How can I upgrade from Chase Sapphire Preferred to Reserve?

Yes, you can upgrade your Chase Sapphire Preferred® Card to a better offer as long as you’ve had the card for at least 12 months, and you will have the best odds if your credit score and income have gone up since you applied. To see if your Chase Sapphire Preferred card qualifies for an upgrade, call customer service at the number on the back of your card. Chase also periodically sends targeted upgrade offers to existing cardholders by email.… read full answer

Chase Sapphire Preferred Card Upgrade: What You Should Know

• The account should be open for at least 12 months before requesting an upgrade.
• A history of on-time payments and low credit utilization increases your chances of getting an upgrade.
• Chase only allows upgrades to cards within the same card family. For example, you cannot upgrade from Chase Sapphire Preferred to a business card or co-branded card.
• If you upgrade to a Chase card with an annual fee, the charge will appear on the new card’s first monthly statement.
• If you’re eligible for a refund on your Chase Sapphire Preferred card’s annual fee, Chase will pro-rate the amount of your refund, based on how long it’s been since the fee posted to your original account.
• You will not be eligible for any initial bonuses or introductory 0% APR offers associated with the new card, unless they’re included as part of the upgrade offer.
• Chase Sapphire Preferred card upgrades do not require a hard inquiry on your credit report, so there’s no effect on your credit score.

A Chase Sapphire Preferred card upgrade typically takes just a few minutes. If you are approved, you should receive your card within 7 - 12 business days from the approval date. Your card number won’t change, but you will receive a new card with an updated expiration date and security code.

You can use your old card until the new one arrives, and it will have all the benefits of the new card as soon as the upgrade is complete. Your current credit limit and APR will carry over to the new card, as will any unredeemed rewards, unless stated differently in the upgrade terms.

You can downgrade your Chase Sapphire Reserve card either online through the secure message center, or over the phone at (800) 945-2000. The Chase Sapphire Reserve account must be open for at least a year and in good standing in order to be eligible for a downgrade.

What you should know before downgrading your Chase Sapphire Reserve:… read full answer

• Cards you can downgrade to: You can only downgrade from Chase Sapphire Reserve to a card in the same “product family”. This means you cannot switch to a business card or a co-branded card.
  
  Downgrades are allowed to Chase cards such as Chase Sapphire Preferred, Chase Freedom Unlimited, or Chase Freedom Flex.
• Annual fee refund info: If you choose to downgrade to an eligible Chase credit card, you will need to do so within 30 days of paying the Chase Sapphire Reserve card’s enormous $550 annual fee in order to receive a full refund.
  
  After 30 days, the refund will be pro-rated, based on the number of calendar days since you paid the fee. If you downgrade to a card with an annual fee, the charge will appear on the new card’s first billing statement.
• How downgrading works: The downgraded card will retain the same card number, credit limit and APR as your Chase Sapphire Reserve card, but it will come with an updated expiration date and new 3-digit security code.
  
  Until the new card arrives, you can continue to use the Chase Sapphire Reserve card, which will have all the features and functionality of the downgraded card. You should receive the new card within 7-10 business days after the downgrade is complete.

It is also worth noting that a downgrade from Chase Sapphire Reserve is not considered a new account, so there’s no effect on your credit score.

What to consider before downgrading your Chase Sapphire Reserve:

Keep in mind that you won’t receive an initial bonus or an introductory 0% APR for the new card. You’ll also lose any unused portion of the Chase Sapphire Reserve card’s annual $300 travel credit.

Unredeemed rewards will automatically transfer to an eligible Chase rewards card, but points may have less value when redeemed for travel, depending on the card to which you’re downgrading. And if you downgrade to either Chase Freedom Unlimited or Chase Freedom Flex, you won’t be able to transfer points to Chase’s airline and hotel partners.

The biggest difference between Chase Sapphire® Card and Chase Sapphire Preferred is that only Sapphire Preferred is available to new applicants (the original Chase Sapphire Card was discontinued in 2015). Other key differences between Chase Sapphire and Sapphire Preferred include their bonus rewards and annual fees.

Sapphire Preferred offers an initial bonus worth $750 in travel through Chase, and it gives 5 points per $1 spent on travel purchased through Chase, 2 points per $1 on all other travel purchases, 3 points per $1 on dining and online grocery purchases, 3 points per $1 on select streaming services, and 1 point per $1 on all other purchases. The original Sapphire card’s double points bonus included only dining purchases. On the other hand, the original Chase Sapphire card had no annual fee, whereas the Preferred card comes with an annual fee of $95.… read full answer

These things are important to note because even though you can’t apply for the Chase Sapphire Card anymore, it didn’t just vanish. If you got it before, you can still use it. And if you’re in that boat, knowing how Sapphire and Sapphire Preferred compare is critical to determining whether you need to make a switch.

Finally, it’s worth pointing out that the duo of Chase Sapphire cards is actually a trio. The Chase Sapphire Reserve® joined the family in 2016. It’s a good option for high-spending frequent travelers.