Chase is currently offering some temporary benefits for the Chase Sapphire Reserve & Preferred. The biggest is the ‘Pay Yourself Back’ feature that allows you to convert Chase Ultimate Rewards points for 1.25¢/1.5¢ per point for the following purchases:
- Grocery Stores
- Dining (includes restaurants, takeout, and eligible delivery services)
- Home improvement stores, such as Home Depot and Lowe’s
Yesterday we looked at whether it made sense to upgrade from the Chase Sapphire Preferred to the Chase Sapphire Reserve. It’s also important to remember that Chase Freedom, Chase Freedom Unlimited & Chase Slate cards can all be upgrade to the Chase Sapphire Preferred/Reserve cards. Your card needs to have been open for at least 12 months before a product change of this type is allowed, no hard pull is done, you keep your credit history and your Chase 5/24 status is not changed either. You do need a $5,000 credit limit for the Preferred and $10,000 for the Reserve.
At this stage there seems to be conflicting reports of whether a $450 or $550 annual fee will be charged when upgrading to the Chase Sapphire Reserve, so it’s worth checking before completing this upgrade. Remember that the $300 travel credit on the Sapphire Reserve is much easier to use at the moment as grocery store and gas station purchases will be credited.
