Written by Adam Seper
Updated on Wed, 04 Feb 2026

With new rules in place for the two Sapphire cards, and with the much higher annual fee for the Reserve compared to the Preferred, it’s no longer as easy to recommend one card over the other as it once was.

Quick take

Start with the Chase Sapphire Reserve to capture the larger upfront value, then add the Preferred when an elevated offer appears. Long term, most people should keep one Sapphire card, not both, and downgrade the other.

Sapphire rules

Chase has replaced the old 48-month rule with lifetime restrictions on each Sapphire card. This means you can only open and earn the signup bonus on each card one time. These restrictions are relatively new, so it’s unclear whether “lifetime” truly means forever or functions more like Amex’s 7–10 year window.

While the lifetime rule is a downside, there is a meaningful upside. You can now hold both Sapphire cards at the same time and earn the signup bonus on each, even while holding the other. Under the previous rules, earning a welcome offer on one disqualified you from earning one on the other (for 48 months), and you couldn't hold both at once. This change creates new flexibility that didn’t exist before.

Apply for the Reserve first

Because you can now earn both signup bonuses, we recommend starting with the Chase Sapphire Reserve. The primary reason is the size of the welcome offer.

Between the 125,000 bonus points and the $300 annual travel credit, the Reserve easily offsets its high annual fee in the first year. While not all of the coupon-style credits will be easy to use, most people can extract value from at least some of them.

This makes the Reserve a good card to “test drive.” If you don’t find ongoing value relative to the annual fee, you can downgrade later without sacrificing the initial upside.

Then apply for the Preferred

Because Chase now allows you to hold both cards and earn the welcome offer on each, you can apply for the Sapphire Preferred at any point after opening the Reserve, assuming you follow Chase’s other rules. The best strategy is to wait for an elevated welcome offer, especially if you already hold the Reserve.

If you’re playing two-player mode, one person can apply for the Reserve while the other applies for the Preferred. This allows both of you to evaluate the value of each card. Since you can now hold both and earn both bonuses, you can later apply for the second Sapphire card when it makes sense based on elevated offers and your broader card strategy. Remember to refer each other to earn referral bonuses in addition to the signup offers.

Which should you hold long term?

If you plan to stay in the points and miles hobby, you want at least one Sapphire card. A Chase card that allows transfers to partners is essential. While you could hold both long term, it rarely makes sense to do so.

We recommend choosing one card as your keeper:

• Keep the Reserve if you consistently extract value from its benefits and don’t mind managing its credits.
• Choose the Preferred if the Reserve’s annual fee feels too high. Between transferable points, travel protections, and annual credits, the $95 fee is easy to justify.

After choosing your keeper card, downgrade the other instead of canceling it.

• Downgrade within 30 days of the annual fee posting to receive a refund.
• Downgrade to the Chase Freedom Unlimited or Chase Freedom Flex.
• Points earned on those cards can still be transferred to your Sapphire card.

If you later change your mind, you can always upgrade again. Since Sapphire bonuses are now limited to once per lifetime, upgrading does not affect future bonus eligibility.