Product Change To The Chase Sapphire Reserve – Is It Worth It?

Introduction

It’s currently possible to apply for the new Chase Sapphire Reserve card at Chase branches, the online links should go live sometime on Monday. It isn’t 100% clear if 5/24 is applying or not (most likely is, but might not be hardcoded). If it does apply, then a lot of people won’t be eligible for this card due to that 5/24 rule. But there is another way to get this card and that’s by doing a product change from another Chase card you already have.

Is It Possible?

I’ve confirmed that doing a product change to this new card is now possible. To be eligible you need to have one of the following cards, and it must have been open for at least one year:

Additionally your card needs to have a minimum credit limit of at least $10,000. If you don’t have a $10,000 limit on the card you want to product change, then remember you can reallocate your credit limit with Chase.

Is It Worth It?

That really depends on your own unique circumstances. By doing a product change you won’t be eligible for the 100,000 point sign up bonus, but you’ll receive all the benefits such as:

  • Annual fee of $450, not waived the first year
  • Authorized user fee of $75 per year
  • Card earns at the following rates:
    • 3x points per $1 spent on travel & dining worldwide
    • 1x point per $1 spent on all other purchases
  • $300 annual travel credit (click here to read more about it)
  • Points are worth 50% more (1.5¢) when you redeem them for travel through Chase Ultimate Rewards
  • Visa infinite benefits (excluding $100 airfare discount)
  • No foreign transaction fees
  • Priority Pass Select lounge membership
  • Global Entry or TSA PreCheck credit of up to $100
  • Points can be transferred to Chase travel partners
  • Access to exclusive events and experiences

I think the main things to consider is the $450 annual fee and $300 in annual travel credits. If you consider those travel credits as cash, then you’d be “making” $150. Personally I’d probably give those travel credits a 20% discount and that means you’d only be making $30. The other nice thing is that all of your Chase points are worth an extra 0.5¢ (or 0.3¢ if you have the Chase Sapphire Preferred) and you earn 3x points on travel and dining.

The other thing you need to keep in mind is the value of the card you’re product changing from. For example if you do a product change from the Chase Freedom, then you’ll be losing out on 5x rotating categories, Chase Freedom Unlimited and you’re missing out on 1.5x everywhere.

Our Verdict

Personally I’d wait for the dust to settle a little bit before doing a product change. I think it probably makes the most sense for people that pay the annual fee on the Chase Sapphire Preferred, at least for the first year to double dip on those travel credits. Let me know what your thoughts on product changing to this card are in the comments below.

Update: According to this comment you’ll also receive a prorated refund if you’ve paid the annual fee on the CSP.

 

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Vincent Jimenez
Vincent Jimenez (@guest_437523)
July 11, 2017 10:25

Also, rep said that if I PC my CSP to CSR today and in the future I want to apply for the CSR, I cant have two CSR and I would have to cancel or change it, then wait after 2 years after cancelling or changing that CSR( not from when I originally changed my CSP to CSR, but from when in the future I would cancel or downgrade the CSR). At this point, since I dont want to be hit with two annual fees, I’ll just probably not apply for any new cards as I will be under 5/24 in 1 year. Chase is really playing hard to get. Any new DP on prorating annual fees?

Vincent Jimenez
Vincent Jimenez (@guest_437519)
July 11, 2017 10:18

I just called Chase today to product change my CSP to CSR, my annual fee on CSP hit on June 1 and they said they dont prorate annual fee on CSP, i would have until July 3rd to have changed. So I will be hit with two annual fees. Didnt do PC and they said I may want to just keep the CSP and apply for CSR. I am over 5/24, so im SOL for now. I wasnt able to ask when the annual fee on Reserve would hit I assumed on day 1 from one of the comments here.

Pal
Pal (@guest_298470)
September 23, 2016 18:31

Any update on when the Annual Fee was charged after product change? I spoke to CSR and they said it could be charged anytime before 6 Months from product change.

Clem
Clem (@guest_291018)
September 2, 2016 06:22

Thanks for all the advice! I am at 6/24 so my application was rejected. However, I was thinking of doing like others mentioned: product change from my CSP to CSR, and when I am under 5/24 (which should be in April next year), downgrade CSR to Freedom U and re-apply for CSR. I am just wondering: are we sure that this can work? I suspect that many others will have the same idea and that Chase might crack down on this too by not allowing you to get the bonus if you’ve ever had the product, or something like that. Thoughts?

Shyam
Shyam (@guest_290177)
August 31, 2016 13:23

Was able to PC from my 3 year old CSP to CSR with reallocating some of my credit line from SW Premier card.
Got confirmation that the CSP annual fee will be pro-rated and refunded.

M R
M R (@guest_286700)
August 22, 2016 16:30

I’m likely to upgrade my CSP to CSR, so I messaged today about the PC and the AFs. My CSP AF was applied less than 30 days ago, but they confirmed it would be refunded and the new CSR AF applied. Just some info for those curious.

Ryan
Ryan (@guest_286527)
August 22, 2016 10:47

5/24 nonsense preventing me from getting approved for CSR. This is the first time is affected me. Instead of putting nearly all my monthly spend on Chase cards for the past few years I’m going to try to move it all away from Chase. I really don’t believe a newly launched product should be under 5/24. I’ve been putting $3-4k of hotel and airline purchases on my Prestige card every month for the past couple months and was hoping to move that to CSR but I’m not willing to product change and forgo the bonus. It’s just not worth it without the bonus for me.

Matt
Matt (@guest_286611)
August 22, 2016 13:43

I am 9/24 so I’m just going to product change my CSP to the CSR. For anyone who has a large amount of UR points its a no brainer. I have close to 500,000 so that’s an easy $1,250 going from 1.25 to 1.50. Once I fall below the 5/24 I can PC back down to the CSP and reapply for the CSR and get the bonus that’s being offered at the time.

Ryan
Ryan (@guest_286627)
August 22, 2016 14:02

That may be true for you, but I transfer all of my UR points to airline and hotel programs instead of redeeming them for travel through Chase. I’m glad you’ll be able to make use of the product change for your situation!

MH
MH (@guest_286613)
August 22, 2016 13:48

Chase no doubt disagrees its nonsense. from their point of view the clamp down on churners/rewards seekers for the year or so. Now they’re offering a premium card with double the usual bonus to drive apps, and it seems to be working. Look at how many FTers are applying at 1-2-3 cards in 24 months and posting about it.

VM
VM (@guest_286518)
August 22, 2016 10:39

Is it possible to PC freedom to CSR while you already have CSR? I mean having two CSR.

Dan
Dan (@guest_286386)
August 22, 2016 04:12

Chuck,

I need your honest opinion. I have the Freedom, Sapp Pref, InkPlus, Ink Cash (all opened before 24 months). Would you open the Chase Reserve card first, then the Chase Freedom Unlimited? I’ve been wanting to get the Freedom Unlimited, but wanted to hear your thoughts. Will Chase approve multiple card applications in the same month?

Mh
Mh (@guest_286406)
August 22, 2016 07:10

I’m not Chuck but i would apply for thr Reserve and he Unlimited. I would then PC the CSP to second Freedom, and if you’re not maxing out the Ink Plus downgrade it to an Ink Cash.
You’ll have two Freedoms for the good quarters, two Inks for 200K + points, and save $190 in fees to use on the Reserve.

Dan
Dan (@guest_286422)
August 22, 2016 08:48

Thanks. Is it better odds of getting approved via online app or at the branch, or is it the same?

ikaveh
ikaveh (@guest_286379)
August 22, 2016 03:11

I read somewhere some people are considering to apply in November to do a “tripple dip”
I am assuming they meant using 300$ credit for 3 times and paying only one AF, but how can they use it 3 times?

VM
VM (@guest_286514)
August 22, 2016 10:37

That’s not correct. Chase doesn’t prorate AF but they do refund within 60 days or even 180 days for some cards

ikaveh
ikaveh (@guest_286639)
August 22, 2016 14:21
  VM

So thats why the want to apply in late November to cancel in the late January in 2018 and get refunded for the second AF while taking 3 time 300$?
Will it work?

VM
VM (@guest_286769)
August 22, 2016 19:19

Why not?