If you already have a Chase Sapphire card and were itching to get another, a new policy from the issuer just threw a wet blanket on that idea.
Chase’s policy, now included in its Sapphire card agreements, prevents cardholders from applying for multiple cards in the Chase Sapphire family. This includes the Chase Sapphire — which is no longer taking new applications online — the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve®. Chase confirmed that the rule was implemented on Aug. 27. It mostly prevents cardholders from collecting multiple large sign-up bonuses.
In addition, the Sapphire cards are still subject to Chase’s 5/24 rule, which makes it harder for people who have recently applied for several credit cards to get approved for one.
Here’s what the “One Sapphire Card” rule means for you:
If you have a Sapphire card: You can’t get another
You might want multiple Sapphire cards for the big sign-up bonuses, which you can move between your accounts and redeem from whichever offers the best point value. Now you won’t be able to do that — at least not with the Sapphire cards. However, you can still move points from the Chase Freedom® or the Chase Freedom Unlimited® to your Sapphire card to get a higher redemption value.
If you already have multiple Sapphire cards: You won’t be affected
This rule will be implemented going forward, Chase confirms. If you already have multiple Sapphire cards, you can continue using them. You just can’t apply for more.
If you’re trying to upgrade or downgrade a Sapphire card: You won’t earn a welcome bonus
If you’ve had a change of heart — or a change of spending habits — and want to turn your Chase Sapphire Preferred® Card into a Chase Sapphire Reserve®, you might still be eligible to make the switch, but you won’t collect a sign-up bonus. Call Chase’s customer service line if you want to change products.
If you’ve closed a Sapphire account recently: You might not qualify for a new card
Under Chase’s new policy, cardholders who’ve earned a sign-up bonus within the last 24 months won’t be eligible for a new Sapphire card — even if their previous Sapphire card has since been closed. Before you close an account, make sure you really want to go through with it. You might not qualify for a new Sapphire card right away if you change your mind.