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Advertiser Disclosure
Chase Sapphire Preferred® Card Expired
Spend $4K on Purchases
Earn 80,000 Points
Chase is offering 80,000 Bonus Points ($1,000 towards travel) w/ $4,000 spent on purchases in the first 3 months of account opening for the Chase Sapphire Preferred® Card. Annual fee is $95. Thanks Cappy123
Card Details:
Card Details:
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
- 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 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, 80,000 points are worth $1,000 toward travel.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Earn 5X points on Lyft rides through March 2022. That's 3X points in addition to the 2X points you already earn on travel.
Original Post
Written by
Edited November 9, 2020
at 11:50 AM
Chase is offering 80,000 Bonus Points ($1,000 towards travel) w/ $4,000 spent on purchases in the first 3 months of account opening for the Chase Sapphire Preferred® Card. Annual fee is $95.
Card Details:
Slickdeals may be compensated by Chase.
Card Details:
Slickdeals may be compensated by Chase.
Created 09-14-2020
at 02:56 PM
by Cappy123
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For example, if you met the minimum spend for the sign up bonus in the first month the card was opened, the statement closing date was probably October or November 2016. If you met the minimum spend in the 3rd month that the card was opened, then the bonus may have been awarded in January or even February - again, depends on the statement closing date. You can check your first few statements in that account to know for sure.
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I applied for this card on Tuesday, 9/15. At the time of application my credit score, depending on who you checked with, was somewhere between 770 and 830. My income is ~$70,000. I was carrying $0 in Credit Card debt (I had paid off my remaining balance on another card in July 2020) and only had my mortgage and car loan. I filled out the application through the website and was immediately informed that they "could not approve [my] application at this time." I would be informed of the decision, with more details and in writing, in 7-10 days. I received my rejection letter in the mail the following Tuesday and was told my application was denied because of "Derogatory" history with Chase.
My Chase history: In 2005, as 17/18 year old, I opened a Chase card and by 2008 had used it poorly enough that Chase closed the account as I had gone delinquent and owed them ~$1,000. In 2011, they charged it off. During that same time period I had an AMEX as well and used it just as poorly as I did my Chase card. I was never taught about credit and didn't have much oversight from my parents. My credit hit rock bottom; I couldn't get a credit card after that. I spent the next 9 years, and I still am, rebuilding my credit.
So I got my denial letter and immediately called Chase. It took 5 or 6 phone calls and about 24 hours before I found the right department the following day. I spoke with the Lending division and was ultimately given the phone number for "Reconsideration". When you call Reconsideration, you'll be asked for your reference number. This number is on your letter of denial. The lady I spoke with informed me of what I already knew: my application was denied because of my history. I informed her that I had received the letter and wanted to speak with someone about my application and asked her if I could be reconsidered. What followed was about a 15-20 minute back and forth with about 10 minutes spent on hold. I cannot remember her exact question but eventually I was able to "make my case" and I was honest and told her, that, basically I was a dumb teenager and that I had spent the last 9 years working hard to rebuild my credit and was eager to be a Chase cardmember as I felt I had rebuilt myself and was in a good position to move forward.
She then asked me some of the same questions I had filled out on the application and after another few minutes I was told the decision had been overturned and I was approved and could expect my welcome package in 1 or 2 weeks.
Personal suggestions:
-I specifically had to ask to be reconsidered. The lady I spoke with was content to simply inform me of the decision at the outset of our conversation. (She wasn't a jerk, but I don't think she would have offered to reconsider unless I verbalized the desire.)
-I already knew the "history" that Chase was referring to before calling Reconsideration. I had gotten specifics during the phone calls I had placed the previous day when trying to reach the right division by asking questions to people who were looking at my account. "When did I open that card?", "When was the account closed?", "What was the amount charged off?".
-know your credit report.
-only call during normal business hours (9-5). I found that calling after 5 put me in touch with people who really didn't know or couldn't speak English well enough to understand what I needed.
-be honest if you made a poor decision in the past, and that you are now wanting and able to move forward.
-I did not mention the sign up bonus until after I was approved.
Apologies for the history lesson but I wanted to give some hope to people who made bad decisions more than a decade ago.
I applied for this card on Tuesday, 9/15. At the time of application my credit score, depending on who you checked with, was somewhere between 770 and 830. My income is ~$70,000. I was carrying $0 in Credit Card debt (I had paid off my remaining balance on another card in July 2020) and only had my mortgage and car loan. I filled out the application through the website and was immediately informed that they "could not approve [my] application at this time." I would be informed of the decision, with more details and in writing, in 7-10 days. I received my rejection letter in the mail the following Tuesday and was told my application was denied because of "Derogatory" history with Chase.
My Chase history: In 2005, as 17/18 year old, I opened a Chase card and by 2008 had used it poorly enough that Chase closed the account as I had gone delinquent and owed them ~$1,000. In 2011, they charged it off. During that same time period I had an AMEX as well and used it just as poorly as I did my Chase card. I was never taught about credit and didn't have much oversight from my parents. My credit hit rock bottom; I couldn't get a credit card after that. I spent the next 9 years, and I still am, rebuilding my credit.
So I got my denial letter and immediately called Chase. It took 5 or 6 phone calls and about 24 hours before I found the right department the following day. I spoke with the Lending division and was ultimately given the phone number for "Reconsideration". When you call Reconsideration, you'll be asked for your reference number. This number is on your letter of denial. The lady I spoke with informed me of what I already knew: my application was denied because of my history. I informed her that I had received the letter and wanted to speak with someone about my application and asked her if I could be reconsidered. What followed was about a 15-20 minute back and forth with about 10 minutes spent on hold. I cannot remember her exact question but eventually I was able to "make my case" and I was honest and told her, that, basically I was a dumb teenager and that I had spent the last 9 years working hard to rebuild my credit and was eager to be a Chase cardmember as I felt I had rebuilt myself and was in a good position to move forward.
She then asked me some of the same questions I had filled out on the application and after another few minutes I was told the decision had been overturned and I was approved and could expect my welcome package in 1 or 2 weeks.
Personal suggestions:
-I specifically had to ask to be reconsidered. The lady I spoke with was content to simply inform me of the decision at the outset of our conversation. (She wasn't a jerk, but I don't think she would have offered to reconsider unless I verbalized the desire.)
-I already knew the "history" that Chase was referring to before calling Reconsideration. I had gotten specifics during the phone calls I had placed the previous day when trying to reach the right division by asking questions to people who were looking at my account. "When did I open that card?", "When was the account closed?", "What was the amount charged off?".
-know your credit report.
-only call during normal business hours (9-5). I found that calling after 5 put me in touch with people who really didn't know or couldn't speak English well enough to understand what I needed.
-be honest if you made a poor decision in the past, and that you are now wanting and able to move forward.
-I did not mention the sign up bonus until after I was approved.
Apologies for the history lesson but I wanted to give some hope to people who made bad decisions more than a decade ago.
All people make mistakes in life. The difference is some people lie and pretend it didn't happen while other are honest and accept their mistakes. The latter are the ones that go far ahead in life.
Your research in getting all the facts, acknowledging your mistake, your honesty, and discussing your case with Chase, made them earn your trust. You deserved as much. Thank you for sharing and good luck in everything you do.
By the way, do visit the Doctor of Credit web site each day like you do with slickdeals. You could learn a lot on finance deals.
best of luck!
If you straight up cancel the card, you need to wait 30 days. If you downgrade the card to a Freedom Unlimited instead, you only need to wait 4-5 days.
https://www.nerdwallet.com/articl...-preferred [nerdwallet.com]
https://thepointsguy.com/guide/le...-benefits/ [thepointsguy.com]
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Of course, since the $95 is an annual fee, most hold it for at least a year since there is no downside to it and then cancel or downgrade to a no fee card.
Others may comments but I wonder if the $95 fee will be pro rated if you downgrade the card, for example, after 120 days.
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