Good morning everyone, I hope your week is going well. I am struggling to make a decision regarding the Chase Sapphire Reserve Credit Card. I really want the credit card and sign up bonus, but due to the Chase 5/24 rule, I am not getting any new Chase credit cards anytime soon. I also have a few Chase business cards that I don’t use much. Should I convert my Chase Freedom Credit Card to a Chase Sapphire Reserve Credit Card? Here are the facts in my situation:
- I am way over the Chase 5/24 rule, so I am not getting a new Chase credit card anytime soon
- I am not a Chase Private Client and have not been pre-approved for the Chase Sapphire Reserve or Chase Ink Preferred
- I currently have a Chase Freedom, Chase Ink Cash, and Chase Ink Plus
- I do not have a Chase Sapphire Preferred or Chase Freedom Unlimited
- I do not max out my Chase Ink Cash or Chase Ink Plus 5x categories
- I do not max out my Chase Freedom 5% rotating cash back categories
- My Chase Ink Plus annual fee is due in March 2017
- You can only convert a Chase Freedom, Chase Freedom Unlimited, Chase Sapphire, or Chase Sapphire Preferred to a Chase Sapphire Reserve.
- You need to have a credit line of at least $10,000 to be approved for the conversion (my Chase Freedom has a $25,000 credit line).