7 things to remember before reapplying for another Chase Sapphire Preferred or Chase Sapphire Reserve

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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:
But, what about those who fall in this situation? What if you are existing Chase Sapphire cardholder? Did you know that you might be eligible to apply for another Sapphire-branded card? Meaning, you could avail of the 60,000 or 80,000 bonus. Is this you?

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.

If you are UNDER 5/24, and have NOT received a bonus in the last 48 months, therefore, you are eligible to apply for a new Chase Sapphire Preferred (CSP) or Chase Sapphire Reserve (CSR).

But, before you apply for a new Chase Sapphire Preferred (CSP) or Chase Sapphire Reserve (CSR), these are the things to keep in mind.

2. Did you know that you would need to do a product change?

  • Chase won’t approve you a new Chase Sapphire Preferred (CSP) or Chase Sapphire Reserve (CSR) if you have another active Sapphire card
  • 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 c ard. 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
Chase Freedom is a favorite for its 5% cashback

5. How long do you wait before applying for new

Before you reapply for a new Chase Sapphire Preferred (CSP) or Chase Sapphire Reserve (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
  • 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.
Image courtesy of Chase

6. Timing is everything

Knowing that the advise is to give it some time before reapplying, I suggest to plan accordingly. Here’s why. Let’s just pretend for a moment that the offer ends on Monday, April 5. If you have yet to do a product change, and today is Monday, March 29, there might not be enough waiting period time for you to do this. You might end up getting denied when Chase runs your new application. Your most recent Sapphire card that you just downgraded could still show up on your credit record which could lead to your denial.
While there is no deadline yet for the expiration of this offer, I highly recommend that you keep in mind that you would need to do a product change sooner rather than later.

7. Still undecided?

If you have the capability to meet another $4,000 minimum spend within 3 months, and you determine that you are clearly eligible, then yes, I think it makes sense for you to get this extremely sought-after credit card. The 60K or 80K bonus are generous bonus offers that could get you a cashback or use it for lots of options for travel rewards.
If you are ready to apply, click here:
Chase Sapphire Preferred (CSP) – 80,000 bonus
Chase Sapphire Reserve (CSR) – 60,000 bonus
For a list of other travel rewards cards, click here.

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Author: Jason

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