Chase provides some of the best credit card offers on the market, from cash back to travel rewards. But Chase cards aren’t the easiest to get. They typically require good to excellent credit, and then there’s the 5/24 rule.
The 5/24 rule is an unpublished Chase restriction for credit card applications. If you’ve opened five or more personal credit cards in the past 24 months, you typically can’t get approved for a Chase credit card.
Thankfully, you can get an idea of whether or not you might qualify for a Chase card, with no impact on your credit scores — before you apply.
It’s always a good idea to check for pre-qualified offers before you apply for any credit card, since you may get a better-than-average offer, like a higher welcome bonus.
How Can You Check Your Chase Pre-Qualification Status?
Checking your pre-qualification status won’t have any effect on your credit scores. If you go on to actually apply for a card, however, that will result in a hard inquiry, which can affect your credit. And if you’re approved, opening a new credit card can affect your credit scores in various ways.
You may also get physical mail from Chase, saying you’ve been pre-approved for certain cards and inviting you to apply. There might be a specific code to claim the offer, but if any Chase offers are currently extended to you, you’ll probably find them online too.
If you’re already a Chase bank customer, you may find custom offers when logging in to your account, as well.
Pre-qualifying for a credit card doesn’t mean you’re guaranteed approval if you apply! You could still be denied, especially if the contents of your credit reports have since changed drastically.
What Chase Cards Can You Pre-Qualify For?
It’s unclear exactly which Chase credit cards you can pre-qualify for, but there are three popular cards displayed on Chase’s pre-qualification page:
Other Chase cards you may find pre-approvals for include:
Chase’s online pre-qualification tool is unlikely to work for Chase business credit cards, since it doesn’t ask for any business-related information.
Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,250 when you redeem through Chase Ultimate Rewards®.
Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 toward travel.
With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash’s subscription service. Activate by 12/31/21.
Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when you redeem through Chase Ultimate Rewards®
$300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year. Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit
3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants including eligible delivery services, takeout and dining out & 1 point per $1 spent on all other purchases
Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 60,000 points are worth $900 toward travel
With Pay Yourself Back℠, your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
1:1 point transfer to leading airline and hotel loyalty programs
Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit for Global Entry or TSA Pre✓®
Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more
The information related to Chase Slate Edge℠ has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
What Does Credit Card Pre-Approval Mean?
Being pre-approved for a credit card means you’ve met some initial criteria to qualify, but you’re not guaranteed approval.
You’ve only passed a first, relatively easy set of hurdles, usually based on the information in your credit reports. The initial criteria may have to do with credit scores, length of credit history, payment history — whatever the lender decides.
Credit card issuers ask the credit bureaus (Experian, Equifax, TransUnion) for the names of people who meet certain standards, and extend offers to apply to them. In many cases, the offers you get are the same as the offers publicly available online, known as public offers. In other cases, you may be targeted with a special private offer — either better or worse than the standard public offer, depending on your credit.
When you apply for a credit card, the issuer (Chase, in this case) will perform a hard inquiry on your credit reports, and will ask for more information about your finances, like income. This is the real test. A pre-approval means you have a good chance, but your actual approval depends on the results of this more comprehensive look at your credit and financial situation.
What’s the difference between pre-approval and pre-qualification?
When it comes to credit cards, there isn’t really any difference. Credit card issuers may use either term to describe a potential customer who has been pre-selected for a credit product in some way. In this post we’re using them interchangeably.
Every card issuer has its own preference for which term to use, and its own standards for who qualifies for pre-approval. But in practice, they end up meaning basically the same thing.
Take note, however, that when these terms are used in other contexts, like mortgage lending, they may have very different and specific meanings.
How Long Does Chase Pre-Approval Last?
Pre-approval offers come with an expiration date, usually 30 or 60 days in the future. But these expiration dates don’t matter too much, since you have to go through a full credit check when you actually apply, anyway.
Usually, there isn’t much harm in waiting to apply for a credit card, as long as your credit scores stay about the same. If your pre-qualified offer expires, you can just re-check your status, and you may get the same offer.
But you may want to secure an offer quickly, while you know you’re pre-qualified, before anything changes about your credit or the economy at large. This is especially true if you get an offer with better terms, like a bigger introductory bonus.
You can check your pre-qualification status online with other credit card companies too, like American Express, Capital One, Citi, and Bank of America. Many other issuers, including credit unions, send offers by mail but don’t always have online pre-approval tools. Checking your status with many issuers may give you a better idea of your approval odds.
What If My Credit Scores Drop After Pre-Approval?
If you get a pre-approved offer and then your credit scores fall, you may be denied if you apply for the card. The harder your credit gets hit, the worse your chances are.
This is why, as mentioned, pre-approval does not guarantee approval. Chase took a quick look at your credit profile, and thought you might be a good fit. If you then use credit irresponsibly, the lender may reevaluate its decision.
A pre-approval only means that you’ve passed certain initial requirements — when you apply, Chase will take a deeper look at your credit history and other financial factors, and will approve or deny you based on what it finds.
You may be rejected even if your credit scores stay the same (or improve) in the time between the pre-approval and the actual application, although this isn’t too likely.
Why You Shouldn’t Throw Away Pre-Approved Credit Card Offers