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?

Capital One® Savor® Cash Rewards Credit Card

This cash back card has a focus on dining and entertainment where you can earn unlimited 4% cash back in those spending categories. You can also earn 2% cash back at grocery stores and 1% cash back on all other purchases.

Apply Now
More Things to Know
  • Earn a one-time $500 cash bonus after you spend $3000 on purchases within the first 3 months from account opening
  • Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • No foreign transaction fees
  • Access to premium experiences in dining, entertainment and more
  • $0 intro annual fee for the first year, $95 after that
Intro APR on Purchases
N/A
Regular APR
16.24% - 25.24% (Variable)
Annual Fee
$0 intro for first year; $95 after that
Balance Transfer Fee
$0
Recommended Credit
Excellent, Good

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.