Upgrade Chase Sapphire Preferred to Reserve to bypass 5/24 rule?

[JakeRogue]

I have a Chase Sapphire Preferred card but after some research I think the Reserve card is definitely worth upgrading to based on my spending/travel habits. I have acquired 7 credit cards since 2016 though so I'm pretty sure that I'm not eligible for another Chase card due to the 5/24 rule. However, I understand that upgrading/downgrading cards are ways to bypass the 5/24 rule. Anybody have any insight into the pros and cons of upgrading my existing card, downgrading my existing card and applying for a new card? Any and all advice appreciated. I currently have 3 Chase products, Sapphire Preferred/Freedom Unlimited/Amazon Rewards.

[Anonymous]

You can do it as long as the CSP is at least a year old. However to get the CSR you need at least a 10K limit on the card. You can either request a CLI which will be a HP or you can move some credit around from your other Chase cards.

[Anonymous]

Someone correct me if I'm wrong but I thought there was laws preventing upgrading a card to one with a higher annual fee.

[simplynoir]

Also of note that probably isn't an issue for you considering your acknowledgment of the 5/24 rule is that if you decide on upgrading your CSP to the CSR you forego the SUB for the CSR.

[dragontears]

The law only prevents the AF from increasing during the first year so once a card is over a year old it can be changed/upgraded to one with a higher AF (assuming the bank has one and your account is otherwise eligible)

[simplynoir]

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@Anonymous wrote:
Someone correct me if I'm wrong but I thought there was laws preventing upgrading a card to one with a higher annual fee.

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Not if the card itself is at least a year old as ALK11 pointed out.

[JakeRogue]

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@simplynoir wrote:

Also of note that probably isn't an issue for you considering your acknowledgment of the 5/24 rule is that if you decide on upgrading your CSP to the CSR you forego the SUB for the CSR.

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From my understanding, since I already have a Chase Sapphire product, I'm not eligible for the SUB. Unless I downgrade my exisiting CSP to another Chase product and then apply for the Chase Sapphire Reserve?

[imaximous]

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@JakeRogue wrote:

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@simplynoir wrote:

Also of note that probably isn't an issue for you considering your acknowledgment of the 5/24 rule is that if you decide on upgrading your CSP to the CSR you forego the SUB for the CSR.

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From my understanding, since I already have a Chase Sapphire product, I'm not eligible for the SUB. Unless I downgrade my exisiting CSP to another Chase product and then apply for the Chase Sapphire Reserve?

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That's right. You'd need to downgrade first, and wait a cycle for the card to post as the new downgraded card so the system recognizes it as such.

Also, you can still get the SUB if haven't got it in the past 2 years. So if your CSP is 2 years old, you can downgrade it. Wait a little and then apply for the CSR and get the SUB. 

If you want to just PC, I'd say the one thing holding you back is the CL at $6k. You'd need $10k.

[FinStar]

Correct, you would not be eligible for the SUB. Since you are in the >5/24 bucket, then the CSR will not be approved (even if you downgrade to CS>FU/F).

Potentially, once you are <5/24 and downgrade CSP, you may qualify for the SUB (as long as you meet the SUB eligibility requirements)

[simplynoir]

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@JakeRogue wrote:

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@simplynoir wrote:

Also of note that probably isn't an issue for you considering your acknowledgment of the 5/24 rule is that if you decide on upgrading your CSP to the CSR you forego the SUB for the CSR.

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From my understanding, since I already have a Chase Sapphire product, I'm not eligible for the SUB. Unless I downgrade my exisiting CSP to another Chase product and then apply for the Chase Sapphire Reserve?

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Correct. As long as it's been 2 years since last receiving the SUB for a Sapphire product you can apply for it again once you downgrade and wait 30-45 days for the changes to take affect. But that involves going to a Chase branch office to get preapprovals through them to override 5/24. I think if your spend fits the CSR more than you're probably better off upgrading I just wanted you to know all your options before you do anything.