Bummer! New Restrictions on Chase Sapphire Applications

Bummer!  New Restrictions on Chase Sapphire Applications

Million Mile SecretsBummer!  New Restrictions on Chase Sapphire ApplicationsMillion Mile Secrets Team

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Bad news for folks who planned on getting both a Chase Sapphire Preferred and a Chase Sapphire Reserve card.

Via Frequent Miler, Chase released a memo saying that effective yesterday, August 27, 2017, customers would NO longer be able to sign-up for a second Sapphire card.  I haven’t yet heard anything directly from Chase.

This means that, for example, folks who already have a Chase Sapphire Preferred will no longer be approved for a Chase Sapphire Reserve card, or vice versa.  The same rule applies if you have a Chase Sapphire (no longer available to new applicants) card.

Bummer New Restrictions On Chase Sapphire Applications
Already Have One of the Chase Sapphire Cards? You’ll No Longer Be Approved for the Other

Here’s the memo:

Beginning August 27 our same-product eligibility requirements have been updated for all Sapphire Credit Card products, which include Chase Sapphire, Chase Sapphire Preferred, and Chase Sapphire Reserve.

Here’s a look at what’s new:

  • Going forward, a customer may no longer have more than one Sapphire-branded credit card.  For example, if a customer has a Sapphire Preferred card, they are no longer eligible for a Sapphire Reserve card.
  • While this change impacts all new and existing customers (including CPC clients), there is no impact to existing customers who presently have more than one Sapphire product.  These customers continue to retain their Sapphire products as usual.
  • If existing Sapphire customers wish to upgrade or downgrade their product, they may do so if eligible. However, no bonus points will be available with this upgrade or downgrade.  The customer may call the number on the back of their card OR you may contact Banker Support with customers who are in the brand or already on the phone.
  • If an account is closed, a customer will not be eligible for any Sapphire-branded credit card if they have earned a cardmember bonus on a Sapphire-branded product within the last 24 months.

This is unfortunate news for folks who were waiting to apply for a second Chase Sapphire card.  But it brings Chase’s policy closely in line with Citi’s one card per brand every 24 months rule.

Bummer New Restrictions On Chase Sapphire Applications
Couples Might Consider Each Applying for One Type of the Chase Sapphire Card to Make the Most of Each Card’s Benefits

Frequent Miler suggests it MAY be possible to wait 24 months after receiving a Chase Sapphire bonus, then downgrade to a Chase Freedom or Chase Freedom UnlimitedTHEN apply for a new Chase Sapphire Preferred or Chase Sapphire Reserve card.

I’ll update y’all if I hear more.  And while I know many of us will be unhappy with this news, it’s another reminder that our hobby is always changing.  So get cards and redeem miles and points when you can!

Bottom Line

Chase has changed the application rules for their Sapphire brand cards, and it’s not great news.  Going forward:

  • You may no longer have more than one Sapphire-branded credit card.  For example, if you have the Chase Sapphire Preferred card, you won’t be eligible for a Chase Sapphire Reserve card
  • Folks who already have more than one Sapphire card will be allowed to keep them
  • You’ll be able to product change (upgrade or downgrade) a Sapphire card, but you won’t earn a bonus
  • If you close your account, you will NOT be eligible for any Sapphire-branded credit card if you’ve earned the sign-up bonus on a Sapphire-branded product within the last 24 months

This will make it harder for folks to earn lots of Chase Ultimate Rewards points from sign-up bonuses in a short period of time.

That said, the Chase Sapphire Preferred is still my favorite card for beginners.  But new applicants will now have to make a choice between it and the Chase Sapphire Reserve.

What do you think of the new rule?

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Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel.
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

More Info

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The fine print on the Chase Sapphire Preferred card application also seems to put the 24-month wait period into question. It stated something similar to Amex about not being eligible for the bonus if you've ever had the card, not just if you received the bonus in the last 24 months.

Darius, what do you think is Chase's objective with this? I can't figure out a good reason to deny two Sapphire cards which give them about $550 a year? Especially when people already have one, why wouldn't they want you to spend more on annual fees?

Is this going to happen with the Southwest cards also?

Derek (DebrianTravels.com)

I have been being very cautious for many months in order to apply for a Chase Sapphire Reserve card. I was well out of compliance with the 5/24 rule when the Reserve was introduced but I still want to get the card. I was almost to the point where I could apply - since late last year, I have limited my new cards to Amex Business Cards that would not hurt me under 5/24 - and now this (I have an Chase Sapphire Preferred). I know Chase is not in business to cater to those who are primarily after miles and points, but they are making their products uncompetitive IMO. I am willing to downgrade my CSP to if I can apply for the CSR, but I do not want to downgrade and then not be able to get the signup bonus on the CSR. At some point, I may just give up on Chase and focus on Citi, Barclay and Amex products - though I will eventually run out of Amex products for which I have not received the signup bonus!

Also if I had my Chase Sapphire Preferred for more than 2 years, then can i cancel my current card and immediately apply for Reserve to get the bonus? Why wouldn't Chase want the same person to have both in parallel.

Don’t cancel! It will hurt your credit. Just do a “product change” to something like the freedom unlimited and then apply for the reserve. I just did the product change after talking to chase but I have to wait until the 11th of oct. to apply for reserve since I received the sapphire bonus on oct 10 , 24 months ago.

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