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As so many bloggers – including myself – reported the other day, there is an increased offer by Chase for the Chase Sapphire Preferred Visa Card – 50,000 Ultimate Rewards points (plus an additional 5,000 points for an authorized user), with a $3,000 spend requirement. The annual fee of $125 is waived for the first year. The usual offer is 40,000 points with an annual fee of $95, also waived the first year.
Many people postulated that the new offer might be considered a “new” or “different” product because of the increased annual fee. If considered a new product then one could conceivably apply for a second CSP and get a second sign on bonus…..
I have two Chase Sapphire Credit Card products. First, I have a Chase Sapphire Visa – this is the free, non “preferred” credit card. It was formerly a Chase Sapphire Preferred Visa, but I downgraded it a few months ago. Second, I have a Chase Sapphire Preferred Mastercard (I was one of the last people to get the CSP Mastercard – see my post HERE).
I wasn’t going to apply for this new offer, but then decided to give it a shot – by no means confident that I’d succeed.
Monday night, I applied online. I hit “submit” and the response was that the application was pending.
The next day, Tuesday, I phoned Chase. I was told that my application was denied. I was informed that Chase didn’t even run a credit check because I already had the product. I said I needed to think about this, and that I would call back.
Today, I phoned again. The credit analyst once again told me that my application was rejected. She said I wasn’t eligible for this offer since I already had a Chase Sapphire Preferred product. In fact, she said I had 2 such products. There was a little confusion over whether both my cards were “Preferred” products and also the effect, if any, of the fact that the new offer had a different annual fee. I asked – if I were to cancel one of my cards would my application then be considered? She did not know the answer, and connected me to a customer service specialist. The specialist reviewed my file. She maintained that I already had the product. She said that the result might be different if I canceled one of my Chase Sapphire cards. I asked if it mattered which card I canceled. She gave no opinion nor made any promises. I opted to cancel the non-preferred Sapphire card. The specialist then put me on hold for a while. She returned and said that my application was approved!
Thus, I will now have a Chase Sapphire Preferred Visa and a Chase Sapphire Preferred Mastercard.
Here’s the LINK for the offer – for some people it comes up as the 50,000 UR offer, for others 40,000. I do not earn a commission or referral for this.
Have you applied for this new offer? Was your application approved?
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