Daddy Travels Miles & Points

1. How do you know if you’re eligible to apply for another Chase Sapphire Preferred or Chase Sapphire 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 your Chase 5/24 status  – this is paramount. READ THIS.
• Have you received a sign up bonus with the Chase Sapphire Preferred (CSP) or Chase Sapphire Reserve(CSR) in the last 48 months

You are eligible to apply for a new Chase Sapphire Preferred Card (CSP) or Chase Sapphire Reserve Card (CSR):

• If you are UNDER 5/24 (did you read this? DO IT)
• If you have NOT received a bonus in the last 48 months, 
• Or, if it has been 48 months or greater since you last received a bonus from your Sapphire card.

• Chase won’t approve you a new Chase Sapphire Preferred Card (CSP) or Chase Sapphire Reserve Card (CSR) if you have another open or 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 FEE.
• DO NOT product change to another Sapphire card. If you do, and you apply, you will NOT be approved.

3. 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 Card (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
• $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 Card (CSP) or Chase Sapphire Reserve Card (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
• Again, DO NOT PRODUCT CHANGE TO ANOTHER SAPPHIRE CARD.

• Once you’ve done a product change, do not apply for a new card immediately.

• Personal example:
  • My wife did a product change. She had an old CSP, and she product changed that to a Chase Freedom on May 16 (Tuesday). We decided to wait one full week. On May 25 (Wednesday), she reapplied for a new CSP. She did not get instant approval. But she got approved 36 hours later.

• 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’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
• 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.

6. Timing is everything

7. Still undecided?