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The Chase Sapphire Reserve Card launched yesterday morning, and it’s hot. Between the sign-up bonus, perks, and return on everyday spend, people are going nuts over the card. I’ve received a ton of questions from readers asking about whether it’s worth it for them to apply given their circumstances.
The reality is that there’s a lot of information out there, with hundreds of data points. That’s a good thing in theory, but also leads to information overload, especially for the casual consumer. So I figured I’d share my consolidated thoughts on getting approved for this card. I’m not claiming to be any more right than anyone else, but am rather just sharing the information I’ve gathered based on the hundreds of data points that readers have shared with me.
What to be aware of with Chase Sapphire Reserve approvals
First let me provide a bit of background, and for those of you who already know about Chase’s 5/24 rule, by all means skip this section.
Long story short, Chase typically won’t approve consumers for new cards if they’ve opened more than five cards in the past 24 months. While that doesn’t impact a vast majority of consumers, for those who have opened more cards than that in the past 24 months, it could lead to an instant denial. There are a few things to note about what qualifies towards the restriction:
- The five card total doesn’t just include Chase cards, but rather most cards
- The exception is some business cards not issued by Chase, which may not count towards that total
- Being an authorized user on many cards, including Chase cards, could count towards that limit
- There’s no easy way to tell whether or not this rule will prevent you from being approved, other than applying
The rumors we’ve been hearing about Sapphire Reserve approvals
What has made this complicated is the amount of information out there.
Some people suggest that you have a better chance of being approved if you go into a branch.
Some people suggest that being a Chase Private Client (having over ~$250K in assets invested with them) will do the trick.
Some suggest that some people are pre-qualified for the offer, so will get approved even if they’ve opened more than five cards in the past 24 months.
My suggestions about applying for the Sapphire Reserve
I’m going to share my suggestions, which reflect my perspective on things based on all the data points out there. I’m positive there will be people who have data points that contract what I say, but rather my goal is to provide general advice, which I’m not claiming is true 100% of the time, or will necessarily apply to you. But as someone who is in the business of trying to give tens of thousands of people advice at once, this is the best I can do. 😉
My general advice
If you exceed the Chase 5/24 rule, I don’t think it’s worth applying for the Sapphire Reserve online, as you’ll almost certainly be rejected. Don’t bother taking the hit of a hard pull.
Could you have better luck in a Chase branch?
Some people have reported better luck being approved for the card in a Chase branch. It seems like some people have been pre-approved for the Sapphire Reserve without knowing it, particularly if you already have other Chase products like the Chase Sapphire Preferred® Card, and the best way to find out is to go into a Chase branch and ask. If you have been pre-approved, you’re in luck, and have a good chance of being approved. If you haven’t been pre-approved, chances are that applying in a branch won’t actually make a difference.
What about Chase Private Client?
This is Chase’s premium banking service, and there are reports of people being approved through it when having otherwise opened more than five cards in the past 24 months.
I think the key here is that they measure your overall value to Chase when making these exceptions, as they’re not typically instant. In other words, transferring $250,000 and opening a Chase Private Client account likely won’t get you approved.
Meanwhile if you’ve been a Chase Private Client for years, have been spending a lot on their credit cards over the years, etc., you’re much more likely to be approved.
This isn’t something you can (or should try to) game. Simply being a Chase Private Client doesn’t get you an automatic exception, but rather if you have a long standing, profitable, and valuable relationship with Chase, you’re more likely to have them manually approve you for the card. This will require the banker to call someone internally to try and have them manually approve the application, as the banker can’t even get it approved directly. Expect that person to very closely analyze your value to Chase.
So absolutely don’t expect an exception, but if you’ve been a long time Private Client customer, you might have a chance. If you’re someone who has a few thousand (or even tens of thousands) in cash with them and aren’t a Private Client, chances are that they won’t make an exception.
Let me say once again that the above is very general advice based on the data points I’ve received. If you exceed the Chase 5/24 rule, I wouldn’t bother applying online. It could make sense to go into a branch and see if you’re pre-approved, but if not, don’t bother.
If you’re a Chase Private Client and long time customer, an exception can potentially be made. However, this isn’t them simply checking a box, so opening a Private Client account and then applying won’t do the trick. They’ll analyze your long term value to the company, and make a decision based on that.
If you’ve applied for the Sapphire Reserve, does the above match your experience, or no?
Non-Affiliate Product Disclaimer: The information for the Chase Sapphire Reserve has been collected independently by One Mile At A Time. The card details on this page have not been reviewed or provided by the card issuer.