How to Upgrade from Chase Sapphire Preferred to Reserve: A Cardholder’s Compass

So, you’ve tasted the travel rewards life with your Chase Sapphire Preferred and you’re ready to level up to the Chase Sapphire Reserve. Excellent choice! It’s like trading in a reliable sedan for a high-performance sports car. But how exactly do you make the leap?

The short answer is this: You cannot directly upgrade your Chase Sapphire Preferred card to the Chase Sapphire Reserve. Chase doesn’t allow direct product changes between these two cards. Instead, you’ll need to apply for a brand new Chase Sapphire Reserve card. However, there are nuances to this process, strategies to maximize your benefits, and potential pitfalls to avoid. Let’s dive in.

Understanding the “Upgrade” Illusion

Let’s get one thing crystal clear: There’s no magic “upgrade” button. Chase treats applications for the Sapphire Reserve the same whether you’re a current Sapphire Preferred holder or a newcomer. This has implications you need to understand.

The 48-Month Rule: Your Biggest Hurdle

The most crucial thing to know is the Chase Sapphire 48-month rule. This rule states that you are ineligible for the Sapphire Reserve’s welcome bonus (a significant chunk of valuable Ultimate Rewards points) if you have received a welcome bonus for any Sapphire card (including the Preferred) within the past 48 months. This is a strict rule, enforced by Chase’s systems.

Therefore, your first step is to determine when you received your Chase Sapphire Preferred welcome bonus. If it’s been less than 48 months, applying for the Reserve right now would mean missing out on those sweet, sweet bonus points – a potentially costly mistake.

Why No Direct Upgrade?

Why doesn’t Chase allow direct upgrades? The simple answer is economics. The Chase Sapphire Reserve is a premium card with premium benefits and a hefty annual fee. Allowing direct upgrades might cannibalize new customer acquisition and the associated upfront revenue from welcome bonuses. They want you to apply fresh, get the bonus, and be a long-term Reserve customer.

The Application Process: Smooth Sailing Ahead

Assuming you’ve cleared the 48-month hurdle, applying for the Chase Sapphire Reserve is straightforward.

Check Your Credit Score: A Prerequisite

The Chase Sapphire Reserve is a premium card, demanding a premium credit score. A score of 700 or higher is generally recommended, with scores in the mid-700s or higher significantly improving your approval odds.

Online Application: The Easiest Route

Head to the Chase website and find the Chase Sapphire Reserve application. The application will ask for standard information like your income, employment details, and social security number. Be honest and accurate.

Meeting the Spending Requirement: Bonus Secured

Once approved, you’ll need to meet a minimum spending requirement within a certain timeframe (usually 3 months) to earn the welcome bonus. This might involve strategically shifting your spending to the Reserve or planning larger purchases to coincide with the bonus period.

Closing Your Sapphire Preferred: When and How

Once you’re approved for the Reserve, you’ll need to decide what to do with your Sapphire Preferred.

Maximizing Your Ultimate Rewards: Transfer, Don’t Lose Them

Never close your Sapphire Preferred before you’ve transferred all your Ultimate Rewards points to your Sapphire Reserve account. Once the Preferred is closed, you might lose access to those points.

Product Change as an Alternative

Instead of outright closing the Sapphire Preferred, consider a product change to a no-annual-fee Chase card like the Chase Freedom Unlimited or Chase Freedom Flex. This preserves your credit history with Chase and gives you another card in your wallet for specific bonus categories. Keep in mind that if you have multiple of these cards they can cause issues with future credit card applications with Chase.

Timing is Everything: Wait for the Reserve to Arrive

Wait until you receive your Chase Sapphire Reserve card before closing or product changing your Sapphire Preferred. This ensures a smooth transition and avoids any potential disruptions to your access to Ultimate Rewards points.

FAQs: All Your Questions Answered

1. Can I apply for the Chase Sapphire Reserve even if I have other Chase credit cards?

Absolutely! As long as you meet the income and credit requirements and are not subject to the 5/24 rule, you can apply for the Sapphire Reserve even with other Chase cards in your wallet. The 5/24 rule states that if you have opened five or more credit cards (from any bank, not just Chase) in the past 24 months, you will likely be denied for a Chase card.

2. What’s the difference between the Chase Sapphire Preferred and Reserve?

The Reserve offers more premium travel benefits, a higher rewards earning rate on travel and dining, a $300 annual travel credit, and access to airport lounges through Priority Pass. The annual fee is also significantly higher on the Reserve.

3. What are Ultimate Rewards points worth with each card?

With the Chase Sapphire Preferred, your points are worth 1.25 cents each when redeemed for travel through the Chase Ultimate Rewards portal. With the Chase Sapphire Reserve, they’re worth 1.5 cents each. This is a significant boost to your redemption value.

4. Will applying for the Chase Sapphire Reserve affect my credit score?

Yes, applying for any credit card will result in a hard inquiry on your credit report, which can slightly lower your credit score temporarily. However, responsible credit card use can help improve your score over time.

5. What is the annual fee for the Chase Sapphire Reserve?

The annual fee for the Chase Sapphire Reserve is currently $550.

6. Is the Chase Sapphire Reserve worth the annual fee?

That depends on your spending habits and travel patterns. If you travel frequently and can utilize the $300 travel credit, airport lounge access, and higher rewards earning rates, the Reserve can easily justify the annual fee.

7. Can I transfer my credit limit from the Sapphire Preferred to the Reserve?

No, you cannot transfer credit limits between cards when applying for a new card.

8. What if I am not approved for the Chase Sapphire Reserve?

If you’re denied, call Chase’s reconsideration line and explain your situation. Sometimes, a simple phone call can lead to approval. If that doesn’t work, focus on improving your credit score and reapplying later.

9. Does the Chase Sapphire Reserve have travel insurance benefits?

Yes, the Chase Sapphire Reserve offers a comprehensive suite of travel insurance benefits, including trip cancellation/interruption insurance, baggage delay insurance, and rental car insurance.

10. Can I use my Chase Sapphire Preferred and Reserve together?

Absolutely! Many people use both cards strategically. Use the Preferred for categories where it earns more points and the Reserve for its superior travel benefits and higher redemption value.

11. What happens to my existing travel bookings made with the Sapphire Preferred if I close the card?

Closing your Sapphire Preferred will not affect existing travel bookings. Your reservations remain valid.

12. How can I maximize my Chase Ultimate Rewards points?

Combine your points from different Chase cards (like the Freedom Unlimited or Freedom Flex) onto your Sapphire Reserve to take advantage of the higher redemption value for travel. Also, explore Chase’s transfer partners (airlines and hotels) for potentially even greater value.