Chase Sapphire Reserve Update
Chase is rolling out updates to its popular Sapphire Reserve card that are set to take effect in June. This refresh includes some significant changes: new statement credits, automatic elite status, and a notable increase in the annual fee from $550 to $795—about a 45% jump. However, the card does offer a variety of statement credits and benefits to help offset this rise.
Moreover, new applicants can earn a hefty bonus of 125,000 points after spending $6,000 within the first three months of opening their account. According to a recent evaluation, this bonus could be worth around $2,563.
If you’re considering applying, it’s important to know the eligibility requirements for this enticing welcome bonus.
Eligibility for Chase Sapphire Reserve Bonus
Chase modified its rules regarding welcome bonus eligibility recently. Where applicants previously had to wait 48 months to qualify for a Sapphire welcome bonus, now the timing has shifted to more than 48 months. Chase representatives confirmed this change regarding both the Sapphire Reserve and the Sapphire Preferred Card.
If you’ve received a Sapphire Reserve bonus in the past, you won’t be able to claim another one, even if it’s been a while. This guideline also extends to the Sapphire Preferred: if you got a bonus on that card, you won’t be eligible for another.
Current Sapphire Preferred cardholders might find themselves ineligible for the Sapphire Reserve bonus, too. For instance, I have a Sapphire Preferred but don’t hold a Reserve card; the chances are I wouldn’t qualify for the bonus even if I applied for the Reserve.
It’s interesting—TPG’s Senior Editor Nick Ewen has a Sapphire Reserve now, but he used to hold the Preferred. Although he applied for the Preferred again, he wouldn’t qualify for a bonus as he already received one for the Reserve. That’s just how it goes sometimes.
When applying, the pop-up tool will indicate if a credit check will be conducted before submitting your application. This can be a useful way to check if you qualify for the welcome bonus. If not, you can still proceed with the application without the bonus.
5/24 Rules
Chase is known for its well-publicized 5/24 rule, which counts not just your accounts but also authorized user accounts. However, many business cards aren’t included in this count. To qualify for the Sapphire Reserve and its welcome bonus, you’ll need to be under the 5/24 rule.
Shifting Credit Lines
If you have multiple Chase cards, you might hit your total credit limit. If that happens, you can contact the Chase Reconsideration Line to adjust credit limits from other cards to get approved for the Sapphire Reserve.
Holding Multiple Sapphire Cards
Previously, you were only able to have one Sapphire card at a time. However, with this update, it seems you can hold both the Sapphire Reserve and the Sapphire Preferred simultaneously. Just make sure you didn’t get a bonus recently; otherwise, you won’t be eligible for another welcome bonus.
If you’d prefer not to juggle two cards, you can upgrade or downgrade between different Sapphire options.
Conclusion
The revamped offer for the Sapphire Reserve card presents a strong opportunity for those looking to earn one of the most valuable reward currencies out there. If you’re in the market for a premium travel card packed with benefits and extensive travel protection, the Sapphire Reserve likely deserves a spot at the top of your list.
Keep an eye on Chase’s eligibility prompts during your application. This way, you can confirm your qualification for a welcome bonus before any credit checks are conducted.
I’m planning to apply for the Sapphire Reserve to earn 125,000 bonus points after spending $6,000 on purchases in the first three months of account opening.
