Chase now limits you to one Sapphire product (this really stinks)
Doctor of Credit just published an internal memo from Chase showing that as of yesterday, you can no longer get a second Sapphire product if you currently have one. This means that if you already have a Chase Sapphire Reserve, you cannot get a Preferred and vice versa. You will also not be eligible for a bonus on a Sapphire product if you have received one in the last 24 months. Unlike the Citi rule, which is 24 months from any Thank You product open or closed. So after 2 years since your last Sapphire you should be able to convert that to a Freedom or Freedom Unlimited and then get a new Sapphire.
You might wonder why this is so bad. Well, Chase Ultimate Rewards are a great currency and you can never have too much URs.
My rule of thumb for the Sapphire cards has been to open a Reserve and then also open a Preferred (for the 50k bonus) and then product change that Preferred to a Freedom Unlimited (that earns 1.5x Ultimate Rewards on everything) after the first year.
Well, this change at Chase blows that up. You can still get a Reserve and then an Unlimited, but unfortunately, that will net you 35,000 less Ultimate Rewards (based on today’s bonuses of 50k for the Preferred and just 15k for the Unlimited.
At least you can still get a Chase Business Preferred card for 80,000 more Ultimate Rewards.
I’ll guess the reported $300 million in losses from the Reserve card has gotten us here.
On top of the 5/24 rule, Chase is making it harder and harder to get its cards.
Thanks as always if you use the “Credit Card Offers” link in the top navigation should you be in the market for a new personal or business card.
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