With requirements to qualify for Chase credit cards tighter than ever, many of us aren’t in the running for the newest Chase credit card, the Chase Sapphire Reserve card. Still, it’s not impossible to get the card if you have too many hard inquiries to qualify.
With a product change, you can upgrade an existing Chase card to the Chase Sapphire Reserve card. The only downside is, you won’t get the huge 100,000 point signup bonus.
A week ago, I did exactly that. Ready to maximize my Chase Ultimate Rewards points, I upgraded my Chase Sapphire Preferred card to the Chase Sapphire Reserve. If you’re thinking of doing the same, here are the reasons I moved forward:
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Chase Sapphire Preferred® Card
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$0 intro first year
$95 annual fee |
Earn 50,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. That's $625 in travel when you redeem through Chase Ultimate Rewards® Read Review » |
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Chase Sapphire Preferred® Card |
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- The travel credit is based on the calendar year.While the Chase Sapphire Reserve card does carry a hefty $450 annual fee, it also comes with a $300 annual travel credit. The thing is, this credit is based on the calendar year, meaning you can qualify for it this year and next if you sign up or do a product change now. That’s $600 in travel credits for a $450 annual fee, and a real no-brainer.
- You may get a prorated rebate on your Chase Sapphire Preferred annual fee. Since I had just paid the $95 annual fee on my Chase Sapphire Preferred card, I wanted to make sure I would get a rebate. The Chase rep confirmed a prorated discount worth around $80 would come off my new card’s $450 annual fee to make up for it. That mean my first year’s cost for the Chase Sapphire Reserve is only $370.
- You can maximize the Chase Ultimate Rewards points you already have. Upgrading your card may be a no-brainer if you already have a ton of Chase points. Since my stash or UR points is around 180,000 now, I can book a ton more free travel since the Reserve card lets you redeem points for 50 percent more value. And remember, I love Chase Ultimate Rewards!
- You can earn a ton on travel and dining. If you spend a lot on travel and dining already, you can maximize the points you earn with the Chase Sapphire Reserve card. Why? Because this card earns 3x points for every dollar you spend in the travel and dining category. That’s pretty sweet.
- You can always downgrade the card later. I’m going to give the Chase Sapphire Reserve a whirl for a year, but I won’t promise I’ll keep it forever. After the first year, I reserve the right to downgrade to another Chase credit card or cancel altogether.
Final Thoughts
If you can’t qualify for the Chase Sapphire Reserve the old-fashioned way, you can always do a product change and get it that way. If you do, you can easily score a generous travel credit, better redemptions through Chase Ultimate Rewards, and a more points on travel and dining for a full year.
In my case, upgrading was an absolute no-brainer. My new card might be a plastic clunker, but at least I’m maximizing my rewards. Hopefully, my husband can actually qualify for the real thing sometime next year.
Are you upgrading to the Chase Sapphire Reserve? Why or why not?
[Image via Getty]