Leaving the Sapphire Reserve? Don't Just Downgrade — Re-Apply and Grab the Bonus

I've had the Chase Sapphire Reserve (CSR) for 10 years now, since I upgraded from the Sapphire Preferred (CSP) in 2016. I've been considering downgrading to the CSP, because my annual fee is about to go from $550 to $795, and my wife P2 just opened up her own CSR so we don't need two.

Before downgrading, I was curious if I can still get the sign-up bonus for CSP, even though chances are pretty slim as I got the bonus before. But guess what? Applying for the Preferred fresh can land you the sign-up bonus, even if you've had a card before! Chase recently changed the rule, so you can have both CSR and CSP at the same time.

The catch is eligibility. Chase's rule is one Sapphire bonus per roughly 48 months, and it counts both cards: if you earned the Reserve bonus in the last four years, you generally can't earn the Preferred bonus yet. Interestingly, early cardholders like myself — people who opened a Preferred back in 2013 to 2016 — are reportedly qualifying again. So having the card years ago doesn't lock you out forever.

Before you apply, run the checklist: Are you past the 48-month window since your last Sapphire bonus? Are you under 5/24? If eligible, you can swap a $0 downgrade for a 75K welcome bonus!