What is the Chase Sapphire Preferred income requirement?

The Chase Sapphire Reserve income requirements aren’t publicly available. That being said, you’ll need at least enough money to cover the $450 annual fee and monthly payments on a minimum credit line of $10,000. While it would certainly be easier if Chase just gave out a magic number, the truth is that income is only one factor in the application. And since Chase Sapphire Reserve is one of the top luxury cards on the market, all kinds of consumers want it, from millionaires to Average Joes.… read full answer

Here’s what we know about the Chase Sapphire Reserve income requirement:

• Chase doesn’t disclose any particular number. You might get approved with a lower income but near perfect credit. Or you might get approved with credit toward the lower end of the excellent range but a very high income. The situation is different for each person.
• To get this card, you must be able to afford at least the $450 annual fee and minimum monthly payment. The smallest credit line you can get is $10,000. And if you used all of that, your minimum payment would be $100, plus interest.
• Debts are important too. If every dollar you earn already goes to repaying other balances, your income alone doesn’t really reflect your ability to pay. That’s why Chase considers your debt-to-income ratio.

Working to increase your income before you apply for Chase Sapphire Reserve could be helpful. Of course, that’s not always doable. But if you’re able to get a raise or do some extra work, it could increase your approval odds.

You should also be sure to include every piece of income you can in the figure you report on your application. It’s not just your job that counts. Gifts, scholarships, grants, trust funds, Social Security income and retirement income do, too.

Finally, it’s important to remember that income isn’t everything. You’ll also need an excellent credit score (750+). Plus, Chase will look at your housing status and number of recently-opened accounts.

Applicants for the Chase Sapphire Preferred card need a credit score of 700 or higher for good approval odds. This card requires at least good credit to qualify, and the higher your credit score is, the better your approval odds will be.

You can check your latest credit score for free on WalletHub to see where you stand.… read full answer

It’s important to note that while your credit score is an important factor in determining whether or not you will be approved for Chase Sapphire Preferred, there are plenty of other things that will impact the decision, too. Some other important criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status, monthly housing payment, and more.

It can be hard to qualify for the Chase Sapphire Preferred® Card card. But this card is worth getting, especially due to its generous bonus rewards on travel and dining.

Chase Sapphire Preferred Rewards & Perks

The Chase Sapphire Preferred card also comes with several benefits, including different types of travel insurance, extended warranty protection, and purchase protection.

What to Do If You Get Rejected for Chase Sapphire Preferred

If you get rejected for Chase Sapphire Preferred, you can call Chase’s reconsideration line at (888) 270-2127. Just bear in mind that you’ll typically have a shot at overturning a denial only if you can prove that your financial profile is better than it appeared on your initial application.

If this doesn’t work or if you don’t think you have what it takes to meet the credit score requirement, you’re still not out of options. There are plenty of great rewards credit cards for people with good, fair, limited and even bad credit. You can check out WalletHub’s review of 2023’s best rewards cards for each credit level to learn more.

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.