What To Know
- Are you a discerning traveler or rewards enthusiast contemplating the allure of both the Chase Sapphire Reserve® and Chase Sapphire Preferred® Cards.
- The Chase Sapphire Reserve Card has an income requirement of $60,000 or more, while the Preferred Card does not have an explicit income requirement.
- The Sapphire Reserve Card has an annual fee of $550, while the Preferred Card has an annual fee of $95.
Are you a discerning traveler or rewards enthusiast contemplating the allure of both the Chase Sapphire Reserve® and Chase Sapphire Preferred® Cards? This comprehensive guide will delve into the intriguing question: “Can I have Chase Sapphire Reserve and Preferred?” We’ll explore the eligibility criteria, benefits overlap, and strategic considerations that will empower you to make an informed decision.
Understanding the Eligibility Requirements
To possess both the Sapphire Reserve and Preferred Cards, you must meet the following eligibility criteria:
- Good to Excellent Credit Score: Both cards require a credit score of at least 700, but a higher score will improve your approval odds.
- Annual Income: The Chase Sapphire Reserve Card has an income requirement of $60,000 or more, while the Preferred Card does not have an explicit income requirement.
- Age: You must be at least 18 years of age to apply for either card.
Exploring the Benefits Overlap
While both cards offer exceptional rewards and benefits, there are some overlaps to consider:
- Travel Rewards: Both cards earn Ultimate Rewards points, which can be redeemed for travel expenses such as flights and hotels.
- Airport Lounge Access: The Reserve Card offers unlimited access to Priority Pass lounges, while the Preferred Card provides access to Chase Club airport lounges.
- Dining Rewards: Both cards offer bonus points on dining purchases.
- Purchase Protection: Both cards provide purchase protection on eligible purchases.
Strategic Considerations for Maximizing Value
To optimize your rewards and benefits, consider the following strategies:
- Maximize Travel Spending: If you frequently travel and incur significant travel expenses, the Sapphire Reserve Card’s higher earning rate and lounge access can provide substantial value.
- Focus on Dining and Everyday Purchases: If your spending is primarily focused on dining and everyday purchases, the Sapphire Preferred Card’s lower annual fee and bonus categories may be more suitable.
- Complement Your Portfolio: Holding both cards can complement your rewards portfolio by providing a wider range of earning and redemption options.
Credit Impact of Having Multiple Chase Cards
Opening multiple Chase credit cards can impact your credit score in the following ways:
- Hard Credit Inquiry: Each card application will result in a hard credit inquiry, which can temporarily lower your score.
- Credit Utilization Ratio: If you max out your credit limits on multiple cards, your credit utilization ratio will increase, which can negatively impact your score.
- Average Age of Accounts: Opening new cards will lower the average age of your credit accounts, which can slightly reduce your score.
Alternative Options to Consider
If you’re not eligible or don’t want to hold both Sapphire cards, consider the following alternatives:
- Chase Freedom Flex℠: A versatile card with no annual fee that earns 5% cash back on rotating categories.
- Chase Freedom Unlimited®: A no-annual-fee card that earns 1.5% cash back on all purchases.
- Chase Ink Business Preferred® Credit Card: A business card that earns Ultimate Rewards points on business expenses and offers airport lounge access.
Answers to Your Questions
Q1: Can I apply for both Sapphire cards at the same time?
A: Yes, but it’s not recommended as multiple applications can negatively impact your credit score.
Q2: Which card has a higher annual fee?
A: The Sapphire Reserve Card has an annual fee of $550, while the Preferred Card has an annual fee of $95.
Q3: Do both cards offer trip delay and cancellation insurance?
A: Yes, both cards provide these benefits.
Q4: Can I transfer Ultimate Rewards points between the Sapphire cards?
A: Yes, you can transfer points between Chase Ultimate Rewards accounts.
Q5: Which card is better for everyday spending?
A: The Sapphire Preferred Card is more suitable for everyday spending due to its lower annual fee and bonus categories.
Q6: Which card offers a higher earning rate on travel purchases?
A: The Sapphire Reserve Card offers a higher earning rate of 3x points per dollar on travel purchases.
Q7: Can I get both the Sapphire Reserve and Preferred Cards as a student?
A: Chase does not offer the Sapphire Reserve Card to students, but you may be eligible for the Sapphire Preferred Card.
Q8: Do both cards offer mobile payment options?
A: Yes, both cards support Apple Pay, Google Pay, and Samsung Pay.
Q9: Can I redeem Ultimate Rewards points for cash back?
A: Yes, you can redeem points for cash back at a rate of 1 cent per point.
Q10: Which card offers better purchase protection?
A: Both cards provide purchase protection, but the Sapphire Reserve Card offers more comprehensive coverage.
