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.
