My Strategy for Canceling the Chase Sapphire Reserve Card

Is it time to consider canceling the Chase Sapphire Reserve card? It’s been just over four full years since the CSR was launched with a massive 100k point bonus. In my opinion, that remains one of the best bonuses we’ve ever seen. The card itself has also been quite useful with good benefits and points transfer partners, so it’s one of the few cards I’ve actually carried in my wallet all four years.

But…we play the points game to maximize our earning. Sometimes that means letting go of a card we value for the “greater good” of earning more points/benefits. Chase has tried to make it tough on us by introducing the 5/24 rule and restricting Sapphire card bonuses to once every 48 months, but the 48 month restriction is starting to expire for many of us early adopters of the CSR.

That means we need to strategize on how to earn the most points and benefits (or even strategize to lower your annual fees). These analyses are usually very personal since we don’t all travel the same way or value the same things (or have the same current credit cards), but I still find it useful to hear others’ strategies because it can help me consider things I might not have before. Here’s what my thought process is.

Who is Eligible for a New Sapphire Bonus?

First let’s make sure we’re all on the same page. To be eligible for another Sapphire card bonus, you must:

1. Not currently have any Sapphire card
2. Be under 5/24 (see this post to find out if you are)
3. Not have received a card bonus on any Chase Sapphire product in the last 48 months

To expand on that last item, keep in mind that the 48 month clock starts on the day the last bonus was earned, and NOT the day of your approval. To be extra cautious, I recommend waiting a week or two extra if you have the time. Thankfully Chase’s online statements go back quite a ways, so I was easily able to see when the 100K bonus was earned back when I first got the Chase Sapphire Reserve card in 2016.

My Thought Process

I want to maximize the amount of Chase points I have, be able to maintain the ability to transfer points to travel partners, and possibly get the Chase Sapphire Reserve card again for it’s other benefits.

I currently have the following Chase cards:

• Old Chase Freedom
• Chase Freedom Unlimited
• Old Chase IHG
• World of Hyatt Card
• Chase Sapphire Reserve

Strategy For Singles / Individuals

There are different strategies for couples/partners and for individuals, so I’ll cover them separately.

If I were a bachelor, here’s what my plan would be:

1. Ensure I’ve used up the $300 travel credit and $60 DoorDash credits.
2. Transfer all of my Chase Sapphire Reserve points to one of my Freedom cards. That way I ensure I keep the points.
3. Cancel my Chase Sapphire Reserve card.
4. Once I’m sure I’m eligible for the new bonus, sign up for the Chase Sapphire Preferred card with the current 80k bonus (with a referral link from one lucky friend).
5. Once I’m under 5/24 again, I will apply for the new Chase Freedom Flex to earn the new 20K bonus.
6. After a year, possibly upgrade back to the Sapphire Reserve if I value those benefits enough (of course those benefits may change that far away).

This strategy will allow me to get the 80K points from the Chase Sapphire Preferred card almost immediately, which is important since I need it to be able to transfer points to travel partners. It also allows me to earn 20K points on the brand new Chase Freedom Flex card as well, for a total haul of 100K points.

And when the one year waiting period is up, I can reevaluate my credit card portfolio to see if I want to go back to the benefits of the Sapphire Reserve card. I did a very comprehensive comparison of the CSR vs. the American Express Platinum card earlier this year that may steer me one direction or another when it comes down to it.

Strategy For Couples / Partners (Two Player Mode)

I’ve been playing in two-player mode since I got married in 2016. That worked out perfectly for that 100K bonus. I’m not saying I got married to take advantage of earning extra points, but…

Anywho, the strategy is a bit different for two people because there are more possibilities to consider. Try to follow along in numerical order with the different players.

Player 1	Player 2
1. Downgrade Sapphire Reserve to Sapphire Preferred
2. Refer Player 2 to Sapphire Preferred to earn a referral bonus	3. Use referral link to get Sapphire Preferred with 80K bonus
4. Cancel Sapphire Preferred	5. Refer Player 1 to Sapphire Preferred to earn a referral bonus
6. Use referral link to get Sapphire Preferred with 80K bonus	7. Use existing Freedom card to Refer Player 1 to Freedom Flex
8. Use referral link to get Freedom Flex with 20K bonus
9. Use any Freedom card to Refer Player 2 to Freedom Flex	10. Use referral link to get Freedom Flex with 20K bonus

These steps are just as an example and can be done in a different order.

If it works, this strategy will allow Player 1 to earn: 15K Sapphire Preferred Referral bonus (Step 2), 80K Sapphire Preferred card sign-up bonus (Step 6), 20K Freedom Flex card sign-up bonus (Step 8), and a 10K Freedom Flex Referral bonus for a total of 125K points.

Player 2 will earn: 80K Sapphire Preferred sign-up bonus (Step 3), 15K Sapphire Preferred Referral bonus (Step 5), 10K Freedom Flex Referral bonus (Step 7), and a 20K Freedom Flex sign-up bonus for a total for a total of 125K points.

That’s a total haul of 250K points in 2 player mode. Theoretically, at least. There are a few risks.

Once Player 1 downgrades to the CSP card (Step 1), there’s no guarantee that the referral portal will provide a referral link (Step 2), at least not in a timely manner. The same would apply for Player 2 trying to generate one (Step 5). Additionally, Player 1 canceling the CSP card (Step 4) and then applying for the same card a few days/weeks later (Step 6) probably won’t endear anyone to Chase if a reconsideration call becomes necessary.

Bonus Strategy with A Lot Less Work

Both Player 1 and Player 2 in my household already have different Freedom products, so generating a new Freedom Flex referral isn’t a problem (a cardholder of any Freedom card can refer anyone to either the Freedom Flex or Freedom Unlimited). That means that each of us could simply:

1. Cancel our Chase Sapphire Reserve cards
2. Refer the other to the Freedom Flex (10K Referral bonus)
3. Sign up for the Freedom Flex (20K sign-up bonus)
4. Sign up for the Sapphire Preferred (80K sign-up bonus)

And we’d still earn a total of 220K points, or 30K less than the many-step process noted above. Is the extra 30k points worth the hassle and risk?

The other downside here is having to cancel the CSR card, which is a card with 4 years of solid history on our credit reports. For some people, canceling a credit line with 4 years of history may negatively impact their credit. Also don’t forget it’s probably best to move your credit line to another card before canceling it so your credit report isn’t impacted that way as well.

Final Thoughts

There’s no right answer here, but keep in mind there are wrong answers. Don’t leave points on the table because you impulsively want to cancel/change/apply to a card without putting any thought into it.

Often times, I find that people are just a few points short of being able to book a trip they want and feel regret for not taking advantage of an earlier deal. Moments like these, where you just need to set aside a few minutes to think through your strategy, will at worst help you avoid that feeling of regret, and at best can help you ensure you have enough points for your trip.

So…what’s your strategy?