Over the years we’ve seen card issuers add more restrictions to qualifying for welcome bonuses on cards. This is done to encourage profitable behavior. For example, from Chase we’ve seen the following new restrictions over the past few years:
- The 5/24 rule, where Chase won’t approve you for many of their products if you’ve opened five or more new card accounts in the past 24 months
- Last year Chase added new card “family” restrictions, whereby Chase will no longer approve you for a Sapphire Card if you have another version of the Sapphire Card (in other words, eligibility for the Chase Sapphire Preferred® Card became contingent upon whether or not you had the Chase Sapphire Reserve® Card, and vice versa)
Chase now seems to have added yet another restrictions, and it’s interesting that this comes exactly a year after they added the previous restriction. With the new terms, you can no longer get a Sapphire Card if you’re a current cardmember, or if you’ve received a new cardmember bonus on the card in the last 48 months (as opposed to the old rule of 24 months).
The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 24 months.
Meanwhile the new terms look as follows:
The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months.
This is a major change, though as such the rule doesn’t seem that unreasonable to me.
As of now it’s only the Sapphire Cards that have this language, and not other Chase cards, though I imagine that could change soon.
What do you make of these new restrictions to Sapphire Card approvals?
(Tip of the hat to Doctor Of Credit)