Chase recently announced some temporary benefits for Chase Sapphire Preferred & Chase Sapphire Reserve cardholders. Most readers won’t be eligible to sign up for either card due to the 5/24 rule, but some will have the Chase Sapphire Preferred and might want to consider upgrading to the Chase Sapphire Reserve. Some things to note:
- Chase Sapphire Preferred has a $95 annual fee, Chase Sapphire Reserve has a $550 annual fee. Datapoints indicate that upgrades are currently receiving a $450 annual fee (1, 2). Update: Seems most people are getting charged a $550 fee now. This changes what is discussed below.
- Chase Sapphire Reserve comes with a $300 travel credit. Until December this credit can also be used towards gas and grocery store purchases
- Cardholders can offset grocery store, dining and home improvement store purchases using points. The value you get depends on the card you hold:
- Chase Sapphire Preferred: 1.25¢ per point
- Chase Sapphire Reserve: 1.5¢ per point
Should You Upgrade?
First of all if you can apply for the Chase Sapphire Reserve card directly and get approved, then that will be your best option as that way you’ll get the 50,000 point sign up bonus. As mentioned most readers won’t be able to do that due to the 5/24 rule.
The annual fee difference between the cards is $355, this is offset by the $300 credit that is much easier to use than before. That leaves a difference of $55 (or more if you don’t value the credit at $300). The Sapphire Reserve also comes with Priority Pass access, that won’t be that useful for most people currently but might become more useful as the year progresses and travel opens up more. If we value that benefit at $0 then there is still a difference of $55.
If you redeem more than 22,000 points for the new ‘Pay Yourself Back’ feature you’ll be better off upgrading to the Chase Sapphire Reserve. If you redeem less than 22,000 points you’ll be better off keeping the Chase Sapphire Preferred. Obviously this figure will change if you value the Priority Pass access at more than $0 or if you value the $300 credit at less than $300, this is just an example. For most people I do think upgrading makes sense at this moment.
Just requested upgrade from Preferred via phone. Anniversary date February.
Agent claimed I would be paying 450 (550 – 100 statement credit), however I was not convinced she knew what she was talking talking about, so remains to be seen what I’ll get charged.
Thanks for the DP. But since it was over the phone, that means there is no actual way you can contest that if the $100 credit doesn’t show up in the future. That is why I choose the secure message way and that is were they said it would be $550 and no credit for upgrades.
I suggest you do send out a secure message as well confirming this. I would be calling and checking them again to check on the upgrade.
I sent a secure message and got reply that CSP to CSR upgrades would have an annual fee of $550 and not as the dp on the post suggests. I also spoke on the phone and there also I got the same info that annual fee is going to be $550.
SM reply – https://imgur.com/pkLQ0Y6
I just got the same info over the phone, they are not able to see any offers for the $450 annual fee. I wonder if anyone has tried this and was still refunded the $100 difference?
When I upgraded my chase sapphire preferred they gave me an immediate annual fee refund i wonder if that means they will immediately charge the annual fee unlike some people where I heard they charge it 6 months later
Yeah expect to see it in the next 4 months or so…
Are people still doing MDD for CSR/CSP if P2 has neither and is under 5/24? Is this very risky for P2 in terms of shutdowns with Chase? Thanks!
Modified double dip. I think you apply for one of the sapphire cards and then once you get approved apply for the second one the next business day. Supposed to be a way to get both.
I see, so for your P2 you applied for one sapphire card but didn’t apply for the other the next business day after P2 approved?
waiting to see your DP!! P2’s also in the same situation, but I don’t know if the MDD’s working anymore??! and how to do it successfully is my ultimate question.
I would check reddit.com/r/churning. My DP wouldn’t be helpful. I doubt any shutdown would happen right away, so there’s no guarantee that you don’t get shutdown later (and it would be too late to take advantage of some of the current changes in that case).
“First of all if you can apply for the Chase Sapphire Reserve card directly and get approved, then that will be your best option as that way you’ll get the 50,000 point sign up bonus. As mentioned most readers won’t be able to do that due to the 5/24 rule.”
i have heard that chase will only allow you to have one “sapphire” product at a time, either CSP or CSR. i currently have a CSP, and to get the signup bonus on a CSR, i believe i need first to product change the CSP into a non-sapphire card, and then later apply for the CSR [i am safe under the 5/24 rule].
You’re right
How does Chase handle statement credit? does it nullify the purchase from point warning standpoint? If I redeem UR points for the grocery purchase, do I still earn UR for the purchase itself, or will I forego my 5% grocery cashbacks?
So far the DPs say that you will earn from the purchases as well.
I currently hold the CSP and have had it for 48+ months so am now eligible for a new Sapphire sign up bonus. I know I’ve seen it here before but can’t seem to find info on the best way to proceed. Can I downgrade the CSP to a Freedom card and then just apply for a new CSP or CSR? Is there a waiting period after you do a product change on a card?
(OTTOMH) I believe you can downgrade and apply right away. I’d probably try waiting a few days to let the system clear me out.
Thank you!
can I charge 1500 on csp for 3x on groceries and then PC to csr to charge another 1500 on grcoeries for the 5x for June? (I would lose out on 300 for travel credit for the csr)
Don’t see why not, but not sure what you mean by losing the travel credit.
I thought we lost out on 5x on first 300 for grocery for travel credit with PC
I was wondering this too. let us know if you try it and I will Also report back if I end up trying it.
Used csp to buy $1500 of grocery in June and earned 3x. Upgraded csp to csr and bought another $1500 of grocery and earned 5x. This method worked on freedom as well.
What did you upgrade the Freedom to?
Any further data points on whether upgrading from CSP to CSR will result in 550 or 450 as a fee?
Cheers
Should we also be able to factor in the $60 in DoorDash credits for 2020/2021 to help the math?
If DoorDash is useful to you then yes sure.