I’m the proud owner of a shiny new Chase Sapphire Reserve card! Nothing groundbreaking in the post below, but I just got the reconsideration approval, so I thought I’d share my process.
The 1.5 cent cashout option from Chase caught my attention and I decided to upgrade my Sapphire to the Sapphire Reserve. Noticing that I haven’t gotten a Sapphire bonus in more than 48 months, I opted to product change the Sapphire card into a Freedom card (my second Freedom card), and apply fresh for a Sapphire Reserve card with its 50,000 points signup bonus.
For some background, I’m under 5/24, and my Chase cards don’t have much recent use, other than my Chase Amazon card which is used mostly for organic Amazon purchases. Additionally, I am a Sapphire Banking customer, having just completed the $1,000 Sapphire Banking bonus with some cash I have sitting waiting for a specific purpose. Because of these factors, I felt pretty good about my odds of getting the card, despite the fact that many banks are restricting approvals right now to only the most qualified.
(You may remember from my post a few weeks ago: While going for this Sapphire Reserve card, I tested out how long it takes for the Sapphire system to ‘clear you out’ of being a Sapphire cardholder and allow applying for a new Sapphire card. Remember, you can not apply for a Sapphire card when you hold any Sapphire branded card. At the time, I wrote that you might need to wait as long as 30 days, based on what the recon team suggested, but in the end I was able to be approved in less than 30 days. Based on various data points, it seems just a few-day wait is long enough. I’d guess 3 business days is safe, but likely worth waiting a week or two when you can.)
A few days after applying, I got a call from the fraud department to verify my identity with a text. I seemed to remember the verification being a final step in approval (maybe it’s that way with other banks) which gave me some optimism that it was only a matter of time until getting approved. Yet, a few days later, I got an electronic letter from Chase indicating they denied me for the new card, “Too many requests for credit or opened accounts with us.” Bummer.
I do have a few Chase cards, but I haven’t applied for a Chase card in quite some time other than my multiple attempts to apply for this Sapphire Reserve card (see above). Hopeful to get the denial overturned upon appeal, I called into the Chase reconsideration line. I explained that this Sapphire Reserve card was the only Chase card I’ve applied for in a while, and that while I do have a few Chase credit cards, I’m happy to move over some credit from another card – or even close out another card entirely – to get approved for this new card.
The helpful gentleman did some research, verification, asked some questions, etc. He then asked me why I wanted this card given that my existing Chase cards are not getting much use. I explained I’d heard about the new Payback Feature which would allow me to get my groceries rebated, and I was interested in that feature, so I wanted the Sapphire Reserve card, specifically. (As a general rule in life, I find it useful to have an easy, non-detailed answer ready for an anticipated question.)
He then suggested that I move over some credit from the large credit line on another card to which I happily agreed. Yay, approved! He mentioned that the Sapphire Reserve, being a premium card, would get expedited automatically, and I should get it soon.
