Chase Sapphire Card Bonus Rule Update: Once-Per-Lifetime Limit and Its Impact on You
The world of travel credit cards is abuzz with excitement as Chase introduces the updated Chase Sapphire Reserve® and the all-new Sapphire Reserve for Business℠. However, if you're hoping to score a shiny new credit card welcome offer, you'll need to be aware of the new eligibility requirements from Chase. The new rules affect both the non-business Sapphire Reserve and the Chase Sapphire Preferred® Card. Previously, you could earn a welcome bonus on these cards once every 48 months. Now, there's a once-per-lifetime limit. This means you can earn a bonus on the Sapphire Preferred once and on the Sapphire Reserve once, ever.
- If you've earned a bonus on a Sapphire product before, you are not eligible for a sign-up bonus on any Sapphire product.
- If you're a current Sapphire member that's already earned a welcome bonus, you're not eligible for a sign-up bonus on any other Sapphire card.
- If you're a past Sapphire member but no longer have that card, you're eligible for a sign-up bonus on a new Sapphire card you've never had before.
- While you can't earn a sign-up bonus on another Sapphire card as a current cardholder, you can hold both a Sapphire Preferred and Reserve at the same time. You can even go for the trifecta and get the Sapphire Reserve for Business card, too.
- Current Sapphire members can downgrade to a non-Sapphire card and then apply for a new Sapphire card to earn its welcome bonus (as long as it's a Sapphire card they've never earned a bonus on before). It could take a week or two for Chase to no longer recognize you as a Sapphire cardholder after a product change.
- The new guidelines don't affect your eligibility for earning a welcome bonus on the Sapphire Reserve for Business.
The new rules are a mixed bag for consumers. While the 48-month bonus requirements are gone, you can now have more than one Sapphire card if you're not currently holding one. However, there's likely little reason to have both the Sapphire Preferred and Reserve at the same time—especially if you can't earn a welcome bonus on a second Sapphire product. The good news is that the Sapphire Reserve for Business is exempt from most of these rules, so existing or past personal Sapphire cardholders don't have to worry about the new eligibility requirements if applying for the business card.
In summary, while the new rules may be disappointing for some, they do offer some flexibility in terms of holding multiple Sapphire cards and being exempt from some of the rules for the business card. It's always best to check with your bank or credit card provider for the most up-to-date information and to make sure your credit score is in good shape before applying for any new cards.
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