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Thinking about applying for both the Chase Sapphire Preferred and Chase Sapphire Reserve? Well, as of this week, it’s no longer possible to sign up for both — you’ll need to pick one or the other.

As reported by Doctor of Credit and confirmed by TPG, Chase just began restricting Sapphire signups. It’s a logical move — there isn’t any reason to carry both the Preferred and Reserve cards, since the Reserve offers all of the Preferred benefits, plus a whole lot more. The only advantage to applying for both cards is related to the sign-up bonus — both products offer 50,000 Ultimate Rewards points after you spend $4,000 in the first three months, so if you managed to get both you could have ended up with a cool 100k. That deal’s no longer on the table. Going forward, you’ll need to wait 24 months after receiving a Sapphire sign-up bonus before signing up for a new Sapphire card. (Note that if you already have both Sapphire cards you’ll be able to keep both accounts open.)

So, now that you can only get one or the other, which should you pick? Well, most of my friends and family members now carry the Chase Sapphire Reserve. Sure, they signed up last year when Chase was offering 100,000 points for this card alone, but they’re all hanging onto the Reserve for at least another year — after all, if you spend an average of just $9.68 per day on travel and dining, and can take advantage of the other perks, you’ll come out ahead with the Sapphire Reserve. That works out to about $3,532 per year — even if you only purchase airline tickets, stay at hotels and dine out occasionally, there’s a very good chance you’re spending quite a bit on purchases that earn 3 points per dollar.

And, if you later decide that Sapphire Reserve isn’t the best fit for you, you can product-change to the Sapphire Preferred after the first year. You won’t be eligible for the sign-up bonus, but it’s entirely possible to move to a different product within the Sapphire family. Similarly, you can upgrade from Preferred to Reserve, if you currently have a Preferred card and can benefit from the boosted perks.

Would you sign up for Chase Sapphire Preferred or Reserve?

The Platinum Card® from American Express

The American Express Platinum card has some of the best perks out there: cardholders enjoy the best domestic lounge access (Delta SkyClubs, Centurion Lounges, and Priority Pass), a $200 annual airline fee credit as well as up to $200 in Uber credits, and mid-tier elite status at SPG, Marriott, and Hilton. Combined with the 60,000 point welcome offer -- worth $1,140 based on TPG's valuations -- this card is a no-brainer for frequent travelers. Here are 5 reasons you should consider this card, as well as how you can figure out if the $550 annual fee makes sense for you.

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More Things to Know
  • Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.
  • Enjoy Uber VIP status and free rides in the U.S. up to $15 each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings.
  • 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
  • 5X Membership Rewards points on prepaid hotels booked on
  • Enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
  • Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn More.
  • $200 Airline Fee Credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
  • Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. Enrollment required.
  • $550 annual fee.
  • Terms Apply.
  • See Rates & Fees
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