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The Chase Sapphire Preferred® Card (see rates and fees) was my first journey bank card. Since I signed up for it in 2016, I’ve flown to locations like London, Istanbul, Mexico Metropolis and Tbilisi, Georgia — all on factors. It is secure to say that my first welcome bonus is lengthy gone.
After I not too long ago transferred my final 36,000 Chase Ultimate Rewards factors out of my account to guide two nights on the Hyatt Regency Vancouver earlier than an Alaska cruise this summer season, I felt fairly points-poor.
It could take some time to construct my stability again to “enterprise class to Europe” ranges — even with beneficiant incomes classes like 5 factors per greenback spent on all journey bought by means of Chase Travel℠, 2 factors per greenback spent on all different journey, 3 factors per greenback spent on eating, choose streaming, on-line groceries and 1 level per greenback on all different purchases.
However then Chase introduced it was elevating the bonus on this card to a record-high 100,000 points after spending $5,000 on purchases within the first three months of account opening.
I knew I needed to take motion.
Associated: Don’t cancel: How to downgrade a Chase credit card
my first step
I had already thought-about signing up for the no-annual payment Chase Freedom Unlimited® (see rates and fees) since I’ve a number of excessive spending classes (vet payments, ugh) that do not match into any bonus classes for the present playing cards in my pockets.
Along with incomes 3% money again on drugstore purchases and restaurant eating in addition to 5% money again on journey bought by means of Chase Journey, the Chase Freedom Limitless affords 1.5% money again on all different purchases.
After I heard in regards to the 100,000 bonus, I downgraded my present Chase Sapphire Most popular to the Freedom Limitless as a substitute of signing up for a brand new card. That method, I might be eligible for a brand new Chase Sapphire Most popular and will earn this historic bonus; not like Amex playing cards, it’s doable to earn a bonus more than once on Chase Sapphire cards.
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Remember that downgrading to the no-annual-fee Chase Sapphire Card (now not open to new purposes) would nonetheless disqualify you.
You will have to comply with a couple of essential guidelines. Here is the step-by-step course of I adopted to downgrade my Chase Sapphire Most popular and join a brand new one for the possibility to earn 100,000 bonus factors.
The knowledge for the Chase Sapphire Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
Associated: Cards offering welcome bonuses of 100,000 points or more
Verify which month your earlier bonus hit
In line with Chase’s 48-month rule, you’ll be able to’t earn a bonus on a Chase card in case you presently maintain that card in your pockets or in case you’ve earned a bonus on that card within the final 48 months. (It is also vital to know that Chase will not allow you to downgrade a card if you have not held it for at the very least 12 months.)
In case you’re questioning, 48 months in the past was Might 2021, proper across the time I used to be getting the primary COVID-19 vaccine.
I’ve solely had one Chase Sapphire Most popular account — which I opened in 2016, lengthy earlier than the pandemic — so I knew I used to be properly exterior the 48-month rule.
However to double-check, you’ll be able to scroll again by means of your statements to see precisely which month your final bonus landed in your account.
Be sure you’re beneath the 5/24 rule
Subsequent up was the 5/24 rule: To ensure that Chase to approve me for a brand new card, I needed to examine that I hadn’t opened 5 or extra private bank cards throughout all banks within the final 24 months.
I used to be assured I used to be properly beneath the 5/24 rule, however to double-check, I logged into my Experian account to examine my credit score historical past and ensure I had solely utilized for 2 new playing cards previously two years.
Unfreeze your credit score if frozen
In case you’ve frozen your credit score to forestall anybody else from opening up new credit score strains in your title, you have to unfreeze your credit score earlier than making use of for a brand new bank card.
Whereas in my Experian account, I rapidly unfroze my credit score in order that after I reapplied, Chase might entry my credit score file. (Chase sometimes makes use of Experian to drag credit score studies, so I did not hassle additionally unfreezing my credit score studies at TransUnion and Equifax, the opposite two credit score bureaus.)
Associated: How to freeze your credit
Name a Chase agent to downgrade
As soon as I had checked all the things was so as, I referred to as the quantity on the again of my Chase card and requested the agent to downgrade my Chase Sapphire Preferred to the no-annual-fee Chase Freedom Limitless.
The primary time I referred to as round 7 p.m. on a weeknight, there was a 15-minute wait to speak to an agent. After I referred to as again the subsequent day round midday, an agent answered after a couple of rings.
Your entire name took six minutes. Along with downgrading me to the Chase Freedom Limitless, the agent confirmed that my Chase Sapphire Most popular annual fee, which I had simply paid in February, could be prorated. Inside a day or so, Chase credited $71.28 again to my account.
The ready sport
Inside moments, my Chase app confirmed the Chase Freedom Limitless card artwork subsequent to my unique card quantity. Though all the things had transitioned and I now not had a Chase Sapphire account inside the app, I made a decision to attend till my new Chase Freedom Limitless card arrived to reapply for a brand new Chase Sapphire Most popular account.
Nonetheless, since this can be a limited-time supply ending quickly, I might act on this as quickly as doable.
Signing up once more
On Friday, April 25, I made a decision I had waited lengthy sufficient and utilized for a brand new Chase Sapphire Preferred. After filling out the brand new card utility, Chase accredited me instantly, and my new card quantity immediately appeared in my Chase app.
Although my new card hasn’t arrived within the mail but, I used to be ready so as to add it to my Apple Pockets so I might begin charging my subway rides to my new account ASAP and begin incomes 2 factors per greenback spent on travel purchases.
Because of the helpful tracker Chase added to my account beneath my new Chase Sapphire Most popular, I can see what I’ve spent towards the $5,000 I have to earn the 100,000 level bonus by July 25.
Backside line
In case you’re desirous to replenish your Chase Final Rewards stability with one other 100,000 factors, it might be value downgrading your Chase Sapphire Preferred to a no-annual-fee card just like the Chase Freedom Limitless so you’ll be able to reapply for a brand new Chase Sapphire Most popular account and earn the limited-time bonus.
Simply make certain you have not earned a Chase Sapphire Most popular bonus inside the final 48 months and have signed up for fewer than 5 new bank cards with any financial institution within the final 24 months.
Associated:
Apply now: Chase Sapphire Preferred