It appears Chase has added a new restriction to their growing list of credit card rules, this time limiting how many Chase Sapphire cards you can hold at any given time.
Specifically, the card issuer is now limiting new applicants to one Chase Sapphire card total.
In other words, if you already have Chase Sapphire or Chase Sapphire Preferred, you can’t apply for the Chase Sapphire Reserve.
Well, you could apply, but you wouldn’t be approved.
Likewise, if you already have Chase Sapphire Reserve and want to go after the equally good opening bonus of 50,000 Ultimate Reward points on Chase Sapphire Preferred, you’ll be denied.
Note: It’s possible to have two Sapphire cards if you applied before this new rule went into effect.
New Chase Sapphire Guidelines
This isn’t a rumor. It is now clearly stated on both the Chase Sapphire Reserve application page and the Chase Preferred application page.
The fine print says the following:
– That the product is available to you only if you don’t have any other Sapphire card
– And that you haven’t received a new cardmember bonus in the past 24 months for any Sapphire card.
So to break that down, if you have any other Chase Sapphire card currently open, you won’t get approved for a second one.
Additionally, even if you don’t have any other active Chase Sapphire cards, if you received a new cardmember bonus on one in the past two years, you’re also ineligible.
Chase goes on to note that existing Sapphire cardholders can call in to see if they’re eligible for a product change. The huge caveat is that you won’t receive a new cardmember bonus if you execute a product change.
In other words, it’s kind of pointless to do a product change, in my opinion, unless you’re downgrading your Chase Sapphire Reserve to the cheaper Sapphire Preferred or the no-fee Sapphire classic edition.
Even then, I don’t love the idea of a product change because it would require you to close the card to get a subsequent Sapphire card in the future.
How to Get a Second Chase Sapphire Card
Now that this new rule is in effect, it’s getting pretty tricky to earn multiple Chase sign-up bonuses, even if you’re under their other dreaded 5/24 rule.
Assuming you have a Chase Sapphire card and want to apply for another one (and actually earn the sign-up bonus), you’ll first need to close your existing Sapphire card.
Then you’ll need to ensure that 24 months have gone by since you last earned a sign-up bonus on a Sapphire card.
This means it’s possible to close a Sapphire card and then quickly apply for a new one, if the bonus was earned at least two years ago.
For example, if you earned a new cardmember bonus on Chase Sapphire Preferred in August 2015, you would technically be eligible for a new bonus today, assuming you closed that card before applying for the second Sapphire card.
But I personally would space it out a bit more in case they try to reopen your old card or something. Or just wonder why you closed one card only to apply for another days or weeks later. Granted different products don’t usually need a reason.
Another, more risky method, is to apply for two Chase Sapphire cards on the same day, at roughly the same time, using two different browsers.
In summary, Chase seems to be cracking down on the churning game, which is making it a lot harder to earn tons of UR points. But there are always options for the savvy.
And I doubt they will get limited because it’s perfectly feasible for a cardholder to open multiple cards for separate businesses they own.