Upgrade/Transfer/Convert Chase Freedom to Sapphire?

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Joined: Tue Mar 27, 2012 3:22 am
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Upgrade/Transfer/Convert Chase Freedom to Sapphire?

Postby minirasher » Tue Mar 27, 2012 3:53 am

Hi all,

My first post! Would like to start by saying that I have found this forum to be VERY useful.

I recently received an offer in mail to apply for the Chase Freedom card and get a $300 bonus with no annual fee. The APR is not a factor for me since I always pay the full credit card balance before/on the due date. I applied for this card and got a credit of $4.5k. The card has been shipped and I should receive it in 3-4 days. This is also my first card with Chase.

Then, while looking for a card with no transaction fee, I stumbled upon this forum and found the Chase Sapphire Preferred. This card has two things that I found very lucrative: $500 bonus (+7% year end match) and no foreign transaction fee. Also, the first year membership is waived.

I called the customer service and expressed my desire to instead go for the Sapphire Preferred card and asked them if it was possible to convert or transfer. I was told that I would need to cancel the Freedom and apply for a Sapphire.

I asked them the following questions:

1) Won't canceling the Freedom adversely affect my credit?

I was told that since I haven't started using it or even received the card yet, they would cancel it and mark it as "rejected by the customer". They would notify the credit bureau that I have rejected the approved card and it will not affect my credit.

2) Will I qualify for the $500 cash back offer on Sapphire as a new customer?


3) Will I be approved for Sapphire since I was for Freedom?
No guarantees (obviously).

4) Can I apply back for Freedom if perhaps Sapphire is not approved?

Yes. No guarantee it will be approved again.

My questions for people here are:
What should I do and how much should I believe them? How will my credit be affected (keeping in mind that I am planning to buy my first car soon and that I want to get good mortgage rates)? What are the chances of getting a Sapphire approved? Should I just keep the Freedom? What are the pitfalls in doing this?

Not having a huge (or long-term) impact on my credit is my biggest priority.

My credit card profile:

  • Amex Blue Cash - 15k
  • BoA Student Platinum - 7.5k
  • FICO Score - 700+
Appreciate any help/advice.

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Location: Scottsdale

Postby MikeBones » Wed Mar 28, 2012 4:07 pm

My first post! =]

Also like the forum and have found great info.

I have had a Freedom card now for the last 3 years and really like the rewards with it, especially because I have a checking account with Chase, I would probably recommend keeping that card if you like this years cash back promotions and don't have a comparable card for rewards.

At the beginning of the year I applied for the Sapphire Preferred and was approved after calling in and talking to Chase Lending Services (I applied for the Ink Cash about 4 months before that and was auto-denied for the Sapphire). I got the card with a 7k limit, I found the card here on the site and my intentions were just to take full advantage of the 50,000 bonus points and then downgrade and keep the card for a long time, the annual fee for the card seems hard to justify right now.

It may be hard to get approved with both cards because of their auto-denial. I only got 100$ cash back from my Freedom when I opened it and you don't have to worry about a fee. I would be careful canceling the card you have gotten approved for as well, this is something all the representatives seem to have a different answer on.

You will probably still have a ding on your report unless you get a hold of the right person (Lending Services for me,2 dings, the second being removed 5 months after I opened the Ink which is a long story). If you at least keep the Freedom the second ding from the Sapphire application and a phone call to the backdoor number won't hurt your credit unless you already have more than a few inquiries.

Oh and any new application for the Sapphire will keep you eligible for the bonus points, mine are incoming next statement.

That has been my experience.

Good luck.
Chase Sapphire Preferred - 7k CL
Chase Freedom Visa Signature - 5k CL
PenFed Plat Rewards - 1.25k CL
PenFed Cash - 1.25k CL

Money card
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Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Fri Mar 30, 2012 11:24 pm

Hey Mini first of all you realize the Sapphire Preferred has an annual fee after the first year?

I would say it depends on how you use your card. If you like to shop the Freedom is a good card.I f you like to travel or just eat out I would then recommend the Sapphire.

It really all depends on you.

I don't think Chase will lie to you.

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