The Chase Sapphire Reserve credit card is a high-end travel and dining rewards card that has a hefty $450 annual fee. The card has some of the best benefits available in the credit card world, however, the Sapphire Reserve card is also one of the most popular—even with that heavy fee. It offers 3 points per dollar spent on travel and dining and 1 point per dollar on all other purchases. The card also gives customers a $300 statement credit, automatically applied to any travel charges. The statement credit alone helps the card almost pay for itself each year, for those who travel often.
Not everyone who applies for the Sapphire Reserve gets approved, however. All rewards cards tend to require higher credit scores than the average credit card; premium rewards require scores of at least 700. The Chase Sapphire Reserve credit score requirement is even higher than that, and while the company refuses to disclose their minimum score, most research indicates it’s about 720.
Even if you have a credit score that’s above 720, you could still be denied a Sapphire Reserve card. Credit score isn’t the only factor that goes into the approval decision; in fact, there’s a long list of things that Chase looks at before deciding whether to approve a card.
Chase Sapphire Reserve
- Annual Fee: $450
- APR: 19.24% – 24.24% variable APR
- Benefits: Earn 3x points on travel (after using the full travel credit) and dining
- Category: Rewards Credit Card
What Else Impacts Your Eligibility?
Your income obviously plays a factor. Will you be able to make the payments once you’ve used the card? Chase doesn’t say what their minimum income is either, but your personal salary will factor into whether you get a card as well as what your credit limit will be.
Chase also looks at your current and past credit history with their company. Have you had a Chase credit card before? If yes, how well did you manage that account, and how large was your credit limit? Did you close the account or end up getting it charged off for non-payment? If you have checking, savings, or money market accounts with Chase, that can also help your chances. Some banks prefer lending to their current customers (and some won’t lend to anyone else).
How much credit you currently have access to (and utilize) will also play a role. If you use up all of your available credit, then there’s a chance that will be viewed negatively during the approval process. Credit utilization ratio a specific criterion that Chase looks at when deciding whether to offer you a Sapphire Reserve card.
The good news is that people with high credit scores by default also fit much of the other criteria that Chase would look at in the approval process. Debt-to-income and debt utilization ratios are all part of what makes up a credit score. If your score is high enough to qualify and your income is dependable, then your chances of getting approved are better than someone without those credentials.
Author: Jeff Gitlen
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