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The Chase Sapphire Reserve Card officially launched online Monday, and I’ve written about it extensively. The card has a big 100,000 point sign-up bonus upon completing minimum spend, though the main reason I wanted the card is to use it for my long term everyday spend.
The card offers triple points on dining and travel, so this is the card that will take up prime real estate in my wallet for a long time to come, and I’ll be putting a lot of spend on it.
As you might expect, I’ve opened more than five new credit cards in the past 24 months. As a general rule of thumb, that leads to instant rejections when applying for many of Chase’s credit cards (though not all cards are included, and some report success even when having exceeded that theoretical limit).
However, I am a Chase Private Client and have been a loyal Chase customer for a long time. As I explained yesterday, Chase seems to be making some exceptions on a case-by-case basis for Private Client customers.
So Monday I went into a Chase branch and spoke with one of the Private Client bankers (not my “relationship manager,” as they call them, since he’s in Tampa). I explained that I wanted to apply for the new Sapphire Reserve Card, but that I thought I’d be declined because I’ve opened more than five cards in the past 24 months.
He asked me to give him a few minutes while he investigated, since he said they weren’t properly set up to process applications yet. He called someone in the back office, and I probably sat there for about 30 minutes.
He came back to tell me that I could submit an application with him, and then he could call in for “special consideration.” However, there was a slight wrinkle, as it seemed he couldn’t figure out how to submit the application online, so he had to do it the old fashioned way, using a paper application.
He said he didn’t want to keep me waiting, so asked me to sign a signature block for my application, and that he’d have it processed on his end.
This was around noon on Monday, though I didn’t hear back for the rest of the day. I called him on Tuesday morning and asked about the status of the application, and he said he’d submit it that morning. A bit later he called me, and asked if he could connect me with an analyst who was reviewing my application at that time.
She was very friendly, and explained that the application was being held up since I had opened more than five accounts within the past 24 months. However, she explained that an exception could sometimes be made for Private Client customers, and asked me how big of a credit line I was looking for.
I said $20,000 (or so) would be ideal, since I didn’t want my credit utilization to be too high. She asked me to hold for a few minutes so she could work on switching things around so that I might be able to get approved.
Sure enough she came back on the line several minutes later, and explained that I was conditionally approved, though a senior underwriter would have to sign off on it, and it could take up to a week for that to happen.
So yeah, that’s how I got approved for the Chase Sapphire Reserve. I’d note that I’m not some high roller Private Client in the grand scheme of things, but rather have the minimum amount invested with them in order to maintain that account. However, both my business and personal checking accounts are with Chase, I’ve had several Chase credit cards long term, including the Chase Sapphire Preferred® Card which I’ve had since it launched, and I even had a mortgage with Chase.
In other words, I have been a very loyal customer, and that has been the case for many years.
So if you are a Private Client, there’s certainly a chance of being approved in spite of the normal restrictions on new accounts. However, being a Private Client in and of itself doesn’t do the trick, as she really seemed to be taking into consideration my overall relationship with Chase, even noting my long term checking accounts with them.
I share this story since I’ve received a lot of questions about how I plan on getting the card. Initially I thought I had no chance, but it seems that Chase Private Client can really help in this regard, at least for long term customers.
I’m very grateful to have been approved, and can’t wait to start using this card everyday.
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.