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A little over a year ago I decided to upgrade my Chase Sapphire Preferred card to a Chase Sapphire Reserve (SEE: Should I upgrade my Chase Sapphire Preferred to a Reserve?). Fortuitously, I was granted a Chase card beyond 5/24, with the conversion of my Fairmont Visa into the Sapphire product. Although I didn’t receive any sort of bonus when I upgraded the product, I considered the benefits of the Sapphire Reserve to be worth it.

But now I might cancel the card altogether. Here’s why:

I’ve already gotten the $300 travel credit. Twice.

This shouldn’t be possible, yet it is the case for my account. I converted products in January 2018 and used the travel credit within weeks. I thought I might even get a second one immediately, as the renewal date of the credit on my account was in late February. But it didn’t reset.

However, the credit has reset for 2019, and I have already used it. Oddly, the annual fee has not been billed. Last year this fee was not billed until months later, which was strange then. But it appears to be holding true this year as well.

I’m not sure what the implications would be if I cancel the card (i.e. does it risk a Chase shutdown pocketing the credit for this year), but I am leaning toward that option, which brings me to my second reason.

Sign-up bonus for a new Sapphire Product

Over four years (seven, actually) have passed since I first received a bonus on a Sapphire product, which means I am in the clear for a new bonus based on Chase’s 48-month rule for bonuses on Sapphire products. As I am planning to drop below 5/24 by November or December of this year, I could pick up either a new Sapphire Preferred or Sapphire Reserve. I would actually lean more toward a new Sapphire Preferred with the annual fee waived the first year.

(SEE ALSO: Why I keep recommending the Chase Sapphire Preferred for people starting out)

Previously, I did not have another card that provided Priority Pass access, which is one reason I have held onto the Reserve. But I now hold the American Express Hilton Aspire card, which is a premium card I am seriously considering keeping long-term onto due to the array of benefits it provides. This does weaken the benefits of holding the Reserve a bit, and I only really want to hold onto one premium card at a time.


I’m still not 100% sold on dropping my Chase Sapphire Reserve, as I have really enjoyed the perks it provides, the 3x earning on travel and dining (put to good use during work travel), and the ability to redeem Ultimate Rewards points at 1.5 cents per point. But getting another 50,000-point sign up bonus would more than make up for this difference in value.

What would you do? Should I cancel the card and avoid a fee, or stick with the product?

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