Million Mile Secrets reader, Keola, tweeted:
Unfortunately, Chase recently launched new restrictions, which say current Chase Sapphire Preferred cardholders 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.
But the rule doesn’t extend to other valuable card products that earn valuable Chase Ultimate Rewards points. For example, you can still apply and earn the sign-up bonus on the Ink Business Preferred card.
And it depends on the bank, but each card issuer has different rules for things like the total number of cards you can have. Or the amount of time you have to wait before earning a sign-up bonus on a 2nd card in the same “brand”.
Learning these rules can help you make the most of the new cardmember sign-up bonuses you earn!
Applying for Different Card Products Can Help Boost Your Points Balance!
Although the names might sound similar, they’re considered different card products. And this is good news! Because you can apply for multiple cards with a bank to earn the same type of miles or points!
Folks looking to earn Chase Ultimate Rewards points can get the sign-up bonus on multiple card products, but there are exceptions. For example, having the Chase Freedom does NOT prevent you from earning the sign-up bonus on the Chase Freedom Unlimited.
But because of the new Chase restrictions, folks with the Sapphire Preferred can NOT get approved for the Sapphire Reserve, or vice versa. And if you close any Sapphire card account, you will not be eligible for any Sapphire-branded credit card if you’ve earned a cardmember bonus on a Sapphire-branded product within the last 24 months.
Some folks say there’s a workaround for this new rule. Million Mile Secrets reader Derek says you can downgrade the Sapphire Preferred or Sapphire Reserve to a different card product (like the Freedom Unlimited). Then, you’ll be eligible to apply for a Sapphire card product and earn a sign-up bonus if it’s been more than 24 months since you last earned the sign-up bonus.
I haven’t tried this myself, so I can’t guarantee this strategy works.
One way to earn additional Chase Ultimate Rewards points is to apply for a different card product not affected by the rules, like the Ink Business Preferred card. You can read my review of the card’s current 80,000-point offer.
The Rules Are Different for Citi Cards
While you can earn sign-up bonuses on different card products with Citi, there are time restrictions.
Most Citi offers say you can NOT receive the sign-up bonus if you’ve opened or closed a card under the same family of cards in the past 24 months.
This impacts Citi cards earning American Airlines miles and ThankYou points.
For example, if you’re a Citi Prestige cardholder, you’ll have to wait 24 months from the date you opened the account to apply and earn the sign-up bonus on the Citi ThankYou Premier card. And if you close the Citi Prestige during the 24-month timeframe, the clock will also re-start.
Many banks issue multiple cards earning the same miles or points.
Banks usually classify these cards as different card products, which means you’re eligible to receive the sign-up bonus on more than one card.
But there are certain exceptions. For example, Chase now restricts current Chase Sapphire Reserve cardholders from getting approved and earning the sign-up bonus on the Chase Sapphire Preferred, and vice versa.
And remember, Citi has its own set of rules. You can NOT receive a sign-up bonus if you’ve opened or closed a card in the same family of cards in the last 24 months.