My Chase Sapphire Reserve Upgrade Request Was Denied
Last week Chase dropped some very interesting, limited time redemption offers on their Sapphire products. I went into detail on why everyone should at least consider this new option. In that article I said that I didn’t think that my wife qualified for an upgrade to the Chase Sapphire Reserve card from her Chase Sapphire Preferred card but that I would give it a good college try. Well I did, and as expected my Chase Sapphire Reserve upgrade request was denied.
How Did I Request My Chase Sapphire Reserve Upgrade?
There are a couple of different ways you can go about requesting an upgrade to your credit card.
- The first one is to call the number on the back of your card and ask a customer service rep for an upgrade.
- You can also reach out via secure message when logged into your Chase account online or while in their app.
- It may be possible to request an upgrade at a bank branch with a banker. I have never tried this and I am not 100% sure if it is an option but I think it may be possible.
After spending over an hour on the phone with Chase to close a business checking account I was not going to go the call in route again. Chase refused to close the business checking account via secure message, said it wasn’t possible for business accounts, but I knew it would work for an upgrade request. They responded to my inquiry within a few hours, which surprised me since I expected a day or two.
Why Did I Expect To Be Denied
If you read my previous article then you know that I was expecting a denial going into this. Why would I expect a denial from something that is normally a routine yes? Because my wife just signed up for her Chase Sapphire Preferred in January. It has not been a full year since she signed up for the card.
I can not remember if this is an actual law or just something that banks tend to follow as rule. But upgrades are usually not allowed in the first year of card membership. I feel like I read that it is considered a predatory move and why I am leaning towards it being an actual written rule. A Google search on my part didn’t pull up anything definitive.
UPDATE: Here is law I was talking about. Thanks for the assist to Ryan in the comments!
But the thinking goes that lenders could entice people with a no fee or low fee offer. Then once they have you as a customer they could try to entice you with a more expensive card. Almost like a bait and switch.
It is possible to downgrade within the first year because that is going from a higher fee to lower fee, which is not predatory. If it will be actually allowed depends on the bank. Most all of them allowed it in the past but some (cough, cough Amex) look at it negatively so it is best to wait till your full year is up for that move as well.
What Was Chase’s Response To My Upgrade Request?
Now that we have some background on the situation what was their reasoning for denying my wife’s upgrade request?
Thank you for contacting Chase.
I see that your Sapphire Preferred card was opened on January 16, 2020. Please be advised that your account must be open for at least 12 months to qualify for a product change. You may want to contact us after January 16, 2021, to see if you qualify for a product change. We appreciate your business and thank you for being a Chase customer.
As expected, my Chase Sapphire Reserve upgrade request was denied because it had not been a full year yet.
I had hoped to upgrade our Sapphire Preferred to the Sapphire Reserve to take advantage of the new cash out options. The extra 25% in redemption rate would have been worth the extra $65 or so out of pocket cost in annual fee versus the Sapphire Preferred’s $95 annual fee. If I redeemed at least 26,000 Ultimate Rewards points at the higher rate I would come out ahead.
I wanted to share my experience because I am sure others are in the same boat. This way you don’t need to waste your time or effort trying to upgrade your card in the first year.
Upgrading her older Freedom card is out as well because she is already holding a Sapphire family product.
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.