Yesterday, the newest and hottest credit card went live – the Chase Sapphire Reserve. The card includes amazing benefits such as 100k Ultimate Rewards points after spending $4k within three months and also an annual travel credit, up to $300.
Sadly, many of us received the “pending” result on our applications, including me. When it comes to Chase, “pending” is rarely a good sign. This new card seems to fall under the ridiculous 5/24 rule, whereby they won’t approve you if you’ve opened 5+ cards in the past 24 months.. so not consumer friendly.
I’ve decided to NOT call the reconsideration line since the last time I called, an agent basically yelled at me as to why I was applying for so many credit cards. So, no thanks, Chase.
However, not all hope is lost. Those of us that have a Chase Sapphire Preferred (one of the best credit cards), can upgrade to the new Chase Sapphire Reserve… though you won’t be receiving the 100k bonus points by upgrading.
Is it worth upgrading if you’re otherwise not eligible to receive the card? Absolutely.
If you think about it, the “real” annual fee on the Chase Sapphire Reserve is $150 because you receive $300 back in statement credits for all things travel.. and I’m sure most of us won’t have trouble spending $300 on anything travel related. Beyond that, the bonus categories, Priority Pass membership, etc. make the card very valuable.
Upgrading is simple – just call the number on the back of your current card and ask to upgrade. It’s simple. The agent informed me that I wouldn’t be receiving the bonus since I was upgrading to the card and not opening a new account. I was fine with that, since I won’t get the bonus anyway..
Will you be upgrading to the new Chase Sapphire Reserve?