The late fee increases to a maximum $40 on late payments that occur within the following 6 billing periods. Chase Sapphire Preferred late fees will never be more than the minimum payment amount due. The Sapphire Preferred card also does not charge a penalty APR which means Chase won’t automatically raise your interest rate because of late payments.… read full answer
The Chase Sapphire Preferred credit limit is $5,000, at a minimum. But some cardholders can get a credit limit higher than that. Plenty of Chase Sapphire Preferred cardholders report limits of at least $10,000, and some say they have a limit of $20,000 or more. Chase doesn’t publicly disclose the Chase Sapphire Preferred maximum credit limit.
What you should know about the Chase Sapphire Preferred credit limit:
The credit limit you get on your Chase Sapphire Preferred will depend mainly on your credit score, income, and other existing debts, along with your credit utilization.
The closer to perfect your credit is and the more money you make relative to what you owe, the higher credit limit you can expect.
You can also ask for a Chase Sapphire Preferred credit limit increase by calling the number on the back of your card. However, there is no guarantee you’ll be approved. You should also note that credit limit increase requests will trigger hard pulls, which can temporarily hurt your credit score.
To increase your chances of approval, it’s best to make sure you’ve paid the bill on time for at least six straight months.
Not many cards have minimum credit limits higher than Chase Sapphire Preferred’s, but Chase Sapphire Reserve® is one of them. Chase Sapphire Reserve’s limit is $10,000 or more.
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