Cancel Chase Sapphire Preferred and Reapply?

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Leesbro63
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Cancel Chase Sapphire Preferred and Reapply?

Post by Leesbro63 »

My son says he cancelled his 5 year old Chase Sapphire Preferred card and the same day applied for and was approved for a new card with the new 100,000 UR points bonus. I'm reluctant to do this, but it seems like decent money for nuthin', more or less. What might I be missing?
Da5id
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Re: Cancel Chase Sapphire Preferred and Reapply?

Post by Da5id »

Leesbro63 wrote: Sun Jul 25, 2021 12:00 pm My son says he cancelled his 5 year old Chase Sapphire Preferred card and the same day applied for and was approved for a new card with the new 100,000 UR points bonus. I'm reluctant to do this, but it seems like decent money for nuthin', more or less. What might I be missing?
Assuming you meet all Chase's rules (5/24, 48 months since last Chase Sapphire XXX bonus), the only real risk is that they will decline to give you a new card. So if you would have re-upped your CSP and try this, you may not have one. Which is always possible I guess, hard to say how likely it is?
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RickBoglehead
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Re: Cancel Chase Sapphire Preferred and Reapply?

Post by RickBoglehead »

I think you're missing that your son's information is possibly inaccurate. He's saying he cancelled the card, and then applied for the exact same card that day and got it. That makes no sense. For one thing, there is a 48 month wait period on getting another bonus.
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galawdawg
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Re: Cancel Chase Sapphire Preferred and Reapply?

Post by galawdawg »

RickBoglehead wrote: Sun Jul 25, 2021 12:03 pm I think you're missing that your son's information is possibly inaccurate. He's saying he cancelled the card, and then applied for the exact same card that day and got it. That makes no sense. For one thing, there is a 48 month wait period on getting another bonus.
OP said her son's CSP was five (5) years old. So the forty-eight (48) month wait would not be an issue unless he had another Chase card for which he received a bonus in the past forty-eight (48) months. It is forty-eight (48) months from new card bonus to new card bonus, not forty-eight (48) months from card closure to new card bonus.
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ResearchMed
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Re: Cancel Chase Sapphire Preferred and Reapply?

Post by ResearchMed »

Leesbro63 wrote: Sun Jul 25, 2021 12:00 pm My son says he cancelled his 5 year old Chase Sapphire Preferred card and the same day applied for and was approved for a new card with the new 100,000 UR points bonus. I'm reluctant to do this, but it seems like decent money for nuthin', more or less. What might I be missing?
Did he have any Chase awards/points remaining linked to that card?
Does he have another Chase card?
If not, did those awards/points disappear when that card was closed?

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Pdxnative
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Re: Cancel Chase Sapphire Preferred and Reapply?

Post by Pdxnative »

You don’t need to cancel the card, just convert it to something like a freedom. Most people say to wait a bit, like a few days to a week, before then applying for another CSP. I don’t know how important the wait is.
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Leesbro63
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Re: Cancel Chase Sapphire Preferred and Reapply?

Post by Leesbro63 »

galawdawg wrote: Sun Jul 25, 2021 12:08 pm
RickBoglehead wrote: Sun Jul 25, 2021 12:03 pm I think you're missing that your son's information is possibly inaccurate. He's saying he cancelled the card, and then applied for the exact same card that day and got it. That makes no sense. For one thing, there is a 48 month wait period on getting another bonus.
OP said her son's CSP was five (5) years old. So the forty-eight (48) month wait would not be an issue unless he had another Chase card for which he received a bonus in the past forty-eight (48) months. It is forty-eight (48) months from new card bonus to new card bonus, not forty-eight (48) months from card closure to new card bonus.
This!
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Leesbro63
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Re: Cancel Chase Sapphire Preferred and Reapply?

Post by Leesbro63 »

Pdxnative wrote: Sun Jul 25, 2021 12:35 pm You don’t need to cancel the card, just convert it to something like a freedom. Most people say to wait a bit, like a few days to a week, before then applying for another CSP. I don’t know how important the wait is.
I really like this idea better. Thank you.
BHawks87
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Re: Cancel Chase Sapphire Preferred and Reapply?

Post by BHawks87 »

galawdawg wrote: Sun Jul 25, 2021 12:08 pm
RickBoglehead wrote: Sun Jul 25, 2021 12:03 pm I think you're missing that your son's information is possibly inaccurate. He's saying he cancelled the card, and then applied for the exact same card that day and got it. That makes no sense. For one thing, there is a 48 month wait period on getting another bonus.
OP said her son's CSP was five (5) years old. So the forty-eight (48) month wait would not be an issue unless he had another Chase card for which he received a bonus in the past forty-eight (48) months. It is forty-eight (48) months from new card bonus to new card bonus, not forty-eight (48) months from card closure to new card bonus.
I don't think this is true. I think the 48 month wait is between Sapphire cards (preferred or reserve). I opened up a Freedom Unlimited and Freedom within like 3 months of each other and got both bonuses.
benihanna
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Re: Cancel Chase Sapphire Preferred and Reapply?

Post by benihanna »

galawdawg wrote: Sun Jul 25, 2021 12:08 pm
RickBoglehead wrote: Sun Jul 25, 2021 12:03 pm I think you're missing that your son's information is possibly inaccurate. He's saying he cancelled the card, and then applied for the exact same card that day and got it. That makes no sense. For one thing, there is a 48 month wait period on getting another bonus.
OP said her son's CSP was five (5) years old. So the forty-eight (48) month wait would not be an issue unless he had another Chase card for which he received a bonus in the past forty-eight (48) months. It is forty-eight (48) months from new card bonus to new card bonus, not forty-eight (48) months from card closure to new card bonus.
This is only true for the Sapphire product family and is 24 months for Freedom or Ink.
Da5id
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Re: Cancel Chase Sapphire Preferred and Reapply?

Post by Da5id »

BHawks87 wrote: Sun Jul 25, 2021 5:12 pm
galawdawg wrote: Sun Jul 25, 2021 12:08 pm
RickBoglehead wrote: Sun Jul 25, 2021 12:03 pm I think you're missing that your son's information is possibly inaccurate. He's saying he cancelled the card, and then applied for the exact same card that day and got it. That makes no sense. For one thing, there is a 48 month wait period on getting another bonus.
OP said her son's CSP was five (5) years old. So the forty-eight (48) month wait would not be an issue unless he had another Chase card for which he received a bonus in the past forty-eight (48) months. It is forty-eight (48) months from new card bonus to new card bonus, not forty-eight (48) months from card closure to new card bonus.
I don't think this is true. I think the 48 month wait is between Sapphire cards (preferred or reserve). I opened up a Freedom Unlimited and Freedom within like 3 months of each other and got both bonuses.
Yep. According to https://creditcards.chase.com/rewards-c ... re/reserve
This product is available to you if you do not have any Sapphire card and have not received a new cardmember bonus for any Sapphire card in the past 48 months
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