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UPDATE: The Chase Sapphire card is no longer available for new applicants.
Last Friday I posted that there were some changes coming to three different Chase credit cards – Chase Sapphire Preferred, Chase Sapphire, and Chase Freedom. While speaking to a branch representative, I was told that the Chase Sapphire card was going away on November 17. That means the card would still stay valid for existing cardholders, but would not be available for new applicants.
This was the first I heard of it and the following day a different representative at my local Chase told me the same thing. I still have not read any other reports that this is true, so I am not 100% sure. While I did hear this from two different people, they both worth at the same branch so you never know. However, I do know for a fact something is changing with this card – but it could be something simply as a marketing bullet changing.
While I do not want to bring a scare around this card, there is definitely a chance that today is the last opportunity to apply for this card if you were thinking about it. Keep in mind that this is the regular Chase Sapphire card, NOT the Chase Sapphire Preferred card. FYI – The Chase Sapphire Preferred credit card sign up bonus is changing their minimum spend requirement, instead of spending $3,000 to earn the 40,000 bonus points, starting tomorrow November 17, you must spend $4,000 to earn the same bonus. The Chase Freedom credit, however, is upping it’s sign up bonus so stay tuned for more information on that tomorrow!
This is essentially the no annual fee version of the preferred card, but with not as many benefits. While you still get 2x points at restaurants, you only get 1x point on travel (with the Preferred version you get 2x points on travel). With this card you are also not able to transfer your points to partner loyalty programs. Instead their points can be used as cash back or through Chase’s Ultimate Rewards travel portal. However, if you have a Chase Sapphire Preferred, Chase Ink Plus, or Chase Ink Bold, you can transfer your points from your Chase Sapphire account to one of those three accounts and then transfer your points directly to a partner loyalty program. Since this card comes with no annual fee, you can always get this card to start accruing Chase Ultimate Reward points, and then later on apply for one of the premier accounts to transfer your points to a partner loyalty program.
The Chase Sapphire card sign up offer gives you 10,000 bonus points when you spend $500 on purchases in the first 3 months from account opening, plus an additional 2,500 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening. So if you use the points as cash back or through the shopping portal, 10,000 points equals a cut and dry $100. If you are able to transfer them ultimately to a partner loyalty program, I would personally value the points at about $200. You can learn more about Chase Ultimate Reward points by reading this prior blog series.
Has anyone else heard anything about this credit card being closed to new applicants?
- Chase Sapphire – 10,000 bonus points when you spend $500 on purchases in the first 3 months from account opening, plus an additional 2,500 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening; no annual fee. UPDATE: This card is no longer available.
- Chase Sapphire Preferred – 40,000 bonus points with $4,000 spend in 3 months plus an additional 5,000 points after adding an authorized user and the user makes a purchase within the first 3 months of account opening; Introductory annual fee of $0 the first year, then $95
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