How to Downgrade Chase Sapphire Reserve Credit Card Before Applying for Chase Sapphire Preferred Credit Card

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How to Downgrade Chase Sapphire Reserve Credit Card Before Applying for Chase Sapphire Preferred Credit Card

Chase Sapphire Preferred Credit Card is one of the best travel and dining reward credit cards out there. The card’s annual fee is low and comes with an all-time high sign-up 100,000 bonus points right now. 

If you are looking to apply for the Chase Sapphire Preferred Credit Card, there are a few application rules and sign-up bonus eligibility information that you should know before applying for the card. Through this post, I hope to help answer some frequently asked questions below.

 
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    Does Chase 5/24 rule apply to the Sapphire Preferred card?

    Yes. Chase will not approve your Chase Sapphire Preferred Credit Card application if you’ve opened five or more credit cards (including Amex charge cards) with any banks in the past 24 months or two years. This is known as the Chase 5/24 Rule

    The best way to count how many credit cards you’ve opened in the past 24 months is to sign up for a free credit report such as Credit Karma and Credit Sesame. Once you successfully join the service, you can view your credit report for free and start counting cards that you've opened in the past 24 months. 

    Does the authorized user card count towards Chase 5/24?

    Yes. If you are an authorized user on a card, that card is also shown on your credit report. Therefore, Chase will be able to see it and count that card towards its 5/24 rule. However, if your application's denial reason is due to the 5/24 rule, you can call in the reconsideration line to explain about that card being an authorized user's card and Chase will not count that card.

    Does Chase 2/30 rule apply to the Sapphire Preferred card?

    Yes. Chase will not approve you if you have opened and been approved for two Chase credit cards already in a month (30 days) period. 

    Chase Sapphire Preferred Card 48 Months Sign-Up Bonus Rules

    According to the Chase Sapphire Preferred Credit Card sign-up bonus offer terms: 

    The product is not available to either:
    • Current cardmembers of any Sapphire credit card, or 
    • Previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months. 
      • 48 months starts from when you last received the sign-up bonus of the card, not the time you open the card or close the card.
    • If you are an existing Sapphire customer and would like this product, please call the number on the back of your card to see if you are eligible for a product change. You will not receive the new cardmember bonus if you change products. 

    Can I apply for the Chase Sapphire Preferred card if I have a Chase Sapphire Reserve card? 

    No, you cannot. If you are currently a card member of the Chase Sapphire Reserve Credit Card, your application for the Sapphire Preferred card will not be approved. Chase only allows you to have one Sapphire-branded card at a time. Chase's card application system automatically detects that you are already a Saphire cardmember and therefore it will not approve you for another Sapphire-branded card. The denial reason states that: You already have a Sapphire-branded card account with us. The good news is Chase does not pull your credit report when that happens. 

    Should I close or downgrade the Sapphire Reserve card and apply for the Sapphire Preferred card? 

    Yes, that's the way to do it! 

    Downgrading your Chase Sapphire Reserve Credit Card can be better than closing it because you will retain all your credit history. The recommended Chase card to downgrade your Reserve card to is one of the Chase Freedom credit cards below:

    The Freedom cards are cash back cards, but they complement well with a Sapphire card because they all earn Chase Ultimate Rewards (UR) points that can be combined and redeemed for more rewards rather than just cashback. 

    Moreover, while you can downgrade or product change the Reserve card but you may not be eligible for the sign-up bonus on the Sapphire Preferred card due to the 48 months term. Therefore, it is very important to know the date when you last received the sign-up bonus on the Reserve card and not the time that you opened the Reserve card. The easiest way to figure that out is to look through your Reserve card's statements and see when you actually received the card's sign-up bonus points. 

    Can I downgrade my Sapphire Preferred card and apply for the new Sapphire Preferred card? 

    Yes, you can. See above. 

    How long do you have to wait after downgrading Chase Sapphire Reserve card before applying for the Sapphire Preferred card? 

    It's worth reminding again that Chase only allows you to have one Sapphire-branded card account at a time. 

    There's really no written rule on how many days you have to wait to apply for the Chase Sapphire Preferred Credit Card after you close or downgrade the Reserve card known as product change. 

    You first need to make sure the date that you will be eligible again for the Sapphire Preferred card's new sign-up bonus. If you qualify right away, then it's recommended that after you product change your Reserve card, do not apply within the first couple of days as the Chase system may still think you are a Sapphire cardmember. Unless it is the last minute that you must sign up for the Sapphire card, after waiting three business days may work. Otherwise, it's better if you can wait for a week or two (up to 30 days) before applying for the Sapphire card after you product change the Reserve card. 

    Can a Sapphire Reserve card's authorized user apply for the Sapphire Preferred card?

    Yes. While Chase limits you to only one Sapphire-branded card at a time, it does not consider you as the Sapphire Reserve card's account holder if you are just an authorized user on that card. Similarly, anyone that is an authorized user on your Sapphire Reserve card, that person can apply for the Sapphire Preferred card on their own and get the sign-up bonus if s/he meets all the offer's eligibility. See the checklist below. 

    Can a Sapphire Preferred card's authorized user apply for the Sapphire Preferred card and earn the sign-up bonus? 

    Yes. Being an authorized user (AU) is not the same as the primary cardholder. Although you have a Sapphire Preferred credit card with your name on it as an authorized user, you are not the account holder and therefore you do not have the Sapphire Preferred card's account as far as Chase is concerned. 

    If you are an authorized user on a Sapphire Preferred card, you can apply for the Preferred card on your own and be the primary cardholder of that account. In other words, an authorized user of the Sapphire Preferred card can apply for the Sapphire Preferred card. Authorized users are also eligible for the Sapphire Preferred card's sign-up bonus if they meet all the offer's eligibility. See the checklist below. 

    Chase Sapphire Preferred Card’s Application and Sign-up Bonus Eligibility Checklists

    • Your credit report does not show you’ve opened at least five credit cards with any bank in the past 24 months in your credit report. 
      • If you are an authorized user on a credit card, Chase's computer system automatically counts that card towards its 5/24 rule. See the above section Does the authorized user card count towards Chase 5/24? on how to overturn this. 
    • You have not applied and been approved for two Chase credit cards within 30 days. 
    • You are not currently a card member of the Chase Sapphire Reserve Credit Card
      • Being an authorize user (AU) of the card is not considered a current card member. 
    • If you currently have a Chase Sapphire Reserve Credit Card and you really want Chase Sapphire Preferred Credit Card, you can close or downgrade the Reserve card to one of the Chase Freedom credit cards first, then apply for the Sapphire Preferred card under the following conditions: 
      • The date you received the Reserve card's sign-up bonus was 48 months ago. 
      • You've waited for at least a week or two (up to 30 days) after you product change your Reserve card before applying for the Sapphire Preferred card. 

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    PL

    Posted by: PL

    Hello there! People call me PL and I am a points blogger. Obsessed with using points and miles to elevate travel experiences to explore the world. Enjoy finer things in life and good food. I have a day job, this points blog is mainly my hobby and my contribution back to the points community. If you enjoy reading this post, please help me share it! If you enjoy what you read here, please make sure you subscribe or follow this blog on social media so that you will be notified when there's a new blog's post. I thank you for reading this blog. Your support means a lot to me and it is what makes this blog's work worthwhile. If I can be of any help, you can contact me: thepointslife at gmail dot com

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