Last spring, Chase brought back a best-ever sign-up bonus on the fan-favorite *csp*. While the bank has remained tight-lipped on exactly how “successful” that offer was, it's pretty clear that it was a hit, with many aspiring (and veteran) award travelers adding the card to their wallets.
A year later, many of those same people are opening their most recent statement and seeing the annual fee hit for a second time. At $95 per year, it's a relative bargain in today's world of ultra-premium travel cards, but it lacks the perks and benefits you get with those pricier cards. If you're looking for a card that packs a bigger punch, the (seemingly) obvious thing to do is upgrade to the flagship *chase sapphire reserve* instead.
But it could be a costly mistake. In doing so, you're leaving the Sapphire Reserve's current limited-time welcome offer on the table: bonus_miles_full
Chase recently changed its Sapphire eligibility rules, removing the old 48-month clock and family language. You can now apply for the Sapphire Reserve outright and get its big bonus in the process. Yes, this means opening a new card – and you'll have to figure out what to do with your old Sapphire Preferred – but those are small hurdles to clear for potentially $3,000 or more worth of points.
Read on for everything you need to know about the Sapphire Reserve and how to earn another big bonus.
Chase Sapphire Reserve® Overview
- Welcome Bonus: bonus_miles_full
- Earn 8x points on all purchases through Chase Travel℠
- Earn 4x points on flights and hotels booked directly
- Earn 3x points on all dining purchases
- Complimentary access to Chase Sapphire Lounges, Priority Pass Lounges for the cardholder and two guests.
- Annual $300 travel credit for all travel purchases
- Up to a $120 credit for Global Entry, TSA PreCheck, or NEXUS every four years stays in place
- $500 in annual hotel credits for 1,100-plus properties in Chase Travel's “The Edit” portfolio with additional benefits like a $100 onsite credit, complimentary breakfast for two, space-available upgrades, and more
- Split into two, $250 credits. Must book at least a two-night stay
- Automatic IHG One Rewards Platinum Elite Status
- Cardholders can bump up to top-tier Diamond Elite Status by spending $75,000 on their Reserve each calendar year
- Up to a $300 annual dining credit at select “Sapphire Reserve Dining” restaurants bookable through OpenTable
- Split into two, $150 credits available from January through June and again from July through December
- Complimentary subscriptions to Apple TV+ and Apple Music through June 22, 2027 – a value of $288 annually
- Up to a $300 annual StubHub credit for concert and event tickets
- Split into two, $150 credits available from January 1 through June 30, and again from July 1 through December 31 for purchases on StubHub.com and viagogo.com (activation required)
- Up to $120 in Peloton credits annually towards memberships through Dec. 31, 2027 (activation required)
- Cardholders will still earn 10x points on Peloton equipment and accessories over $150 through Dec. 31, 2027
- Up to $120 in Lyft credits annually, split into $10 monthly allotments through Sept. 30, 2027
- Up to $300 for DoorDash annually through Dec. 31, 2027. This includes two $10 monthly discounts toward non-restaurant orders, a $5 per month discount toward restaurant orders, and a complimentary DashPass membership (a $120 value for 12 months)
- Excellent travel insurance policies for trip delay, trip interruption, rental cars, and more
- Annual fee: annual_fees
Learn more about the *chase sapphire reserve*.
How to Earn a Big Bonus Instead
For years, Chase's eligibility rules for the Sapphire family were frustrating. Earn a bonus on either the Sapphire Preferred or the Reserve, and you'd have to wait 48-months before being eligible for the other. In other words, getting the Preferred would block you from a Reserve bonus for four years, and vice versa.
But earlier this year, Chase updated its terms to reflect a simpler structure: The Preferred and Reserve are now treated as separate products for bonus eligibility. You can earn a bonus on each card – once per lifetime – regardless of whether you currently hold the other.
That's genuinely good news for many people. If you picked up the Sapphire Preferred last year (or in recent years), you're now free to apply for the Reserve and earn its limited-time 150,000-point bonus on top of it – as long as you haven't had it previously. Just know, this offer won't be available for much longer: While we don't have a confirmed end date quite yet, Chase has indicated it's “ending soon.”
If you've been considering this strategy and are on the fence about applying, now is the time to act. And there's very little risk to seeing if you're eligible or not …
The Risk-Free Way to Check
If you're unsure where you stand, just start the application. Chase now shows a notification screen during the online application process – before running a hard credit inquiry – letting you know if you're not eligible for the bonus.
The screen gives you two options: continue the application without the bonus, or cancel entirely with no impact to your credit score. Either way, you haven't committed to anything, and your credit is untouched.
Think of it as Amex's “Apply With Confidence” feature. There's no penalty for checking. If you think you might be eligible, there's no reason not to find out.
No pop-up? This means you're eligible for the bonus … but critically, it doesn't guarantee an approval.
Who's Eligible … and Who (Probably) Isn't
Never held the Sapphire Reserve before? You're almost certainly eligible. As long as you meet Chase's other requirements – a good to excellent credit score and under the Chase 5/24 limit – this should be a clean path to the bonus. Having held or currently holding the Sapphire Preferred doesn't disqualify you under the new rules.
Previously held the Reserve and earned the bonus? This is where the lifetime limit hits hard.
Two members of our team recently applied for the Reserve, both of whom held the card and earned a welcome bonus when it first launched back in 2016. Both got the dreaded pop-up.
While these are just a couple of data points, you'll find several more like it across the internet. It's pretty clear Chase isn't interested in letting former Sapphire Reserve cardholders earn a bonus for a second time. But with the pre-application pop-up letting you know where you stand before your credit is ever touched, it doesn't hurt to find out for yourself.
What to Do With Your Old Sapphire Preferred
Assuming you're eligible for the Sapphire Reserve's 150,000-point bonus, applying outright is the clear choice – but that leaves the question about what to do with your old Sapphire Preferred. There's really no benefit to carrying both of these cards simultaneously, unless you spend a lot on online grocery orders or travel that isn't flights and hotels (the Sapphire Preferred is a better earner in these categories).
If you're looking to cut the Sapphire Preferred's annual fee from your wallet, you've got 30 days from the date it posts to your account to cancel or downgrade the card and get a full refund. While canceling the card altogether might be the simplest option, downgrading to one of the no-annual-fee Freedom cards could make more sense. This will keep your points safe – no need to worry about transferring them over to your new Sapphire Reserve Card ahead of time – and it will also give you additional bonus categories and ways to earn more points on your everyday purchases.
Of course, there's nothing to stop you from closing the card outright. If you've only had it for a year or so, any hit to your credit score should be temporary and minor. I wouldn't make a habit of closing a new card after the first year, but if you're replacing it with the pricier Reserve, it makes perfect sense and probably isn't enough to land you on Chase's naughty list.
Bottom Line
Lots of travelers picked up the Sapphire Preferred last year when it came with a best-ever bonus offer. With those cards now up for renewal, many are wondering whether it's worth upgrading to the premium Sapphire Reserve for added perks.
With the Sapphire Reserve's new bonus eligibility rules, applying outright for the card's limited-time 150,000-point bonus might be the better move. So long as you've never held a Sapphire Reserve before, you should be eligible for this big bonus and can downgrade or close your Sapphire Preferred instead.
Learn more about the *chase sapphire reserve*.
