Chase pre-approval: How to qualify for a credit card

September 3, 2020 By Erin Lizzo

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If you’re reading Million Mile Secrets, there is a good chance you’re here to learn more about how to earn and redeem travel rewards. This blog is an incredible resource that can help you make your travel dreams a reality. And many of our tips and tricks revolve around earning miles & points with the best credit cards for travel.

Here’s a little secret: Chase offers some of our favorite credit cards. If you’re considering signing up for a Chase card, here’s what you need to know about Chase’s pre-qualified offers.

Pre-qualified vs. pre-approved: What’s the difference?

Chase cards offer some of the most valuable travel rewards on the market, making them the issuer of choice for many travelers. You might have seen an offer letter from Chase in the mail stating that you’re pre-approved for a new credit card. You can also check Chase’s website to see which cards you are pre-qualified for. Pre-approved or pre-qualified, what’s the difference? Often, banks use these terms interchangeably, but there are differences, depending on the lender.

You’re pre-qualified

This typically means that the creditor has performed a soft credit inquiry to determine that you’re likely to qualify for a particular card if you apply. Information that they might look at includes your annual income, how much money you owe each month for housing, your total savings, etc.

You’re pre-approved

Being pre-approved for a credit card usually indicates that you have a reasonably solid chance of being approved for that particular card. It also means the issuer probably has more detailed information about your credit and general financial profile. For example, some people get pre-approval offers from the banks they have long histories with.

Just note, neither pre-qualification nor pre-approval guarantee that you will be approved if you apply for a new credit card, as credit and circumstance can change between the pre-approval and approval stages. That said, you’d undoubtedly be in a better position for approval than someone without a pre-qualifying or pre-approved offer.

Which Chase cards can you prequalify for?

While every prequalification depends on the applicant’s financial profile, some of the most common Chase credit cards that people prequalify for include:

Chase Sapphire Preferred® Card

One of our favorite all-around travel cards, the Chase Sapphire Preferred® is currently offering a 80,000 Chase Ultimate Rewards point welcome bonus after spending $4,000 within the first three months of account opening. And includes the following benefits:

2x Chase Ultimate Rewards points on travel and dining
1 point per dollar on all other purchases
Complimentary DashPass membership for one year once you activate the benefit
5x Chase Ultimate Rewards points on Lyft through March 2022

Chase Freedom Unlimited®

This is a great option if you’re looking for a cash-back card with no annual fee. It’s currently offering a fantastic sign-up bonus where you’ll earn a $200 cash bonus after spending $500 in the first three months from account opening. Plus, for the first year you have the card, you’ll earn 5% back at grocery stores (on up to $12,000 in spending).

Top benefits of this card also include:

1.5% cashback on purchases
No annual fee (it’s worth saying that twice)

And don’t forget, if you have another Chase credit card that also earns Ultimate Rewards points, you could pool the points to get even more value.

How to get prequalified for a Chase card

Chase makes it easy to see which cards you can prequalify for. Just visit their website and fill out a short form to find your targeted offers. This shouldn’t take more than a minute or two and won’t impact your credit score.

From there, you’ll be redirected to the “my offers” page. This is where Chase will match you with the offers that they believe are a good fit based on the information you provided.

The next step is to decide which is the best Chase card for your situation. It’s helpful to look at the breakdown of benefits offered with each card. Ask yourself questions like:

Do you spend more on specific categories? If so, find a card that will reward you for that spending. For example, certain cards offer bonuses on grocery spending.
Is free travel your goal? Look for a card that offers the best travel rewards.
Are you looking for a long term strategy to maximize your miles and points game? Take a look at the Chase Trifecta, which allows you to pay just one annual fee on three cards.

How to increase your chances of approval

Before you apply for a Chase credit card (or any card for that matter!), there are a few things that you can do to increase your chances of approval, including:

Take note of how many cards you’ve opened in the last 24 months — Be aware of Chase’s 5/24 rule. Chase won’t approve you for a new credit card if you’ve opened five or more cards from any bank (not counting certain business credit cards) in the past 24 months
Avoid surprises on your credit report – Take a look at your credit report and score to make are there aren’t any discrepancies or incorrect information.
Pay your bills on time – This is one of the best (and easiest) ways to build your credit score.
Apply for cards that you can realistically qualify for – Be realistic about the cards that you are applying for. If a card requires an excellent credit score and your score is below 700, it’s unlikely you’ll be approved.
Use your existing credit cards to build a credit history – Creditors are checking to ensure that you are using your current credit cards responsibly.

Bottom line

So you’re in the market for a new Chase credit card? Understanding Chase’s system for prequalified offers is a great place to start. Chase makes it relatively easy to see what cards you’re prequalified for. Once you find your targeted offers, it’s up to you to determine which one makes the most sense for your particular goals and spending habits.

Featured image by fizkes/Shutterstock.

Chase Sapphire Preferred® Card

APPLY NOW

Chase Sapphire Preferred® Card

Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases.
Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 80,000 points are worth $1,000 toward travel.
Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash’s subscription service. Activate by 12/31/21.
Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.

Intro APR on purchases

N/A

Regular APR

15.99%-22.99% Variable

Annual Fee

$95

Balance Transfer Fee

Either $5 or 5% of the amount of each transfer, whichever is greater.