Everything You Need to Know About Chase Credit Cards
With an impressive selection of credit cards to choose from, it should be easy to find one that fits your needs. Read on to learn more about Chase, and whether they're a good fit for you.
Chase consistently ranks on "top" lists all across the web, and for good reason.
Between their various rewards cards, competitive APRs, and signup bonuses, Chase offers benefits that match or beat many comparable credit card companies.
But what's the point in having a powerful rewards card if it just results in overwhelming debt?
Many people don't fully understand the purpose of a rewards card or how to best utilize it without putting their financial health at risk.
Choosing the right card is the first step. If you make smart decisions from the outset, you can remain debt free while earning more rewards than you know what to do with.
Here are the main things you need to know about Chase credit cards.
Types of Chase Credit Cards
Chase offers a good selection of credit cards, but the four main types you should keep in mind are travel rewards, cash back rewards, balance transfer cards, and premium travel rewards.
We'll take a look at the best pick from the Chase line up for each of these categories.
Best Chase Travel Rewards Card
The Chase Sapphire Preferred Card is not only one of the best travel rewards cards in Chase's line up, but also one of the best travel rewards cards period.
It comes with a host of benefits including automatic trip cancellation insurance, trip delay reimbursement, auto rental collision waivers, zero liability protection, airline credit, and even baggage delay insurance.
Points can be transferred to participating programs at a one to one basis, which means you won't lose any of your hard-earned points if you decide to use them in a slightly different way.
With more than 43.3 million merchants that accept the Chase Sapphire Preferred, you'll find it difficult to go somewhere your card isn't accepted.
Best Chase Cash Back Rewards Card
The Chase Freedom is aptly named.
The entire purpose of the card is to give you the freedom to use your rewards as you like.
If you don't travel often, then a travel rewards card might not be the best option—but everyone spends money, and earning a little cash back on every dollar spent is always a good thing.
On top of that, the Chase Freedom comes with a host of other benefits that include Zero Liability Protection, chip-enabled security, purchase and price protection, and even an auto damage collision waiver.
Frequent shoppers can make the most of these by keeping an eye out for sales even after they've purchased an item; the price protection applies for 90 days after purchase.
Best Chase Balance Transfer Card
The Chase Slate is one of the best options for a balance transfer card due to its long introductory APR period.
After signing up, you'll receive 15 months with 0% APR on purchases and balance transfers.
For someone trying to reduce their overall debt and make progress on paying off their principle instead of just paying interest, this is a great offer.
There is also a 60-day bonus period where balance transfers come with a $0 fee.
Chase also provides a free, personalized dashboard where you can view your FICO score and track how the payments you've made are affecting your credit score.
For those seeking to improve their overall score, this is a powerful tool.
Best Chase Premium Travel Rewards Card
The Chase Sapphire Preferred might be one of the best travel rewards cards out there, but the Chase Sapphire Reserve grants premium travel perks that far outstrip the competition.
Not only do you receive 50% more value from the redemption of your points when redeeming through the Chase Ultimate Rewards program, access to thousands of airport lounges around the world, special car rental privileges, and a 24/7 customer assistance team.
That said, the Chase Sapphire Reserve has a very select demographic. With a $450 annual fee, vacation-only travelers won't be able to utilize the card to its fullest potential.
Chase Rewards Cards
The Chase rewards are some of the best we've ever seen. Take a look.
Chase Sapphire Preferred
The Chase Sapphire Preferred grants the following rewards:
- 2x points on travel
- 2x points on dining
- 1 point per dollar spent on everything else
- $0 foreign transaction fees
- $0 for the first year, then $95 per year after that
- One-time bonus of 50,000 points when you spend $4,000 within 3 months of opening the account
- 5,000 additional points when you add an authorized user and make a purchase
For people that only go on their two-week a year vacations, the Chase Sapphire isn't the best choice.
However, if you travel for business, the rewards can more than make up for any annual fee the card might have.
As far as cash rewards go, it's hard to beat the Chase Freedom:
- 5% cash back up to $1,500 on purchases each quarter in categories you activate
- Unlimited 1% cash back on everything else
- $150 bonus if you spend $500 on purchases within the first 3 months of opening the account
- $25 bonus after you add an authorized user and make a purchase
- 0% intro APR for 15 months on purchases and balance transfers
The Chase Freedom is a great starter card for someone that has never owned a credit card before.
The cash back rewards are automatic, which mean you don't have to keep track of them.
If you want to reap the benefits of the rotating categories, however, you'll need to keep an eye on them and activate the category you want each quarter.
While the Chase Slate doesn't yield rewards, it is beneficial to own due to the 15 month introductory APR period on balance transfers and purchases, as well as the $0 annual fee.
When it comes to transferring existing balances and reducing your utilization ratio, the Slate is a powerful tool.
Chase Sapphire Reserve
This is one of the most powerful travel rewards cards out there:
- 3x points on travel and dining
- 1 point per dollar spent on all other purchases
- One-time bonus of 50,000 points when you spend $4,000 within 3 months of opening the account
- $100 application credit on Global Entry or TSA Pre-Check
- No blackout dates or travel restrictions
- Up to $300 in statement credit each year
The $450 annual fee, plus additional fee of $75 per authorized user, means that you will need to spend a minimum of $15,000 per year on travel in order to reap any benefits from this card—not exactly weekend warrior money.
However, if you travel for business, this can be a powerful tool when utilized correctly.
Chase Credit Card Eligibility
Credit card eligibility relies largely on your credit score.
Most commonly rewards cards require excellent credit (a score of 720 or higher) in order to qualify.
Mid-tier rewards cards, like the Chase Freedom, only require Good credit (650 or higher) in order to qualify.
If your credit score isn't high, either due to poor credit history or simply a lack of credit history, starting with one of these lower-requirement cards and building your credit can be beneficial and help you qualify for better cards in the future.
How Chase Sets Itself Apart
Chase grants numerous rewards for its cards that other companies just don't match. Of its competitors, Capital One is the company that comes closest.
The Venture Rewards card is comparable to the Chase Sapphire Preferred in that it grants 2x miles on every purchase, along with a bonus of 40,000 miles if you spend $3,000 within the first 3 months of opening the account.
The two cards are difficult to compare side by side because the Venture rewards card comes with Visa Signature Benefits, which are comparable to the Chase benefits.
What kind of consumer would want a Chase credit card?
The ideal customer for a Chase credit card is someone with a stable income that wants to make the most of possible rewards.
Chase credit cards require an excellent score of Good to Excellent in order to qualify, depending on the card.
The highest-yield rewards cards are heavily dependent on high credit scores and high volumes of annual spending.
The Chase Sapphire Reserve, for example, isn't the card for the average consumer.
The annual fee is far too high for someone that just wants travel rewards points.
A person with a 40-hour per week job wouldn't have time to make the most of the card—that is, unless they traveled frequently for business.
And by frequently, we mean multiple times each month.
Check out what other customers have to say about Chase credit cards:
"Points accrue easily and the ability to transfer to loyalty programs almost doubles their value. No international transaction fee adds up very quickly. Could use a few more online retailers to shop through, many are repetitive and dated. Customer service is prompt and focused. Filling out insurance claims for trip delays is not always at top of mind so some automation there or a different route to claim funds would nice. Great card for a traveler, diner or still spends 45 weeks a year at home."
- Dave, March 2017
Once I've paid off my credit card with chase I won't be using it again. The rate is just too high. There are credit unions that offer MUCH more competitive rates and are equally easy to obtain.
- Gabe, November 2016
Risks and Benefits
The risks of a Chase credit card are no different than the risks that come with any credit card.
If you fail to pay on time, the interest payments can trap you in a never-ending cycle of minimum payments and interest penalties.
One of the more outstanding risks is balancing your spending with the annual fee.
For example, if your card has an annual fee of $95 with a point value of $0.01, you'll need to spend $950 per year with that card to break even.
Less than this amount and the rewards don't balance out.
The benefits are well worth it, though.
Between the strong rewards programs and the advantages that come with owning a Chase card, the benefits far outweigh any potential risks.
How do Chase cards compare to other credit cards?
Chase credit cards carry similar fees, interest rates, and penalties to other credit card companies.
The difference is that Chase has existed for years and has a strong reputation, not only as an independent company, but also as a spinoff of JP Morgan & Chase.
This reputation, combined with the rewards programs, places Chase among the top tier of credit card companies.
All Chase cards carry the fees you would expect: annual fee, balance transfer fees, etc.
The Chase Sapphire Preferred has an annual fee of $95, while the Chase Freedom and the Chase Slate have no annual fees.
The Chase Sapphire Reserve has an annual fee of $450, plus $75 per authorized user.
Chase takes an interesting approach to late fees. If the balance is less than $100, the late fee is only $15.
If the balance is between $100 and $250, the late fee is $27.
If the balance is more than $250, then the late fee is $37.
Returned payment penalties are also $37.
Balance transfer fees are $10 or 5% of the transaction, whichever is higher.
How to Apply
Once you decide what Chase card you would like to apply for, click on the green "Apply Now" button.
The form it takes you to will request the following information:
- First and last name
- Mailing address
- City, state, and ZIP code
The next screen will ask you whether you have a checking account or a savings account, what your type of residence is, your gross annual income, source of income, and employer.
After this, the form will ask you several security questions to help set up your account before they review your decision and let you know whether or not you've been approved.
How long should it take to receive the credit card?
Once you've been approved for a credit card, it shouldn't take longer than five to seven business days for the card to arrive by mail.
If you aren't given an immediate decision, your decision will then come via the mail along with an explanation of the reasons for denial if you are not approved.
What credit score do I need to apply for a Chase credit card?
Chase cards are generally for good to excellent. To apply for a Chase card, your credit should be 700+.
Can I do balance transfer from one card to another card?
Yes. Chase offers balance transfer cards.
Can I get a Chase card if I have no credit history?
It is likely that you will be denied, seeing as though Chase credit cards are for people with good to excellent credit.
Will my APR increase if I fail to make a payment on time?
Yes. Late payment fees go as follows: Up to $15 if the balance is less than $100; up to $25 if the balance is $100 to less than $250; up to $35 if the balance is $250 or more.
Where can I manage my credit card payments?
You can manage your payments with online bill pay, or call on the phone.
Looking for a credit card can be overwhelming, especially if you aren't sure what all the different terms and numbers actually mean in real-world application. Chase has several credit cards with vastly different applications and target demographics.
If you're thinking of choosing Chase as your credit card provider, take the time to evaluate your needs as a consumer:
What exactly do you need a credit card for?
How often do you travel?
If you're looking to make a few balance transfers and pay off a bit of debt, then the Chase Slate is an excellent choice.
On the other hand, if you want a day-to-day card that can yield rewards while you use it, the Chase Freedom is one of the best all-around cards out there.
Balance your needs against what Chase has to offer before you make your decision.