Signing up for credit cards through partner links earns us a commission. Terms apply to the offers listed on this page. Here’s our full Advertising Policy.
Update: One or more card offers in this post are no longer available. Check our Hot Deals for the latest offers.
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?
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.
I’ll explains Chase product changes to help folks earn the most sign-up bonuses in the future!
Chase Card Product Changes
Because it can help you build a longer credit history, which is good for your credit score.
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.
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.
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
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.
He didn’t earn the 100,000 point sign-up bonus. But he’ll still get all of the other card’s perks, like:
- Earn 3X Chase Ultimate Rewards points on travel & dining
- $300 annual credit for travel purchases such as airfare and hotels
- $100 statement credit for Global Entry
- Priority Pass Select for access to airport lounges
- Travel and protection benefits
- Visa Infinite benefits like $25 food and beverage credit at the Luxury Hotel Collection and complimentary car rental elite status with Silvercar
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!
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!
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.
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?