1.4K

I’m not one to run after every increased credit card sign-up offer. I learned my lesson early on that just because there’s a great offer, it doesn’t mean it’s great for me. I tend to wait for offers that fit a need or ones that I can’t ignore. Then Chase drops an 80K sign-up bonus for the Sapphire Reserve.

That’s why I’m sitting here, saying to myself, “I want those 80,000 Ultimate Rewards points!”

There are several reasons why I’m attracted by an 80K offer from Chase. For starters, there aren’t many cards that earn Ultimate Rewards points. There are two Chase Sapphire cards, a few Ink Business cards and Freedom cards. In addition, you can hold only one of the Sapphire cards at a time and can earn a sign-up bonus only once every 48 months.

The Freedom cards have no annual fees but also don’t have large incentive bonuses, so they’re not a great way to get extra points. The Ink Business cards have better bonuses but have high spending requirements to get them.

So you bet I want 80,000 Ultimate Rewards for spending $4,000 in 3 months.

I need to ask If you’re looking to get the Chase Sapphire Reserve, we’d appreciate it if you use our referral link because we receive bonus Ultimate Rewards points for everyone who gets the card. Thanks!

For us, getting the sign-up bonus won’t be easy because of our current situation with Chase. Let me explain…

Here’s a list of Chase’s numerous rules, which ones we have covered, and the ones we need to resolve before signing up for the Reserve’s 80K bonus. We understand each situation is different and while I think it’s worth it to go through the hassles to get this card, it might not be for everyone.

One Sapphire Card bonus in 48 months

It’s been longer than 48 months since we received a bonus for getting the Sapphire Preferred.

Only One Sapphire Card

We each have a Sapphire Card, so we’ll have to fix that before applying.

Chase 5/24 Rule

We’re both below Chase’s limit of 5 applications in the past 2 years so no worries there.

Max Credit Limit With The Bank

Unlike American Express, which will only issue 5 credit cards to a customer, Chase has no limit on the number of cards you can have. However, Chase has a maximum amount of credit they’ll provide. If you’re at that limit, they may move credit around to let you get another card. I know we’re at that point because the application went pending when we applied for the IHG Premier card. It was eventually approved but Chase took $2,000 from the credit line from the Sapphire Preferred to make it happen.

Two Chase Cards in 30 Days Rule

Chase will only approve 2 cards in 30 days. This one isn’t a problem for us.

The Plan

Firstly, either Sharon on I will have to get rid of our Sapphire card. Just using common sense, it makes sense to eliminate the Sapphire Preferred and for that person to get the Reserve. Just for the optics, it would look bad to cancel a Reserve card only to apply for a new one in a few weeks.

Under usual circumstances, I’d look to downgrade the Sapphire Preferred to one of the Freedom cards. However, we already have a Freedom Unlimited card and I have little interest in the Freedom Flex. In addition, the Sapphire Preferred has a sizeable credit limit and getting rid of it would hopefully open up enough of a credit line to get approved for the Sapphire Reserve.

Since I’m going to cancel the Sapphire Preferred, I need to transfer the Ultimate Rewards earned with the card somewhere else. I could send the points to a partner, which would be World of Hyatt, or I can transfer them to a Chase card that earns Ultimate Rewards. The above-mentioned Freedom Unlimited would do nicely as I only need somewhere to park the points until getting the Sapphire Reserve.

I want to get started on this plan so I’m not rushed trying to put all the pieces in place. I’d also like to finish reaching $15,000 of spending on the World of Hyatt card for an additional free night before starting another spending requirement.

Final Thoughts

I’m hoping this plan works. When I need to do these multi-step projects, a wrench always gets thrown into the gears. But I don’t mind because figuring out a way to make these things work is part of the fun of the game.

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