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There is a latest increase in bonus offers for two of these fantastic travel credit cards. If you are just beginning your journey in earning rewards for travel, the Chase Sapphire Preferred (CSP) or Chase Sapphire Reserve (CSR) are the cards to consider. You could only get one of them. For an update regarding the current bonus offers, read this:
1. How do you know if you’re eligible to apply for another Chase Sapphire Preferred or Reserve
If you currently have a Chase Sapphire-branded card (Preferred, Reserve, or no annual fee Sapphire), you may be eligible to apply for another one. But you have to meet the following criteria.
What is you Chase 5/24 status (What is 5/24? Click here – this is key to your strategy)
2. Did you know that you would need to do a product change?
If you happen to have 1 or 2 current active Sapphire card/s, you would need to product change those cards
I’ve product changed mine down to a Chase Freedom (quarterly 5x cash back categories) or Chase Freedom Unlimited (1.5x pts on every purchase.
- Both of these product change options have NO ANNUAL FEEs.
DO NOT product change to another Sapphire card
4. Before doing a product change
I’m all about trying to maximize the benefits that come with the credit card. If you have a card like the Chase Sapphire Reserve (CSR), and you plan on doing a product change, I suggest exhausting all the major current benefits of that CSR card first. The ones that come to mind are:
- $300 travel credit
- $60 DoorDash,
- $100 towards Global Entry/TSA Precheck (if you haven’t used this option yet)
If your plan is to reapply and get a Chase Sapphire Preferred, you will NOT have access these credits or benefits once you do a product change and get yourself a Chase Sapphire Preferred, If you do however choose to get another Chase Sapphire Reserve(CSR), since it’s going to be an entirely new account, I would expect Chase to give you these benefits when you apply.
4. How to do a product change
It’s best to call Chase 1-800-432-3117 (or call the # on the back of your Chase credit card)
No need to tell them that you plan on applying for a new Chase Sapphire Preferred(CSP) or Chase Sapphire Reserve (CSR)
They don’t need to know that on this call
Tell them your product change plans, you will be given the options to choose. I, personally, like the Chase Freedom card for the 5x cash back offers.
You’re allowed to have more than one Chase Freedom card, I have at least two under my name
5. How long do you wait before applying for a new CSP or CSR
- Once you’ve done a product change, do not apply for a new card immediately
I spoke with a Chase rep and she advised to wait and apply after your next billing cycle
I’ve also seen others wait 30 days from the time they elected a product change, I like this strategy better
- I’ve also heard of others who, after they did a product change, waited 1-2 weeks, applied for a new card and got approved
- There are probably other data points where folks have applied sooner, so I’m interested to know how soon you reapplied after you did a product change
- Should there be an issue where your application got denied, there is an opportunity for you to call Chase’s Reconsideration Line (1-800-432-3117). They will tell you what might have led to the denial, and perhaps find a way to address those issues to get you an approval.