This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.

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 Business Platinum® Card from American Express OPEN

LIMITED TIME OFFER. Aside from the 100,000 points welcome bonus (available until 8/8/18), Amex recently made huge improvements to the Business Platinum Card, including the fact that you will now earn 50% more points on purchases of $5,000 or more, earn 5x on flights and eligible hotels at Amextravel.com and cardholders will receive a $200 airline fee credit each year.

Apply Now
More Things to Know
  • 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.
  • 35% Airline Bonus: Use Membership Rewards® Pay with Points for all or part of a flight with your selected qualifying airline, and you can get 35% of the points back, up to 500,000 bonus points per calendar year.
  • You can also receive 35% points back on all First and Business class flights, with all airlines available through American Express Travel.
  • You can enjoy access to The American Express Global Lounge Collection℠ offering access to the most lounges across the globe, when compared with other U.S. credit card offerings. As of 11/2017
  • Terms Apply
  • See Rates & Fees
Intro APR on Purchases
N/A
Regular APR
N/A
Annual Fee
$450
Balance Transfer Fee
See Terms
Recommended Credit
Excellent Credit
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.