JP Morgan Chase

Chase bank specific requirements:

As I said in the Credit Score post, every bank determines who is credit worthy in their own way. Chase is no exception.

  • Credit Score Requirement – Generally 670+ (Mostly looks at whether you’ve missed a payment or have derogatory marks)
  • Will only extend you a certain amount of credit over all cards based on your income (4 Chase cards with an average of $5,000 credit limit per line is $20,000 total credit limit from Chase)
    • Roughly 50% of income
  • No limit on number of Chase cards one person can have but see bullet above
  • Will only let you apply for 2 cards within 30 days
  • Will automatically deny you for credit if you have opened 5 or more lines of credit in the last 24 months.

I bolded that last bullet because it has limited the amount of money to be made from Chase bank.

i.e. – If your credit score is 800, income is $200,000, credit history is 30 years, and you have opened 5 credit cards over the last 2 years, Chase will automatically deny you for credit with no reconsideration.

The 5/24 rule, as it is referred to, has mostly limited people to getting the best Chase bonuses when first start maximizing these offers. No big deal – getting 5 of Chase’s best cards right away is plenty lucrative.

Best Credit Card Offers from Chase Bank:

Chase Sapphire Preferred

  • Use the above link for best available offer and to support the site
  • 50,000 Chase Ultimate Rewards Points for spending $4,000 in the first 3 months
  • 5,000 UR Points for adding an authorized user
  • 3x points on airfare and 2x on travel and dining
  • no anual fee the first year then $95

Chase Sapphire Reserve

  • Search for the card on google if you want half the sign up bonus otherwise go to next bullet
  • 100,000 UR Points for spending $4,000 in the first 3 months if you open in a Chase branch
  • $300 travel credit per calendar year
    • ends up being $600 for the first year (once by December statement then again after January 1st)
  • Earns 3x points on travel and dining
  • $450 anual fee – this is offset by the welcome bonus worth $1,000 towards a statement credit

Chase Freedom

  • Use the above link for best available offer and to support the site
  • $150 for spending $500 in the first 3 months
  • Rotating 5% categories (this quarter is gas and transportation)
  • No anual fee

Chase Bank Account Offers

Chase regulars has bonus offers for opening checking and/or savings account – both personal and business.

Currently (expires 3/17/17) their is a bonus available of $300 for opening a checking account in branch and setting up a direct deposit and $200 for opening a savings account in branch and depositing $15,000. Link to offer.

You can receive these bonuses once per calendar year – you just can’t be a current chase banking customer or have closed an account within the last 90 days.

 

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