Retirees With Fixed Incomes Can Still Get Approved for the #1 Chase Credit Card for Beginners – I’ll Show You How!

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Retirees With Fixed Incomes Can Still Get Approved for the #1 Chase Credit Card for Beginners – I’ll Show You How!

EmilyRetirees With Fixed Incomes Can Still Get Approved for the #1 Chase Credit Card for Beginners – I’ll Show You How!Million Mile Secrets Team

Signing-up for credit cards through partner links earns us a commission. Here’s our full Advertising Policy.

My mom is recently retired, and she doesn’t have a lot of income yet since she hasn’t taken her social security income.  But she still wanted to get one of the best Chase credit cards, the Chase Sapphire Preferred® Card!  Fortunately, Chase likes to consider lots of sources of income to help folks get approved.

My mom listed her household income on her Chase credit card application so that she could also count her spouse’s income.  She could also include any monetary gifts that she receives from benefactors or other investment income.  She got approved for this Chase credit card and is so excited to take her first trip!

My Mom Is a Retiree With a Fixed Income, but She Still Got Approved for the Chase Sapphire Preferred

What Counts as Income for Chase Credit Card Applications

  • Salaries
  • Investments
  • Social Security benefits
  • Retirement
  • Income from others you use to regularly pay your bills if you’re 21 or older
  • Child support or alimony

The income you report on a credit card application is important for approval.  The income reported also helps determine your credit limit.  Credit card issuers are unlikely to extend large credit limits to folks if they don’t think their income can support repaying the balance.

By Considering All Forms of Income, You Can List a Higher Annual Income on Your Chase Credit Card Application

And the spending limit you get from the bank can also impact your credit score.  According to the FICO website, 30% of your credit score is determined by your outstanding balances and credit utilization.

Since my mom has received her new credit cards, she’s been paying off the balance in full as soon as the charges appear.  This will help reduce her credit utilization ratio, and help increase her credit score.  It will also help increase the likelihood that she’ll get approved for more of the best Chase credit cards.

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Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred named "Best Credit Card for Flexible Travel Redemption" - Kiplinger's Personal Finance, June 2018
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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