Are Chase Credit Cards Hard To Get
Most Chase rewards credit cards require good to excellent credit to be approved, which means a FICO score of at least 670, or a VantageScore of at least 700. If your score isn’t quite there yet, check out our guides on improving your credit score and how using credit cards can help boost your score.
One notable exception is the Chase Freedom® Student credit card, which is designed for students who are new to credit. If you don’t have an established credit history yet, it may be easier to get approved for this card.
How To Apply For A Chase Credit Card
This article was co-authored by Derick Vogel. Derick Vogel is a Credit Expert and CEO of Credit Absolute, a credit counseling and educational company based in Scottsdale, Arizona. Derick has over 10 years of financial experience and specializes in consulting mortgages, loans, specializes in business credit, debt collections, financial budgeting, and student loan debt relief. He is a member of the National Association of Credit Services Organizations and is an Arizona Association of Mortgage Professional. He holds credit certificates from Dispute Suite in credit repair best practices and in Credit Repair Organizations Act competency. This article has been viewed 120,786 times.
A Chase credit card provides you with the flexibility to handle financial emergencies with the backing of a globally recognized bank. Chase offers a wide range of credit card choices, allowing you to select the card that best suits your financial needs. Chase credit cards are accepted at major retailers worldwide, and also allow you to make online purchases and secure travel reservations.
Income And Credit Scores
How Much Income Do I Need When Applying for Business Credit Cards?
When I started my side-hustles over a decade ago, the income I generated from them was nothing to write home about. I endured many years of floundering ventures until I got to where I am now.
Even though my business endeavors were fumbling then, that did not impact my eligibility to get approved for business cards.
So, I continued applying and traveling for free despite having numerous downturns in my undertakings.
The point here is that income is not the only factor Chase will consider before approving.
Instead, Chase will most likely focus their attention on your entire financial history to determine your viability. Thus, it is a recommended practice to cultivate a stellar credit score.
Moreover, they will certainly assess your , which is simply the ratio of your debt to the total credit you have.
This ratio is calculated by the following formula: What You Owe divided by Your Total Credit. The lower your credit utilization rate is, the higher the likelihood of approval.
At any rate, as long as you have a side hustle, you could potentially get approved regardless of your current earnings. In fact, you dont even need to have a steady revenue stream.
Of course, who doesnt wish for consistency in our income sources? But if you are concerned that not earning enough could adversely affect your application, it usually wouldnt.
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Capital One Credit Card Application Rules
With a big welcome bonus and great travel perks for an affordable annual fee, it’s without a doubt the most exciting travel rewards credit card we’ve seen in a number of years. And with Capital One making some major improvements to its Venture Miles rewards program, the bank is on the radar of points & miles enthusiasts more than ever.
That’s where the good news ends, as Capital One has some of the most mysterious credit card application rules and standards. The bank doesn’t officially publish any rules, period but enough data points and trends have emerged over the years to give us a bit of information that can help get you approved for a Capital One credit card. And some recent experiences with the new Venture X suggest it may be easier than many travelers expected.
Still, Capital One’s credit card application rules seem inconsistent at best.
Chase Sapphire Reserve: Best For Travel Perks
As travel gears up, its a great time to earn points for future travel, and the Chase Sapphire Reserve is hard to beat for the premier traveler. Despite the cards expensive $550 annual fee, youll find that the points add up quickly, and the benefits can easily outweigh the fee.
The card earns 3 points for every dollar you spend on travel and dining , 10 points per dollar spent on Lyft rides and 1 point per dollar on everything else.
On the redemption side, points earned with the Chase Sapphire Reserve are worth slightly more than what youll get with the Sapphire Preferred. While you can transfer your points to the same 14 airline and hotel partners, your points are worth 1.5 cents apiece instead of 1.25 cents apiece when used for travel via the Chase travel portal or through the Pay Yourself Back categories.
To help offset the annual fee, the Sapphire Reserve also comes with a $300 annual travel credit and up to $120 back on an eligible Peloton Digital or All-Access Membership between now and June 30, 2022. Youll also receive a complimentary Priority Pass airport lounge membership and up to $100 in credits when you apply for either Global Entry or TSA PreCheck.
Thats quite a big difference, and one reason to use the card for all of your airline travel. Even if you book a flight with airline points or miles, as long as you pay for the taxes on the Chase Sapphire Reserve, youll get the same trip delay coverage.
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Open A Chase Bank Account
If you live near a Chase branch, you might want to consider establishing a banking relationship. Data points indicate that this has made the difference in card application approvals. Remember, this isnt necessary, but keeping a chunk of money in your Chase account wont hurt. Also keep in mind that certain bank accounts have fees. You dont want to open an account unless you think youll benefit.
Ink Business Unlimited Card: Best For Business Travelers
Sign-up bonus: Earn $750 cash bonus after spending $7,500 in the first three months from opening the account.
Earning rate: 1.5% cash back on every purchase.
Annual fee: $0.
Additional details: The Ink Business Unlimited mirrors the personal Chase Freedom Unlimited with the same rewards structure and no annual fee. Since it earns a flat rate across all purchases, it works best for business expenses that dont fall into other bonus categories. This is also a great card for freelancers who may not spend enough in certain categories to warrant an annual fee or set bonus categories. The new sign-up bonus on this card is also a great reason to apply especially if you have other Chase cards to convert your points into full-fledged Ultimate Rewards points.
Official application link: Ink Business Unlimited.
What To Know Before Applying For A Chase Credit Card
Before you think about applying for a Chase credit card, you need to know about Chase’s 5/24 rule. Chase almost always denies applicants who have opened five or more credit cards within the last 24 months.
Check how many credit cards you’ve opened in that timespan. If you won’t pass the 5/24 rule, it’s better to wait and apply later. This is one of the strictest application rules of any credit card company. The only known way to get around it is if you’ve been pre-approved for a Chase credit card.
Your is also important. Most of Chase’s credit cards are aimed at those who have a good credit score or better. If your FICO® Score isn’t at least in the mid-600s, you may want to focus on improving it first.
Chase Visa Credit Card Vs Chase Mastercard: Which One Is Better
Chase offers both Visa and Mastercard credit cards. Deciding which one is better will depend on the specific credit card in question. Chase Visa cards tend to be more common, including cards like the Chase Sapphire Preferred® Card and Chase Freedom Unlimited®, but the Chase Freedom Flex, for example, is a Mastercard. Ultimately you’ll want to choose a card that’s most compatible with your lifestyle and preferences.
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Best For Everyday Spending: Chase Freedom Unlimited
- Intro Offer: Earn an additional 1.5% cash back on everything you buy – worth up to $300 cash back!
- Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases .
- After your first year or $20,000 spent, enjoy 5% cash back on Chase travel purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.49% – 25.24%.
- No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
What Having No Credit Means
Having a limited credit history won’t block you from getting a credit card completely. But it can affect the types of cards and terms you’re approved for.
When applying for a card, issuers consider factors like your credit score, income, and employment. Your credit history heavily influences your credit score, so it may influence how issuers work with you.
If you don’t have a credit history, your card may come with higher interest rates, for instance. So you may get approved for a card but have to pay more over time for the credit you use. You might also have a lower credit limit, restricting the amount you can spend each month. This is just because you haven’t yet proven that you can pay back money on time. Once you open your card, however, you can start to build that credit history through on-time payments which may make you eligible for lower interest rates and higher limits.
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Chase Freedom Flex Card
Why the Chase Freedom Flex is worth it: The Chase Freedom Flex offers 5% cash back or 5x points on up to $1,500 of spending in categories that rotate each quarter when you activate , in addition to 5% back on travel booked through Chase Ultimate Rewards, 3% back on dining and drugstore purchases, and 1% back on everything else
Sign-up bonus offer: $200 after spending $500 on purchases in the first three months from account opening.
Just like the Chase Freedom Unlimited, the Chase Freedom Flex is marketed as a cash-back card, but actually earns Chase Ultimate Rewards points that you can redeem for cash, gift cards, and travel . You can combine them with Chase Ultimate Rewards earned from a different card, which gives you the option to get a bonus when redeeming them for travel or transfer them to travel partners.
The key feature of the Chase Freedom Flex is that it earns 5% cash back on up to $1,500 spent per quarter once activated in rotating quarterly bonus categories. In the past, quarterly categories have included Amazon, grocery stores, and PayPal.
However, that’s not where the bonus cash back ends the Chase Freedom Flex also earns 5% cash back on travel purchased through Chase Ultimate Rewards, 3% back on dining and drugstore purchases, and 1% back on everything else.
It doesn’t have an annual fee, and there’s a 0% intro APR on purchases and balance transfers for the first 15 months .
How To Apply For Chase Ink Business Credit Cards
- Ben Schlappig
Chase has some of the all around best credit cards, in terms of the welcome bonuses, return on spending, and perks. In particular, the issuer has some of the best business credit cards out there.
For example, the Ink Business Preferred® Credit Card has the single best welcome bonus of any business credit card, and Id argue its the most well-rounded business credit card. Meanwhile, the no annual fee Ink Business Cash® Credit Card and Ink Business Unlimited® Credit Card have their best-ever welcome bonuses right now, and are generally great cards for maximizing points.
I have all three of these cards, so in this post I wanted to take a closer look at who is eligible for these cards, and how you can go about getting approved for all of them.
In this post:
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How Do You Activate A Chase Credit Card
To activate your new Chase credit card, there are two options. You can call the phone number on the sticker to verify that you’ve received it, or the other option is to log in to your Chase account and confirm its receipt. If you haven’t created a Chase online profile before, you can use this as an opportunity to create an online account to manage your account on the Chase website or through its mobile app.
How To Calculate Your 5/24 Score
If you’ve recently opened new credit cards and want to apply for a Chase credit card, you may not know where you stand for the 5/24 rule. To calculate your 5/24 score, simply review your and count the number of accounts that were opened in the past 24 months.
This also includes if someone added you as an authorized user on their account. And any accounts that were opened within the past two years but also closed within that time should still be counted.
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Have You Recently Been Approved For Another Capital One Card
If you have applied and been approved for any other Capital One credit card within the past six months, it’s likely that any new credit card application will not be approved. This includes both personal and business credit cards.
There are, of course, exceptions to this rule. But generally speaking, keeping your Capital One application and approval history clean for at least six months will give you the best chances of getting approved.
Capital One’s sensitivity has also gone beyond just Capital One’s credit card applications. Historically, recent credit inquiries seem to be a factor when deciding your approval fate. That includes inquiries from other banks.
Generally, that means it’s best to limit any and all credit inquiries from all banks for at least a few months before you want to apply for a Capital One credit card.
Ink Business Cash Credit Card: Best For Everyday Business Purchases
- What we love about the Ink Business Cash: The Ink Business Cash is a well-rounded, easy-to-manage business card that covers some of the most popular spending categories for brick-and-mortar businesses, including office supplies and internet services. You can also earn cash back on the road with purchases at gas stations and on business meals, offering some of the highest rewards rates on these common expenses for no annual fee.
- Who this card is good for: Small-business owners with modest budgets focused on office supplies and internet, cable and phone services, since these items earn an impressive 5 percent cash back . If you have one or both of the other two Chase Ink cards, the Business Cash also makes for an excellent partner card.
- Alternatives: If a spending cap will hold you back in any way, the Ink Business Unlimited card offers unlimited 1.5 percent cash back on all purchases you make for your business while still skipping the annual fee. The Ink Business Preferred is also an excellent alternative if you plan to fly more often than drive.
Jump back to offer details.
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Can I Get A Chase Credit Card With No Credit
Chase doesnt offer a secured credit card, but you may be surprised to learn of the Chase Freedom® Student Credit Card since it seldom shows up in online articles and ads. In the absence of a Chase secured card, the student card is the only Chase card available with no credit requirement, as long as you are a student attending an eligible undergraduate school on at least a half-time basis.
The Chase Freedom® Student credit card is a newer offering you can obtain with no credit if you attend an eligible school.
The student card from this credit card company features a reasonably low interest rate for purchases and balance transfer transactions, but a higher APR for cash advances. The grace period for avoiding interest charges is 21 days, the standard found on most other Chase cards but shorter than that offered by several competitors. This means you have fewer days to make at least the minimum payment before incurring interest and late fees.
On the plus side, there are no fees for going over the credit limit or having a check returned. You earn 1% cash back on all purchases and can earn a signup bonus by spending the required amount on purchases during the first three months after opening the account.
Other benefits include an annual good-standing reward for up to five years, credit limit increases, free credit scores via Chase Credit Journey, $0 liability protection, purchase and extended warranty protection, instant card lock and unlock, and trip cancellation insurance.