Chase introduced Chase Sapphire Reserve a card with 100k ultimate rewards point as sign up bonus. The card was a massive hit lot of folks applied and received the 100k ultimate rewards point. Chase approved for the card even for those who already had the Chase Sapphire Preferred card.
It now looks like Chase is changing its terms for Chase Sapphire Reserve and Preferred card application, you are eligible to apply and receive a Chase Sapphire Preferred or Reserve card only if you do not have any Chase Sapphire card from the Sapphire card portfolio.
Different Version of Chase Sapphire Card
Chase has a three flavor of Chase Sapphire Card
- Chase Sapphire (no new application, just down grade from other Sapphire cards)
- Chase Sapphire Preferred (new application with sign up bonus of 50k ultimate rewards point)
- Chase Sapphire Reserve (new application with sign up bonus of 50k ultimate rewards point)
Chase Sapphire Reserve was introduced in the fall of 2016 with a huge initial signup bonus of 100k, but the card carried an annual fee of $450 with a travel credit of $300 which brought down the annual fee to $150. But it has better benefits like 3x on travel spend, Priority Pass lounge access compared Chase Sapphire Preferred. But after January 2017, chase cut down the initial sign on bonus to 50k for the Chase Sapphire Reserve card. Now both the preferred and reserve card comes with an initial sign on bonus of 50k.
Only One Chase Sapphire Card Per Person
Earlier if a person has a Chase Sapphire Preferred card, he or she can apply for Chase Sapphire Reserve and get approved for the card. Now Chase has a newly revised policy you can have only one Chase Sapphire card in the Sapphire family of cards. In other words, if you have Chase Sapphire Preferred you cannot apply and get Chase Sapphire Reserve card or vice versa.
The only way you can get the card is either you cancel the Chase Sapphire Preferred card or converted the Chase Sapphire Preferred card to Chase Freedom card.
In addition to the rule you can have only one Chase Sapphire card per person, Chase also implemented a new policy if you have applied and received a bonus for any Chase Sapphire card in the last 24 months you are ineligible to get a signup bonus on the new Chase Sapphire card.
For example, you have received Chase Sapphire Preferred bonus of 50k in May 2016 and in September 2017 you convert your Chase Sapphire Preferred card to Chase Freedom card, and then you apply for the Chase Sapphire Reserve card. You will not get the sing up bonus of 50K ultimate rewards point as you have received a signup bonus for one of the Chase Sapphire cards within the last 24 months.
It is understandable why Chase has introduced the new policy if you compare Preferred and Reserve cards both of them offer a similar set of benefits. If you already do not have both versions of chase premium card reserve and preferred, going forward, you can have only one Chase Sapphire card. It may not be an issue for most of the card holders as both cards give out excellent benefits.
If you have Chase Sapphire Preferred card and want to switch to Chase Sapphire Reserve and get the signup bonus check out when was the last time you received the signup bonus for Chase Sapphire Preferred. If you have received the bonus more 24 months are earlier, convert the Chase Sapphire Preferred to Chase Freedom card and then apply for the Chase Sapphire Reserve to get the 50k ultimate rewards bonus.
H/T: Doctor of Credit