How Does a Chase Product Change Impact Earning Future Sign-Up Bonuses?

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Million Mile Secrets reader, Mike, commented:

I recently got the Chase Sapphire Reserve and will product change my existing Chase Sapphire Preferred card to the Chase Freedom or Freedom Unlimited.  Will I be eligible to open a new Sapphire Preferred card in 24 months and earn a sign-up bonus at that time?

Excellent question!

I understand why Mike wants to product change his Sapphire Preferred to a no annual fee Chase card after getting the Sapphire Reserve.  He’ll save money on the Sapphire Preferred’s $95 annual fee while getting better perks with the Sapphire Reserve!

The good news is after you convert the Sapphire Preferred, Chase no longer considers you a cardholder.

This means Mike WILL be eligible to earn a sign-up bonus on Sapphire Preferred card in the future.  But there are certain rules to know.

Chase Product Change Future Sign Up Bonuses
Earning Future Chase Ultimate Rewards Point Sign-Up Bonuses Is Important, So You Can Get Big Travel With Chase Travel Partners Like Hyatt!

I’ll explains Chase product changes to help folks earn the most sign-up bonuses in the future!

Chase Card Product Changes

Link:   Which Credit Cards Let You Get the Sign-Up Bonus Again?

Instead of canceling a credit card with an annual fee, I typically recommend switching to a no annual fee card, if possible.

Because it can help you build a longer credit history, which is good for your credit score.  

Chase Product Change Future Sign Up Bonuses
Instead of Canceling Credit Cards, Consider Switching to a No Annual Fee Card. This Can Help Build Your Credit History and Keep Your Credit Score Strong!

Keep in mind, when you product change to a new card (instead of applying), you will NOT earn a sign-up bonus.  But it could still make sense because you’ll get access to different bonus categories.

For example, Mike wants to switch his Sapphire Preferred card to the Freedom or Freedom Unlimited.

So he’ll give up the 2X bonus on travel and dining purchases with the Sapphire Preferred.  But depending on the card he chooses, he can earn 1.5X Chase Ultimate Rewards points on ALL purchases with the Freedom Unlimited.  Or get terrific rotating 5X bonus categories with the regular Chase Freedom card.  But he won’t earn any sign-up bonus for either card.

Chase Product Change Future Sign Up Bonuses
Switching to the Chase Freedom Card Can Get You 5X Chase Ultimate Rewards Points on Rotating Bonus Categories! Emily Loves When Wholesale Clubs, Like Costco, Are Included in the Category!

And because Mike is technically closing the Sapphire Preferred account, he’ll be eligible to earn the sign-up bonus on the card again in the future.

Here’s what Chase says about the Sapphire Preferred offer:

This product is available to you if you do not have this card and have not received a new cardmember bonus for this card in the past 24 months.

This means after product changing his Sapphire Preferred card, he can re-apply and earn the sign-up bonus by waiting 24 months from the last time he received the bonus.

Remember, there’s always a chance Chase changes the rules.  For example, Citi recently made it much harder to earn sign-up bonuses with cards you currently or previously had.

Note:   A product change with Chase is not automatic.  It depends on your account history and profile.  You’ll need an eligible Chase Ultimate Rewards point card to complete a product change.  And you can not convert a personal card to a small business card, and vice versa.

Product Change Strategy With Chase “5/24” Rule

Link:   Do Chase’s Stricter Approval Rules Now Apply to All of Their Cards?

Link:   The Easy Way to Check Your Chase 5/24 Status

Link:   Does a Chase Sapphire Reserve Product Change Get You the 100,000 Point Sign-Up Bonus? 

Because of Chase’s tougher application rules, many folks are using card product changes to get the most benefits from Chase Ultimate Rewards cards while patiently waiting to drop below the “5/24” limit.

For example, Million Mile Secrets team member Harlan product changed from the Sapphire Preferred to the Sapphire Reserve because he had more than 5 new credit cards in the past 24 months.

He didn’t earn the 100,000 point sign-up bonus.  But he’ll still get all of the other card’s perks, like:

Chase Product Change Future Sign Up Bonuses
Use the Sapphire Reserve $300 Annual Travel Credit Towards a Night at Hotels Like the Andaz Amsterdam!

And Harlan is still eligible to earn the Sapphire Reserve 100,000 Chase Ultimate Rewards point sign-up bonus in the future.  He spoke with a Chase representative who confirmed this!

So he can pause new card applications while he waits to get under the “5/24” limit.  Then, he can product change the Sapphire Reserve card to a Sapphire Preferred, Freedom, or Freedom Unlimited.  Finally, he can re-apply for the Sapphire Reserve to earn the new cardmember sign-up bonus.

This strategy is a workaround for folks who want immediate access to the bonus categories and perks on certain cards, like the Sapphire Reserve.  And it leaves the door open to still get the sign-up bonus in the future!

Chase Product Change Future Sign Up Bonuses
Use the Chase Card Product Change Strategy While You Wait To Drop Below the “5/24” Limit!

And although it’s not possible to product change right now, some folks might pursue a similar strategy with the new Ink Business Preferred card in the future.  Because you’ll get perks like a 3X bonus on travel and $600 in cell phone insurance while you wait to be eligible to earn the 80,000 point sign-up bonus!

Bottom Line

After you product change a Chase card, the bank no longer considers you a cardholder.  This means you’ll be eligible to re-apply for that card in the future and earn a sign-up bonus.  But you’ll have to wait 24 months from the date you last received a new cardmember sign-up bonus.

This is good news for folks who recently got the Sapphire Reserve and are looking to convert their Sapphire Preferred card!

Chase card product changes might be a good strategy for folks who are impacted by the bank’s tougher application rules.  Although you’ll miss out on the sign-up bonus now, you can immediately use the perks of a new card.  Then, product change again and re-apply for the card in the future to get the sign-up bonus!

Have you used a product change to convert a Chase card?

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