Chase Putting Further Restrictions on the Sapphire Preferred and Reserve Cards

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Unfortunately, banks are getting stricter and stricter on people earning sign up bonuses. Previously, Chase put together a “5/24” rule where if you’ve been approved for 5 or more cards in the past 24 months you will not be approved (although there are some caveats). Then they stopped allowing you to get multiple cards in the same “family”, i.e., if you already had the Chase Sapphire Preferred, you couldn’t get the Chase Sapphire Reserve. They want card applicants who are going to be long term card members, not members who are solely signing up for the sign up bonus and will then cancel soon after. While it makes sense from the issuers perspective, it is not great news for the points and miles enthusiast!

Well, it looks like another restriction was just put in place! Chase will not longer approve you if you’ve received the sign up bonus offer in the past 48 months for both the Chase Sapphire Preferred and Chase Sapphire Reserve credit cards. It used to be a 24 month restriction so they are now doubling the time frame. I personally think a 4 year time frame is quite long and hope other cards do not follow, but I am assuming that will eventually be the new trend.

While these restrictions were put into affect immediately, there are fortunately still working still for the Chase Sapphire Preferred and the Chase Sapphire Reserve that still have the 24 month language! If you are looking to apply for either card in the near future and would be restricted by the 48 month rule, I suggest applying now as I have no idea how long the links with the 24 month rule will be around. Make sure when you apply for either offer regardless of where you find the link to check the “Offer Details” page and make sure it has the 24 language and not the 48 month language – there are some links out there with the 48 month restrictions.

The Chase Sapphire Preferred is one of my favorite overall travel credit cards, especially for those starting out in the points and miles world. It is a very straight forward card and the annual fee is waived the first year, which is great I also LOVE earning Ultimate Reward points. I actually love all the Chase Ultimate Reward credit cards for various reasons and you can see which one works best for you here.

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5 years ago

Ive had my CSP for over four years, I’m thinking of canceling now as husband has one. I’m under 5/24. If I cancel today, when may I reapply?

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