The Chase Sapphire Preferred® Card (see charges and charges) was my first journey bank card. Since I signed up for it in 2016, I have flown to locations like London, Istanbul, Mexico City and Tbilisi, Georgia — all on factors. It’s protected to say that my first welcome bonus is lengthy gone.
When I just lately transferred my final 36,000 Chase Ultimate Rewards factors out of my account to e book two nights at the Hyatt Regency Vancouver earlier than an Alaska cruise this summer time, I felt somewhat points-poor.
It would take some time to construct my stability again to “business 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 point per greenback on all different purchases.
But then Chase introduced it was elevating the bonus on this card to a record-high 100,000 factors after spending $5,000 on purchases in the first three months of account opening.
I knew I had to take motion.
Related: Don’t cancel: How to downgrade a Chase bank card
my first step
I had already thought of signing up for the no-annual payment Chase Freedom Unlimited® (see charges and charges) since I have 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.
In addition to incomes 3% money again on drugstore purchases and restaurant eating in addition to 5% money again on journey bought by means of Chase Travel, the Chase Freedom Unlimited presents 1.5% money again on all different purchases.
When I heard about the 100,000 bonus, I downgraded my present Chase Sapphire Preferred to the Freedom Unlimited as a substitute of signing up for a brand new card. That manner, I could be eligible for a brand new Chase Sapphire Preferred and might earn this historic bonus; in contrast to Amex playing cards, it’s potential to earn a bonus greater than as soon as on Chase Sapphire playing cards.
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Keep in thoughts that downgrading to the no-annual-fee Chase Sapphire Card (not open to new functions) would nonetheless disqualify you.
You’ll want to observe just a few essential guidelines. Here’s the step-by-step course of I adopted to downgrade my Chase Sapphire Preferred and join a brand new one for the probability to earn 100,000 bonus factors.
The info for the Chase Sapphire Card has been collected independently by The Points Guy. The card particulars on this web page haven’t been reviewed or supplied by the card issuer.
Related: Cards providing welcome bonuses of 100,000 factors or extra
Check which month your earlier bonus hit
According to Chase’s 48-month rule, you may’t earn a bonus on a Chase card for those who presently maintain that card in your pockets or for those who’ve earned a bonus on that card in the final 48 months. (It’s additionally vital to know that Chase will not allow you to downgrade a card if you have not held it for not less than 12 months.)
If you are questioning, 48 months in the past was May 2021, proper round the time I was getting the first COVID-19 vaccine.
I’ve solely had one Chase Sapphire Preferred account — which I opened in 2016, lengthy earlier than the pandemic — so I knew I was effectively outdoors the 48-month rule.
But to double-check, you may scroll again by means of your statements to see precisely which month your final bonus landed in your account.
Make positive you are beneath the 5/24 rule
Next up was the 5/24 rule: In order for Chase to approve me for a brand new card, I had to verify that I hadn’t opened 5 or extra private bank cards throughout all banks in the final 24 months.
I was assured I was effectively beneath the 5/24 rule, however to double-check, I logged into my Experian account to verify my credit score historical past and verify I had solely utilized for 2 new playing cards in the previous two years.
Unfreeze your credit score if frozen
If you’ve got frozen your credit score to stop anybody else from opening up new credit score traces in your title, you will need to unfreeze your credit score earlier than making use of for a brand new bank card.
While in my Experian account, I rapidly unfroze my credit score in order that when I reapplied, Chase might entry my credit score file. (Chase sometimes makes use of Experian to pull credit score experiences, so I did not hassle additionally unfreezing my credit score experiences at TransUnion and Equifax, the different two credit score bureaus.)
Related: How to freeze your credit score
Call a Chase agent to downgrade
Once 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 Unlimited.
The first time I referred to as round 7 p.m. on a weeknight, there was a 15-minute wait to speak to an agent. When I referred to as again the subsequent day round midday, an agent answered after just a few rings.
The complete name took six minutes. In addition to downgrading me to the Chase Freedom Unlimited, the agent confirmed that my Chase Sapphire Preferred annual payment, which I had simply paid in February, could be prorated. Within a day or so, Chase credited $71.28 again to my account.
The ready sport
Within moments, my Chase app confirmed the Chase Freedom Unlimited card artwork subsequent to my unique card quantity. Even although all the things had transitioned and I not had a Chase Sapphire account inside the app, I determined to wait till my new Chase Freedom Unlimited card arrived to reapply for a brand new Chase Sapphire Preferred account.
However, since this can be a limited-time offer ending quickly, I would act on this as quickly as potential.
Related: Chase says the excellent Sapphire Preferred 100,000-point offer is ‘ending quickly’ — this is what which will imply
Signing up once more
On Friday, April 25, I determined I had waited lengthy sufficient and utilized for a brand new Chase Sapphire Preferred. After filling out the new card utility, Chase accredited me instantly, and my new card quantity immediately appeared in my Chase app.
Though my new card hasn’t arrived in the mail but, I was in a position to add it to my Apple Wallet so I might begin charging my subway rides to my new account ASAP and begin incomes 2 factors per greenback spent on journey purchases.
Thanks to the helpful tracker Chase added to my account beneath my new Chase Sapphire Preferred, I can see what I’ve spent towards the $5,000 I want to earn the 100,000 point bonus by July 25.
Bottom line
If you are keen to replenish your Chase Ultimate Rewards stability with one other 100,000 factors, it may very well be price downgrading your Chase Sapphire Preferred to a no-annual-fee card like the Chase Freedom Unlimited so you may reapply for a brand new Chase Sapphire Preferred account and earn the limited-time bonus.
Just be certain you have not earned a Chase Sapphire Preferred bonus inside the final 48 months and have signed up for fewer than 5 new bank cards with any financial institution in the final 24 months.
Related:
Apply now: Chase Sapphire Preferred
