Link: Apply now for the Sapphire Reserve for BusinessSM
The Sapphire Reserve for BusinessSM (review) is Chase’s new premium business card. While the card has a steep $795 annual fee, there are lots of reasons to consider picking up this card, including an absolutely massive welcome bonus of 200,000 Ultimate Rewards points after spending $30,000 within the first six months.
I decided to apply for this new card, and want to report back with my experience. I just couldn’t turn down the huge incentive to apply, plus figured I’d give the card’s value proposition a spin.
In this post:
Basic Sapphire Reserve Business application restrictions
Eligibility for the Sapphire Reserve Business, including for the welcome offer, is unrelated to which other Chase cards you have. That’s a major incentive to pick up this card over one of the other options.
For example, you’re eligible for the welcome offer even if you have the personal version of the card, the Chase Sapphire Reserve® Card (review). You’re also eligible for the welcome offer if you have another Chase business card, like the Ink Business Preferred® Credit Card (review).
As a matter of fact, the card doesn’t even have any “once in a lifetime” language, or anything similar, in the offer terms. So in theory, you might even be eligible for the card (including the offer) multiple times.
Beyond that, Chase has fairly few consistent restrictions when it comes to approving people for business cards. Chase is known for the 5/24 rule, though that’s no longer consistently enforced. I just wouldn’t recommend applying for more than one Chase business card every 30 days, but even that isn’t a strict limit.
Sapphire Reserve Business application process
The Sapphire Reserve Business application process is pretty straightforward, and consists of just one continuous page.
The first section asks primarily for personal information, similar to what you’d expect to provide when applying for a personal credit card. We’re talking things like name, address, social security number, income, etc.
The second part of the application asks for business details, including the legal business structure, business name, business establishment date, business income, etc.
Keep in mind that you can apply for this card as a sole proprietorship, in which case you can use your social security number as the business tax ID. If you’re considering this, see my guide to applying for Chase business cards with a sole proprietorship.
Sapphire Reserve Business instant approval
After submitting my application for the Sapphire Reserve Business, I was delighted to find that I was instantly approved, with a massive credit line no less. Historically, I haven’t been instantly approved for too many Chase business cards, so that was a pleasant surprise, since I was expecting I’d get a pending decision.
Furthermore, since I already have a few Chase business cards, I was wondering if I’d run into some issues, and would need my credit line reduced on another card. But nope, the situation was the best case scenario.
Of course it’s hard to know whether that’s just luck or what, but keep in mind that approval and underwriting standards aren’t always the same across cards. If a card issuer is trying to grow a card portfolio, it’s not unusual to see them maybe modify approval standards.
I can’t say for sure if that’s the case here, though if people have more data points, that would certainly be helpful!
My long term Sapphire Reserve Business strategy
The incredible welcome offer on the Sapphire Reserve Business was definitely a big motivator for picking up this card. I’m a huge fan of the personal version of the card, the Chase Sapphire Reserve, so in the long run, I’m going to need to figure out if one or both cards make sense for me.
For the time being, at least giving the card a try is a no brainer. While the card has a very high annual fee, it offers credits that can help offset that, with the $300 annual travel credit being the easiest of the bunch to use. Then there are things like a great rewards structure, lounge access, and more.
Still, given the overlapping benefits with the personal version of the card, it’s going to take me some time to figure out which card is the better value for me in the long run. On the plus side, I have at least a year to decide, so I’ll be sure to report back.
Bottom line
The Sapphire Reserve Business is Chase’s brand new premium business card. The card is offering a huge welcome bonus, and I know it’s a product that many people are eligible for. I just applied, and was delighted to find that I was instantly approved, which doesn’t often happen for me with Chase business cards.
I’m looking forward to giving this card a shot, and seeing how it fits into my card portfolio. In particular, I can’t argue with the massive welcome offer, which is a major incentive to pick up this product.
If you’ve applied for the Sapphire Reserve Business, what was your experience like?
Check out UA145 from OPO to EWR today…. 4.5 hours on the ground at ewr due to weather and counting
Went to my local branch and I was first one they had the week of 6/23. Personal banker took my information and we did online. Instant approval with 44K limit. A vendor recently started to take cards for payments with no fees, so this should be easy to get this massive bonus with several thousand dollars. Get me about 16 nights at HR in Bangkok free. Thank you Chase.
My app went into pending status. I called the following day & was approved after shifting credit lines around (typical for me with Chase). Unfort did not receive the actual card by 6.30 to book a quick Edit credit.
I got denied at first. My Chase Business advisor went back to the team and told them to close my Business Ink card (I don't use it anymore since I just recently signed up for the Business Ink Unlimited card) and move the credit line over to the CSRB instead, and was approved for it. Supposed to be delivered tomorrow.
What Chase should do is exactly what American Express did with their Business Gold Card and offer bonuses in the two most used categories out of a number of options. That would make this card a keeper.
100% agreed!
bristol pool is très dope
5/24 is absolutely still enforced. I was denied twice due to it, and the reconsideration rep flat-out told me that was the reason. The internet is filled with stories of people dealing with the same in recent weeks and months.
It's irresponsible of you to claim otherwise, frankly. It could lead people to putting unnecessary dings on their credit for cards in order to apply twice for cards they'll never get.
What a weird, angry comment @Raj. Ben wrote that 5/24 id a rule "that’s no longer consistently enforced." That is indeed my experience as well. Generally, 5/24 was rarely enforced on business cards anwyay.
Maybe you were denied for other reasons?
@ Raj -- Sorry for any confusion, but I stated that it's no longer consistently enforced, not that it isn't enforced at all. You're absolutely right that it's enforced for some people, but it's not enforced for others. There are tons of data points out there confirming this.
Raj, did you read the article? Did you fail reading comprehension in school? Ben expressly wrote, "Chase is known for the 5/24 rule, though that’s no longer consistently enforced."
I was approved at 5/24.
P2 applied 5/24 & instantly approved