What To Know
- When you upgrade from a Chase Sapphire Preferred, you will be charged a prorated fee for the remaining months of your annual fee cycle.
- However, if you don’t travel often or don’t spend a lot on dining, the Chase Sapphire Preferred may be a better option.
- If you’re not eligible for an upgrade or don’t want to pay the annual fee for the Chase Sapphire Reserve, there are a few other options to consider.
The Chase Sapphire Reserve is a premium travel rewards credit card that offers a host of benefits, including:
- 3x points on dining, travel, and select streaming services
- 1.5x points on all other purchases
- $300 annual travel credit
- Priority Pass Select membership
- Global Entry or TSA PreCheck fee reimbursement
- No foreign transaction fees
If you’re a frequent traveler or love dining out, the Chase Sapphire Reserve can be a valuable addition to your wallet. But can you upgrade to this card if you already have a Chase Sapphire Preferred or another Chase credit card?
Eligibility for an Upgrade
To be eligible for an upgrade to the Chase Sapphire Reserve, you must:
- Have an existing Chase Sapphire Preferred or other qualifying Chase credit card
- Have held the card for at least 12 months
- Have a good credit score (typically 700 or higher)
- Be in good financial standing with Chase
How to Upgrade
If you meet the eligibility requirements, you can upgrade to the Chase Sapphire Reserve by following these steps:
1. Log in to your Chase account.
2. Navigate to the “Cards” section.
3. Select the card you want to upgrade.
4. Click on the “Upgrade” button.
5. Follow the on-screen instructions.
Chase will review your application and make a decision within a few days. If approved, your new card will arrive in the mail within 7-10 business days.
Cost of the Upgrade
The annual fee for the Chase Sapphire Reserve is $550. When you upgrade from a Chase Sapphire Preferred, you will be charged a prorated fee for the remaining months of your annual fee cycle. For example, if you upgrade in the middle of your annual fee cycle, you will be charged half of the $550 annual fee.
Benefits of Upgrading
Upgrading to the Chase Sapphire Reserve offers a number of benefits, including:
- Increased rewards earning: You’ll earn 3x points on dining, travel, and select streaming services, and 1.5x points on all other purchases.
- $300 annual travel credit: You can use this credit to cover travel expenses such as airfare, hotels, rental cars, and more.
- Priority Pass Select membership: This membership gives you access to over 1,300 airport lounges worldwide.
- Global Entry or TSA PreCheck fee reimbursement: You can get reimbursed for the application fee for either Global Entry or TSA PreCheck.
- No foreign transaction fees: You won’t be charged any fees when using your card to make purchases in foreign countries.
Is It Worth Upgrading?
Whether or not it’s worth upgrading to the Chase Sapphire Reserve depends on your individual spending habits and travel needs. If you frequently travel and dine out, the increased rewards earning and travel benefits can make the annual fee worth it. However, if you don’t travel often or don’t spend a lot on dining, the Chase Sapphire Preferred may be a better option.
Alternatives to Upgrading
If you’re not eligible for an upgrade or don’t want to pay the annual fee for the Chase Sapphire Reserve, there are a few other options to consider:
- Chase Sapphire Preferred: The Chase Sapphire Preferred is a great option for those who want to earn rewards on travel and dining. It offers 2x points on dining and travel, and 1x point on all other purchases. The annual fee is $95.
- Capital One Venture X Rewards Credit Card: The Capital One Venture X Rewards Credit Card offers 2x miles on all purchases, and 5x miles on flights booked through Capital One Travel. It also comes with a $300 annual travel credit, Priority Pass Select membership, and Global Entry or TSA PreCheck fee reimbursement. The annual fee is $395.
- American Express® Gold Card: The American Express® Gold Card offers 4x points on dining and groceries, and 2x points on travel and gas. It also comes with a $100 annual dining credit, access to American Express Experiences, and a Global Entry or TSA PreCheck fee reimbursement. The annual fee is $250.
Final Thoughts
Upgrading to the Chase Sapphire Reserve can be a great way to maximize your rewards and travel benefits. However, it’s important to consider your individual spending habits and travel needs before making a decision. If you frequently travel and dine out, the Chase Sapphire Reserve can be a valuable addition to your wallet. But if you don’t travel often or don’t spend a lot on dining, there are other options that may be a better fit for you.
Frequently Asked Questions
Q: Can I upgrade to the Chase Sapphire Reserve from any Chase credit card?
A: No, you can only upgrade from a Chase Sapphire Preferred or other qualifying Chase credit card.
Q: How long will it take to upgrade my card?
A: Chase will review your application and make a decision within a few days. If approved, your new card will arrive in the mail within 7-10 business days.
Q: Will I lose my rewards points if I upgrade my card?
A: No, your rewards points will be transferred to your new card.
Q: Can I downgrade my Chase Sapphire Reserve back to a Chase Sapphire Preferred?
A: Yes, you can downgrade your card at any time. However, you will not be eligible for a refund of the annual fee.
Q: What are the benefits of the Chase Sapphire Reserve?
A: The Chase Sapphire Reserve offers a number of benefits, including:
- 3x points on dining, travel, and select streaming services
- 1.5x points on all other purchases
- $300 annual travel credit
- Priority Pass Select membership
- Global Entry or TSA PreCheck fee reimbursement
