Disclosure: We get a commission for links on the blog. You don’t have to use our links, but we’re very grateful when you do. American Express, Barclaycard, Chase, and US Bank are Million Mile Secrets advertising partners. Opinions expressed here are the author's alone, and have not been reviewed, approved or endorsed by our partners. Here’s our Advertiser Disclosure.
Million Mile Secrets reader, Confused, commented:
I’ve gotten 21 cards in the last 2 years and currently only have the Chase Freedom card. Can I product change it to the Chase Sapphire Preferred? (I know I wouldn’t get a bonus but at least I’ll be able to transfer my Chase Ultimate Rewards points.)
I’ll explain why you may want to upgrade your Chase Freedom card. And what you gain AND lose by making the switch.
Chase Is Limiting Card Approvals
Link: Chase Freedom
Link: Chase Sapphire Preferred
Link: Chase Ink Plus
I wrote about how Chase is limiting credit card approvals. If you have 5 or more new accounts on your credit report within the previous 24 months, you likely will NOT be approved for a new Chase credit card.
This is bad news because Chase Ultimate Rewards points are very valuable.
Moving forward, you should be decisive about when and how you apply for Chase credit cards.
What Does Chase Say?
I spoke with a Chase representative to find out if I could upgrade my Chase Freedom.
He checked, and then said that it was possible.
But he also confirmed that I would NOT receive a sign-up bonus. And that I’d be charged the Chase Sapphire Preferred‘s $95 annual fee on the 1st billing statement.
He also said if I upgrade:
- I could keep the same credit card number
- The information attached to the card would be transferred
- It would NOT show up as a new account on my credit history
I asked if I could upgrade instead to the Chase Ink Plus. He said NO. Because it is NOT possible to change from a personal credit card to a business credit card.
Should You Upgrade?
There might be some advantages to upgrading even though you will NOT receive a sign-up bonus.
You’ll also be able to redeem your Chase Ultimate Rewards points at the Chase Travel Portal for 1.25 cents each.
And while you’ll have access to the Chase Travel Portal with the Chase Freedom, the points are worth 1 cent each unless you have 1 of those 3 cards.
If you upgrade, you’ll also gain extra travel insurance, earn 2X Chase Ultimate Rewards points per $1 spent on travel and dining, and have NO foreign transaction fees.
I’ve used Chase Ultimate Rewards points for lots of Big Travel, like my stay at the Hyatt Regency Maui.
Some folks might value the ability to transfer points more than what’s offered with the Chase Freedom.
Are There Drawbacks?
So you should decide whether it’s worth it (or NOT!) to give up the rotating quarterly bonus categories. And to start paying an annual fee.
It depends on your spending habits. And if you’ll transfer Chase Ultimate Rewards points to travel partners.
So give careful thought to your options. And remember, you must have the Chase Sapphire Preferred, Chase Ink Bold, or Chase Ink Plus card to transfer Chase Ultimate Rewards points to travel partners!
Chase is limiting credit card approvals if you have 5+ new accounts on your credit report within the previous 24 months.
But you will NOT get the sign-up bonus. And you’ll miss out on the Chase Freedom’s rotating quarterly bonus categories.
You’ll gain 2X Chase Ultimate Rewards points per $1 spent on travel and dining, and the ability to transfer Chase Ultimate Rewards points to travel partners.
Think carefully about your spending habits and which card is best for you. Check out my tips on how to approach Chase credit cards in the future.
Will you upgrade your Chase Freedom card?
* If you liked this post, why don’t you join the 20,000+ readers who have signed-up to receive free blog posts via email (only 1 email per day!) or in an RSS reader …because then you’ll never miss another update!