Chase Sapphire Reserve Post-Mortem and Ways Around the 5/24 Rule

Chase Sapphire Reserve Post-Mortem and Ways Around the 5/24 Rule

The release of the Chase Sapphire Reserve card set off a whirlwind of excitement, disappointment, questions, and answers around the travel blogosphere. When the card was released, Chase was not particularly clear on the details regarding some of the benefits. Now that people have received their cards and started activating and using the benefits, we have a better understanding of everything this card entails.

Chase Sapphire Reserve Benefits Q&A

  1. What is the guest policy for the Priority Pass membership?

The Priority Pass membership offered by the Sapphire Reserve card is one of, if not the most generous of any offered by a credit card. Cardholders receive complimentary guest privileges, and there is no stated limit on the number of guests allowed. However, individual Priority Pass lounges reserve the right to limit the number of companions allowed in with you.

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  1. Can I get into Priority Pass lounges using the mobile app?

Unfortunately, it seems Chase has made the decision to require the physical card in order to use your Priority Pass membership. Most people have experienced a 2 to 3 week waiting period between the time they activate their Priority Pass membership and the time they receive their physical card. If you are traveling during this waiting period, you can use your Sapphire Reserve card to purchase a day pass up to 2 times and Chase will reimburse you for the expense.

  1. How long does it take the credits to post for the $300 annual travel benefit?

We can report excellent news for this benefit, as the travel credits almost always post the same day as the original transaction. Chase has done a nice job coding in the merchant categories allowing for automatic crediting of accounts. This means you won’t be stuck paying a higher than expected statement balance and waiting for the credit to post in a subsequent billing period.

Chase Sapphire Reserve $300 annual travel benefit
  1. What is the minimum credit limit for a Visa Infinite card?

The minimum credit limit for a Visa Infinite card is $10,000. Since the Sapphire Reserve is a Visa Infinite card you may need to move some credit around in order to get approved if you already have a substantial credit line with Chase relative to your income.

  1. Does the Sapphire Reserve come with the Visa Infinite $100 companion airfare discount?

Unlike the revamped Chase Ritz-Carlton Rewards Visa Infinite card, the Sapphire Reserve card does not come with this benefit, even though it is also a Visa Infinite card.

  1. Is the Sapphire Reserve card made out of metal?

The Sapphire Reserve card is supposed to come encased in metal, very similar to the Sapphire Preferred card. However, Chase vastly under-estimated demand for the card and as a result ran out of metal cards. Therefore, many of those who got approved after the initial wave received plastic cards (inside a nondescript white envelop no less, not the fancy box it was supposed to come in). If you were one of the unlucky souls who received a plastic card, Chase will replace it with a metal one as they become available. You may want to contact Chase to expedite this process, as they are sure to be swamped with requests for a while.

How to Get Around Chase’s 5/24 Rule

Ever since Chase implemented it’s dreaded 5/24 rule, which usually results in automatic denials of credit card applications for those who have opened 5 or more new credit card accounts within the last 24 months, the travel rewards blogosphere has strived to determine which cards fall under the rule. When the Sapphire Reserve card was inadvertently made available via a developers’ link, there were many reports of people over 5/24 getting approved, seemingly with no special characteristics to help them get around the rule. This resulted in widespread hope that the Sapphire Reserve card would not be subject to the rule. Alas, it was not to be. Once the official application went live, reports flooded in of people being denied for the card, with Chase reps explicitly citing the 5/24 rule. However, there are several known ways to get around the 5/24 rule. These are not guaranteed to work, but many people have reported success using the various methods described below.

  1. Check for a Pre-Approval In-Brach

For those who live near a Chase branch (or will be traveling to a city that has one), simply walk in and ask a banker if you are pre-approved for the Sapphire Reserve card. If they say yes, there is a very high chance that you will be approved instantaneously. If you read the fine print, it will say this was due to “a pre-existing relationship with Chase”.

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  1. Become a Chase Private Client

Chase Private Client is Chase/JP Morgan’s bespoke savings and investment management service for high-net worth individuals. Technically there is a $250k minimum deposit to be eligible for this service. However, there are a couple ways around this requirement. The first is that if you have a family member who is a Chase Private Client, you can share benefits even if you do not meet the requirements on your own merits. This can be accomplished by being a joint owner of a Chase Private Client checking or savings account, or having your name added to a safety deposit box. The second way is to simply ask your Chase banker to allow you to become a Chase Private Client, even if you do not meet the requirements. You only need $100 to open an account and bankers have the discretion to grant Private Client status before you reach the $250K minimum.

  1. Receive a Targeted Offers

While this is not something that you have much control over, receiving a targeted offer may increase your chances of getting approved for a card. Check your regular mail and also use resources such as the CardMatch website to see if you have any targeted offers. While targeted offers don’t increase your odds of approval as much as the previous 2 methods listed here, it could still be worth an application given the huge sign-up bonus and awesome benefits of this card.

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