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Got a Chase Sapphire Preferred + Private Client, should/can I upgrade to reserve with success?

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Got a Chase Sapphire Preferred + Private Client, should/can I upgrade to reserve with success?

I have been eyeing an upgrade from the Preferred to Reserve due to the perks and benefits of travel (travel A LOT for work) and usually spend ~$3-4K a month, which is all paid off in time (i only keep ~10% credit utilisation by month end, so I prepay my card before they send the report to the bureaus). 

Credit score: ~720s (but only have ~9months history - newly immigrated to US)

Chase status: Private Client with ~$500k in assets with them

Credit limit with Preferred: $10K, with no month end balance ever being >$1K despite regular spend

Total limit: $12K (a bunch of secured ccs, the preferred is my only unsecured)

Length of holding Preferred: 7 months.

Household income: ~$400k

 

Should I request for an upgrade to a Reserve? What are my chances? 

 

Message 1 of 8
7 REPLIES 7
Valued Contributor

Re: Got a Chase Sapphire Preferred + Private Client, should/can I upgrade to reserve with success?

When your CSP hit 1 year, you can call Chase to upgrade it to the CSR. They cannot upgrade it prior to 1 year due to the Card Act. 

Currently: Gardening since 12/29/2019


Message 2 of 8
Valued Contributor

Re: Got a Chase Sapphire Preferred + Private Client, should/can I upgrade to reserve with success?


@Benz1830 wrote:

I have been eyeing an upgrade from the Preferred to Reserve due to the perks and benefits of travel (travel A LOT for work) and usually spend ~$3-4K a month, which is all paid off in time (i only keep ~10% credit utilisation by month end, so I prepay my card before they send the report to the bureaus). 

Credit score: ~720s (but only have ~9months history - newly immigrated to US)

Chase status: Private Client with ~$500k in assets with them

Credit limit with Preferred: $10K, with no month end balance ever being >$1K despite regular spend

Total limit: $12K (a bunch of secured ccs, the preferred is my only unsecured)

Length of holding Preferred: 7 months.

Household income: ~$400k

 

Should I request for an upgrade to a Reserve? What are my chances? 

 


Welcome to the USA and My FICO Forums!

You have a very interesting ... and quite unique ... profile.

Your credit file is very thin and young.

However, your income and assets are very high.

It helps **A LOT** that you have half a million invested with Chase.

It helps **A LOT** that you already have a CSP with $10K limit which is the minimum for CSR as a Visa Infinite.

Most people who have CSP have other unsecured cards, but most probably don't have the assets and income you have either.

 

Normally, with your credit file alone, I would say "no way" and would not have even suggested you apply for CSP.  What tips the equation and I'm sure what got you the CSP with your credit profile was the income and assets with Chase.  So, I think there is a great chance they would approve it under the circumstances. 

 

I've done the math and really, CSP appears to only be beneficial for a small segment of the population compared to the CSR.  With the $300 travel credits and other perks, the difference in the AF is minimal.  Then depending on your spending and with the 50% vs 25% UR point bonus, it can actually become cheaper to hold rather than being more expensive.  It certainly sounds like in your case, that would be true. I would highly recommend the CSR for your profile. 

 

The only complication that I see is that some issuers will not product change (PC) a card for a period of time.  Since the annual fee is rising from $95 to $450 with that change, I'm not sure if you might have to wait until the card is one year old before they will convert it.   (There were restrictions put on banks after the 2009 CARD act that was designed to protect consumers from credit card abuses and changes.)

 

My suggestion:  If you want it, go for it!  If the PC is not available until 12 months has elapsed, Chase will tell you and you can call them back then. 

 

Good luck and keep us posted!

 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 3 of 8
Moderator

Re: Got a Chase Sapphire Preferred + Private Client, should/can I upgrade to reserve with success?

Previous replies are 100% correct.  You should have zero problems product changing to CSR when your card has been opened for 1 year.  Federal law (The CARD Act) prohibits increase in AFs in the first year of any personal account being opened.

Message 4 of 8
Senior Contributor

Re: Got a Chase Sapphire Preferred + Private Client, should/can I upgrade to reserve with success?

I've heard Private Client Direct allows someone to apply for JPM Reserve.

 

I'm not sure if $1M is still the minimum for JPM PCD, but if OP has other assets to move to JPM then JPMR might be an option? Or does having CSR/CSP prevent someone from getting a JPMR?

Spend: BofA Premium, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Marriott Brilliant, Delta Platinum
SD/AAoA Ballast: Arrival, CFU, DC, ED
Downgrading in 2020: BCP, Savor
May eventually add: 100k Platinum (for a year, then PC to Gold), BofA Cash Rewards, Virgin Atlantic.
Message 5 of 8
Valued Contributor

Re: Got a Chase Sapphire Preferred + Private Client, should/can I upgrade to reserve with success?


@wasCB14 wrote:

I've heard Private Client Direct allows someone to apply for JPM Reserve.

 

I'm not sure if $1M is still the minimum for JPM PCD, but if OP has other assets to move to JPM then JPMR might be an option? Or does having CSR/CSP prevent someone from getting a JPMR?


What I've read about the JP Morgan Reserve card (formerly Palladium) is that it requires substantially more than $500K, more like about $10 Million according to several online articles I've read.  Ironically, it looks like the card itself is the only perk however, above what the CSR offers.  Other than that (unless there are some 'secret' perks they don't disclose except to cardholders) the terms and benefits are the same.   Maybe some of our super-wealthy members can comment?  Smiley LOL  We probably have few if any here that are that wealthy.




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 6 of 8
Senior Contributor

Re: Got a Chase Sapphire Preferred + Private Client, should/can I upgrade to reserve with success?


@Aim_High wrote:

@wasCB14 wrote:

I've heard Private Client Direct allows someone to apply for JPM Reserve.

 

I'm not sure if $1M is still the minimum for JPM PCD, but if OP has other assets to move to JPM then JPMR might be an option? Or does having CSR/CSP prevent someone from getting a JPMR?


What I've read about the JP Morgan Reserve card (formerly Palladium) is that it requires substantially more than $500K, more like about $10 Million according to several online articles I've read.  Ironically, it looks like the card itself is the only perk however, above what the CSR offers.  Other than that (unless there are some 'secret' perks they don't disclose except to cardholders) the terms and benefits are the same.   Maybe some of our super-wealthy members can comment?  Smiley LOL  We probably have few if any here that are that wealthy.


JPM split into Private Bank and Private Client Direct tiers. PB does require $10M.

 

But I heard PCD, with less service and a lower minimum (the current exact figure unknown to me), still allows one to apply for JPMR.

 

At one point JPMR included a United Club membership, not sure if it still does.

 

I moved everything to discount brokerages and have no assets at Chase (as a minor, I had an account with Bear Stearns which Chase took over). But sometimes I've called the number on the back of a card and the rep would immediately insist on transferring me to the Executive team. So customer service beyond CSR is one feature.

Spend: BofA Premium, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Marriott Brilliant, Delta Platinum
SD/AAoA Ballast: Arrival, CFU, DC, ED
Downgrading in 2020: BCP, Savor
May eventually add: 100k Platinum (for a year, then PC to Gold), BofA Cash Rewards, Virgin Atlantic.
Message 7 of 8
Moderator

Re: Got a Chase Sapphire Preferred + Private Client, should/can I upgrade to reserve with success?

AFAIK, and from the last reported DPs, PCD is currently not a pathway or workaround for the JPM Reserve. It's only offered to PB clients, typically by invitation.

There are very limited exceptions to obtaining the JPM Reserve that are not published publicly (for the right reasons).
Message 8 of 8
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