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.

You need a 700+ credit score for Chase Sapphire Preferred approval. That means applicants generally need at least a “good” credit score to qualify for the Chase Sapphire Preferred® Card, though it’s possible to get approved with a lower score and a higher score may increase the odds.

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, housing status and more. … read full answer

If you’d like to see where your credit stands, and thus get a rough sense for your approval odds, you can always check your latest credit score for free on WalletHub.

If you don’t think you have what it takes to meet the Chase Sapphire Preferred credit score requirement, the good news is 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 2022’s best rewards cards for each credit level to learn more.

But if you’re confident that your approval odds are high, you can go ahead and get started on your Chase Sapphire Preferred application.

The Chase Sapphire Preferred credit limit is $5,000 minimum. Limits can be higher, depending on creditworthiness, though. 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. There’s no publicly disclosed Chase Sapphire Preferred maximum 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. There is no guarantee you’ll be approved though and 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 its sibling, Chase Sapphire Reserve®, is one of them. Chase Sapphire Reserve’s limit is $10,000 or more.