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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?
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- Limited Time Offer: Earn up to 100,000 Membership Rewards® Points.
- Earn 50,000 Membership Rewards® points after you spend $10,000 & an extra 50,000 points after you spend an additional $15,000 all on qualifying purchases within your first 3 months of Card Membership. Offer ends 8/8/18.†
- Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com.
- Get 50% more Membership Rewards® points. That's 1.5 points per dollar, on each eligible purchase of $5,000 or more. You can get up to 1 million additional points per year.
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- You can also receive 35% points back on all First and Business class flights, with all airlines available through American Express Travel.
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- Terms Apply
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