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The 100K Chase Sapphire Preferred Offer with a Waived Annual Fee the first year is still alive at Chase bank branches, as I was approved today. A commenter on our prior post, 100K Chase Sapphire Preferred Offer with Waived Annual Fee, claimed on July 6 that the offer had ended, but unfortunately it appears she was given bad information by her local Chase branch.
The offer, which requires $4000 spend on the account within the first 3 months of account opening, also comes with one $50 grocery store credit in the first year, making the entire offer worth ~$2050 if valuing each Chase Ultimate Rewards point at 2 cents per point. Our goal is to always obtain at least 2 cents per point, if not more, when redeeming, by transferring to Ultimate Rewards airline partners such as United MileagePlus, British Airways Avios, Emirates Skywards, etc. and redeeming for business class or first class award flights.
Don't have the time or inclination to get to a Chase branch for the waived annual fee offer? Apply online for the 100K Chase Sapphire Preferred (annual fee is not waived for the online offer). We appreciate readers' support!
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How Long Must I Wait After Product Changing a Chase Sapphire Reserve Until I Can Be Approved for the 100K Chase Sapphire Preferred?
Keep in mind that you want to be sure you're eligible for a new signup bonus and meet these criteria:
- You haven't earned a signup bonus for a Sapphire card of any kind for at least 48 months
- You don't have more than four new credit inquiries over the past 24 months (Chase 5/24). Note that most (but not all) business credit cards do NOT show up on credit reports for Experian, Equifax and Transunion. One of the easier ways to check is to sign up for Credit Karma, then go to Accounts and sort by “Open Date” to view your opened accounts over the past 24 months.
- You don't currently have a Sapphire card of any kind
Assuming you meet the criteria, we recommend waiting at least 1 week after product changing the Sapphire Reserve before reapplying. As a data point, I product changed by Chase Sapphire Reserve 10 days before applying for the Sapphire Preferred and was approved. I'd seen some comments by others saying that it wasn't possible to get approved until after the statement closing date of the old Chase Sapphire Reserve, but that wasn't the case for me, as my closing date isn't until later this month, and I product changed early this month.
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Our Household Strategy: Keeping One Chase Sapphire Reserve
In our case, we value the Chase Sapphire Reserve enough to have kept my husband's card, and plan to continue to use it for major travel purchases, for its 3X earning on all travel and dining, as well as its superior travel insurance protections. But the 100K Sapphire Preferred offer, for a reasonable $4000 spend to earn the signup bonus, was too good to pass up.
If you recently product changed a Chase Sapphire Reserve card and applied for the 100K Chase Sapphire Preferred, how long did you wait before applying, and were you approved?
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Unfortunately, mine is the only Reserve in our household, so I can’t afford to close it for the Freedom. Unless Chase won’t grant me a $100 credit towards the Reserve’s increased annual fee which comes up Nov. 1 for me. I received a letter in the mail from Chase about the increased annual fee, saying I have until August 31 to decide if I accept the increase. I’d really hate to lose the Reserve, which I feel is the best card ever – but not worth the increase for me.
Yes, if you only have one Chase Sapphire Reserve in the house I wouldn’t necessarily give it up, although 100,000 bonus points is a great signup offer for the CSP, and you could potentially just spend one year with it before product changing back to the CSR when renewal time came.
Hilary,
We’ve had the Reserve for about 4-5 years now. Interesting strategy to get the extra 100K points from the Prrferred card. Can you please highlight the 4 or 5 major things I would be giving-up if I made the switch? I could sift through the list myself but I’d probably miss something and then my wife would kill me. Or, could I just take my wife off the Reserve (saving the extra $75/yr fee) and get her the Preferred? Thanks!
Nick, it could, as you suggest, make more sense to just drop your wife from the Reserve and have her apply for the 100K Sapphire Preferred, if she qualifies for it (no Sapphire signup bonus of any kind within the past 48 months, not more than 4 credit inquiries over the past 24 months). The key advantages of the Reserve over the Preferred, in my view, are: 1) 3X vs. 2X points per dollar on dining and travel; 2) $300 travel statement credit per year for Reserve (this mitigates the $550 annual fee, which has been delayed for existing members… Read more »
Thank you! We’ll probably just hold on to the CSR for now. Maybe something to consider for larger though.