Who’s eligible for the 75,000-point Chase Sapphire Preferred bonus?

06.05.2024 - 20:07 / thepointsguy.com / Chase Sapphire

If you've been thinking about applying for the Chase Sapphire Preferred® Card — and even if you haven't, you'll want to hear this — now's a good time to do so because you can currently earn 75,000 Ultimate Rewards points after spending $4,000 on purchases in the first three months of account opening.

TPG values Chase Ultimate Rewards points at 2.05 cents each, which means this bonus is worth an impressive $1,538— and potentially more, depending on how you redeem those Ultimate Rewards points.

Before you submit an application, though, you should make sure you're eligible for this offer. Here's a quick rundown of the eligibility requirements and restrictions for the Chase Sapphire Preferred welcome bonus.

This is what Chase states on its website regarding Chase Sapphire Preferred bonus eligibility:

If you've never held a Chase Sapphire Preferred or Chase Sapphire Reserve®, you're in the clear to apply for the card and work toward meeting the minimum spend requirement to earn the welcome bonus. However, things get a little more complicated if you currently have the Chase Sapphire Preferred or Chase Sapphire Reserve — or if you've had one in the past.

Chase has a 48-month rule for customers to receive new cardmember bonuses within the Chase Sapphire card family.

If you've earned a Chase Sapphire Preferred or Chase Sapphire Reserve sign-up bonus in the past four years, you're out of luck to earn this bonus until you've passed the 48-month mark since the last bonus. And keep in mind that the 48-month rule applies to when you received the bonus, not when you applied for the card.

Additionally, you can only have one Sapphire credit card open at a time, which means those who are current cardmembers of the Chase Sapphire Preferred, Chase Sapphire Reserve or the no-annual-fee Chase Sapphire Card (no longer open to new applications) cannot apply for this card or receive the bonus.

The information for the Chase Sapphire credit card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Related: What credit score do you need to get the Chase Sapphire Preferred card?

Something else to consider when thinking about whether to apply for the Sapphire Preferred is Chase's 5/24 rule.

Even if you meet the above requirements to be eligible for this bonus, you'll still need to fall under Chase's infamous — though unpublished — 5/24 rule.

If you've opened five or more new personal credit card accounts (including authorized user accounts and some business accounts) across all issuers in the past two years, Chase is almost certainly going to deny your application.

You can try calling Chase to see if they're willing to not hold authorized user