Like Bank of America and Citi, JPMorgan Chase is among one of the largest and well-known banks in the U.S. Additionally, Chase offer more services than most of its competitors, making it a favorite among consumers. From checking and savings to credit cards to mortgages and other loans, you can rest assured knowing that Chase will help you with any service(s) you may need help with.
So here, we provided you with a list of all the things we consider to be the most important about Chase and what all you should know about their credit cards.
Editor’s Note: If you are interested in more Chase Bank Deals, Bonuses, and Promotions, see our compiled list of Chase Bank Deals here.
Things to Know
- Chase has a 5/24 rule. They will not approve you for credit cards if you have received more than 5 new cards in the last 24 months. This includes all credit cards you have in use, not just pertaining to specifically Chase cards. Note that not all Chase cards are affected in this rule, but generally most are.
- You can view what credit card offers you are pre-approved for online. This only works for Chase branded cards (e.g Chase Freedom or Chase Sapphire Preferred) but not any of their co-branded cards such as the Chase Ritz Carlton card. Unlike other card issuers, Chase rarely shows higher than publicly available offers.
- They offer good sign-up bonuses for checking & savings accounts. For either accounts or both, you can usually get a bonus anywhere between $150 to $350. The amount varies depending their promotional timeline.
- You can check your application status with Chase online. When signing up for a new card, you will have the option to see your status and know exactly where you stand with the application. However, you must be logged in. Follow the following directions to view your status: Manage Accounts link under Customer Center on the right hand side. From there, scroll to the bottom on the right hand side and you should see ‘NEW! Check my application(s) status under Open a New Account. If that doesn’t work you can call (888) 338-2586.
- You can get the sign up bonus on Chase cards more than one time. If you read the fine print on any Chase card, you’ll notice that it says you can get the sign-up bonus again as long as it’s been at least 24 months since you last received the bonus.
- You can only be approved for up to 2 Chase cards per month. They will not allow you be approved and have more than than two credit cards within the same month (business & personal cards are considered separate). Depending on your circumstance or if you are good at talking yourself into things, then it may be possible to get 3 cards max per month, but it is very unlikely.
- You can have as many Chase credit cards as you want and/or approved for. There is no limit to the amount of Chase credit cards you can have. The limiting factor is how much credit they’ve extended to you, but if you are denied you can always request them to transfer some of that credit limit to a new card.
- The minimum credit limit on all Chase cards is $500. If you want to transfer credit limits when opening or closing an account, it is required that you need to keep a credit limit of at least $500 on each card.
- After being approved for your Chase card, you have about 103 days to meet the minimum spend requirement. Note though, recently they’ve been only allowing customers up to more recently they’ve been giving 115 days to do so. So don’t be last minute or you may not be able to get the bonus you signed up for! If you don’t make your minimum spend in time, it’s still worth asking them for the bonus.
- You are capable of getting your points sooner than they would normally post. To get your points earlier than expected, you need to spend your minimum spend requirement amount and then change the statement closing date to be sooner than normal. Once the statement is closed, the bonus points should post to your account soon after.
- You have the ability to request a sign-up bonus match. If you see a higher sign-up bonus, you can be asked to matched that. Chase will usually match you to the higher bonus amount if its been within 90 days since your application/approval and when you request the match. If the annual fee is higher on the bonus you are requesting to be matched to, then they will often deny you this match. If they approve you, then you’ll keep the lower annual fee as per the CARD act rules.
- Chase aren’t generous with retention offers. But it is still suggested to call and ask. It is recommended to call Chase at the 60 day mark and just before/after the annual fee becomes due to see if you can get an offer.
- You can sometimes be targeted for spending bonuses. In addition to retention bonuses, Chase often sends out targeted offers for spending on their different cards. They now have the following website to show these offers to cardholders: www.mychasebonus.com.
- Refer your friends to apply for Chase credit cards. Chase has a nice perk where it allows you to refer your friends or anyone you may know to sign-up for their credit cards that you have opened with the bank. The bonuses vary and may range anywhere from $50 or 5,000 points for every referred friend. Note that the bonus your friend(s) receives and what cards that are available for referral may change change often.
- If you apply for multiple Chase cards, the hard inquiries will be combined. If you apply for more than one card and your applications are approved on the same day, all of the hard inquiries will be combined. This will then be considered as a single inquiry. The catch though is that you can only apply for one credit card per day.Unfortunately, you can not mix business and personal card applications.
- If you set up auto-pay set up with Chase and make a partial of full payment, they will automatically adjust the auto-pay.
- Chase allows you to change/set your statement closing date. To be able to do so, your account needs to be in good standing, but even when you’re late on payment they will sometimes make an exception.
- They allow you to re-allocate your credit limits between existing cards. It will usually be considered a soft pull. If you choose to re-allocate your credit limit, it will allow you to take some of your credit limit from another card that you may not use often and add it to the card that you want a higher limit on. However, the only exception is if you are requesting to increase the credit limit on a card to be more than $35,000, it will then be considered a hard pull.
- When or if you ask for a credit limit increase, it will result in a hard pull.
- If you apply for a credit card and you are denied, you can still be re-considered. If you are denied when applying for an Chase credit card, call their re-consideration line. Call 1-888-270-2127 to speak with a live credit analyst.
- If you freeze a report it is possible for you to get Chase to pull from a different bureau. If you’re wanting to limit the number of inquiries on one of your credit reports, then you can freeze it and Chase will times allow and agree to pull your report from one of the other bureaus. But if they don’t allow you to do so, they will tell you to give them a PIN. This will give them access to the original report they wanted to pull.
- You can get a refund if you cancel a Chase card. If you cancel your credit card within the first or second statements from account opening, they will refund the annual fee. You shouldn’t wait long though to do so because the rules change based on what kind of card it is.
- Business credit cards don’t get reported to the personal credit bureaus. This can be useful in keeping your credit report cleaner.
- If a card has been closed out, it can be re-instated upon request after being closed. If the card was closed by mistake or for a short time period, you could be able to convince them to re-open it upon request for 30-days.
- You can downgrade your Chase credit cards. This is only allowed if it’s within the same brand. For example, you can switch from the Chase Southwest Premier to the Chase Southwest Plus, but you are not allowed to switch from the Chase Southwest Premier to the United MileagePlus explorer.
- They will expedite new, stolen, or lost credit cards. If you have lost or stolen your card(s) or simply need a new one, call 1-800-432-3117 and ask to speak to a representative to request a replacement card and it will automatically be expedited. There shouldn’t be any additional charge. They should expedite your cards with 1-2 day shipping. You should just verify and let them know you need it within those few days.
Author’s Verdict
So there you have it. Aside from having all the financial services that you might want or need help with, I’ll reiterate that Chase banks are quite widely available. There are over 5,000 branches in the U.S. right now and even triple the amount of ATMs for your convenience. And if you can’t find a branch or ATM near you, Chase also offers an online banking system.
That being said, Chase is also well liked for having great technology due to its investment into creating a excellent technological experience for its customers. Their online banking system and mobile app can be used with ease. If you didn’t know, Chase will also allow you to deposit up to $2,000 per day straight from your phone. This can be of great value for those who don’t have access to an ATM near them.
Last but not least, Chase is known for giving out bonuses often and sometimes in hefty amounts too. All you have to do, as a new customer, is to have at least $25 deposited at the time of account opening and set up direct deposit.
All in all, if you are looking to open a checking and/or savings account and want nice sign-up offers, then Chase is highly recommended.
If you are interested in learning more about credit cards or want to find the best credit cards currently being offered, check out our list of the best credit card bonuses.
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