At long last, after my first ever credit card denial for this card back in August, I’ve been approved for the Chase Sapphire Reserve credit card. Despite being quite above the limit from Chase’s 5/24 rule (5 new credit cards in the last 24 months), I was instantly (ok, it took over 4 months) approved at my local branch.
My motivation for visiting my local branch today was the recent news that Chase would be reducing the signup bonus for Sapphire Reserve from 100,000 UR points to 50,000. If I wasn’t pre-approved (see below) at the bank, I would not have applied again as that attempt would have surely been fruitless. I would have had my wife apply online instead since she’s under 5/24.
Getting around the 5/24 rule
One of the ways to circumvent the 5/24 rule is by being pre-approved in a Chase branch and applying there with a banker. That’s what finally happened to me. I had not been pre-approved in August (I applied anyway and was denied) nor in October. Today I was. By the time I returned home after a couple other errands, the card already appeared in my online account.
To find out if you’re pre-approved for a particular Chase credit card, visit a Chase branch and ask to speak to a banker. Tell him/her that you’re interested in applying for a credit card and that you’d like to know what cards you’re pre-approved for first. They’ll ask to see some identification, check their system, and let you know the good or bad news.
There’s no clear method on how to trigger these magical pre-approvals with Chase. I can tell you what changed for me as a Chase customer from October through now:
- I updated my income in my online banking profile which could trigger offers
- I reduced my credit limit on one seldom used Chase card by $15,000
- I financed a new car with a loan serviced by Chase
The moral of this story is not to give up on this card due to 5/24. Keep checking in a branch if you have one nearby. You never know.