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Without notice, Chase seems to have changed the terms & conditions of the Chase Sapphire Reserve card. The small print now says you’re NOT eligible to earn the card’s sign-up bonus if you’ve received a new cardmember bonus on ANY Sapphire credit card within the last 48 months. The prior restriction was 24 months, so this is a painful change.
And word on the street is the 48-month waiting period also applies to applications for the Chase Sapphire Preferred. Although, the offer terms through our link (Chase Sapphire Preferred) still shows 24 months in the terms & conditions. But it’s likely just a matter of time before the new restriction appears on all Sapphire Preferred application pages.
The Chase Sapphire Preferred is our top card pick for beginners. If you’re new to miles & points, the new 48-month waiting period restriction isn’t as big of a deal. We still recommend applying for the Chase Sapphire Preferred card. You can earn 50,000 Chase Ultimate Rewards points (worth at least $625 in travel) after you spend $4,000 on purchases in the first 3 months of account opening.
But the new rule has more of an impact on folks who got the Sapphire Preferred within the past couple of years and were hoping to scoop up the Sapphire Reserve in the near term, or vice versa. If you’re in this category, you’ll have to wait awhile to become eligible.
With the new restriction, you can likely still product change (upgrade or downgrade) your Sapphire card. But you won’t earn a bonus when you do this. For example, Sapphire Preferred cardholders might consider upgrading to the Sapphire Reserve just to get access to card’s $300 annual travel credit.
The new restriction is on top of already tough Chase application rules. Keep in mind, you’re not eligible for most Chase cards if you’ve opened 5+ new credit cards from any bank within the past 24 months. Remember, this does NOT count small business cards from AMEX, Bank of America, Chase, Citi, and Wells Fargo.
Are you impacted by the new restriction? Let us know in the comments below!
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