Update: all links now have 48 months language.
As reported by USCreditCard blog and DoC, Chase has just tightened restrictions for getting a sign-up bonus on Sapphire products like Chase Sapphire Preferred and Chase Sapphire Reserve. In the past, you could qualify for bonus as long as you didn’t receive it in the last 24 months. Here is the new verbiage on Chase Sapphire Reserve (click on the screenshot to make it larger):
Nancy’s personal referral link for CSR still has “24 months” language:
As of now, the terms on Chase Sapphire Preferred, available via our affiliate link also have “24 months” language:
It’s peculiar because CSP terms on Chase.com do have “48 months” language for some reason. If you are looking to apply for either of those cards, I hope you consider supporting the blog whether it’s our affiliate link (for CSP) or Nancy’s personal referral link (for CSR). If you have a friend who has CSP or CSR, reach out to them so that they can generate a link in the Chase app.
It goes without saying that if you do decide to apply, make sure to save the screenshot where it says clearly “24” and not “48” months. If you are new to this hobby, relax. This only applies to those who had the cards in the past and hope to get the sign-up bonus again.
Few things to be aware of
The goal is to clear up any potential confusion. So, without further ado:
1) This new restriction does NOT replace 5/24 rule.
In other words, Chase won’t automatically deny those who got 5 (or more) new accounts in the last 48 months. This is a totally separate restriction that refers to the time you actually received a bonus on either CSP or CSR.
2) For now, the rule seems to apply only to Sapphire products.
Other Chase cards haven’t been affected, though that can change at any moment. I checked BA Visa and IHG card terms, and both had “24 months” language.
3) It’s important to calculate the time of bonus eligibility properly.
In general, the consensus is that you qualify to receive the bonus during the month after your 5/24 status expires. Let me give you an example. Say you received the sign-up bonus on Chase Sapphire Preferred in August of 2016. In August of 2018 you finally fall under 5/24 limit. You should wait to apply for Chase Sapphire Reserve untill September 1st 2018. You will also have to cancel or convert your existing card first before applying.
4) Don’t forget about “family” restriction on the bonus.
For example, if you got the bonus on CSP 25 months ago, and bonus on CSR 12 months ago (under old rules), you won’t be eligible for new bonus on CSP for another 36 months.
5) The terms that include “24 months” language could be updated at any time.
I hate to use “limited time offer, ends soon” card, but that’s exactly what it means. If you are eligible right now, don’t wait. You snooze, you lose. That being said, missing out on either offer is not the end of the world. So, if this happens to you, simply look for another lucrative bonus. There are plenty of fish in the miles and points sea.
Click here to view various credit cards and available sign-up bonuses
Author: Leana
Leana is the founder of Miles For Family. She enjoys beach vacations and visiting her family in Europe. Originally from Belarus, Leana resides in central Florida with her husband and two children.
I leave for a few months and Chase just loses it.
It’s interesting timing. Us early birds got our CSR bonus 24 months ago. We had CSP plans for my wife. Yikes. No longer. Though we’ll see if referrals are still 24 months when she’s eligible in October. Fingers crossed.
I think staying under 5/24 is just not really a good option for most of us anymore. I have recently started doing biz cards as I have a somewhat legit side business for now. Maybe that helps?
This was me. Cell phone commenting is hard.
@Cheapblackdad It’s good to hear from you! It’s entirely possible that the referral links will still have 24 months language by October. I think it’s harder for Chase to change them once they are out in the wild, so to speak.