The internet is on fire with the launch of a new top-tier signature credit card from Chase that has an a lucrative sign up bonus and $450 annual fee – the Chase Sapphire Reserve. The card’s key features are an incredible sign up bonus of 100,000 Ultimate Rewards points, $300 annual travel credit (which helps against the annual fee), and 3x on travel and dining.I already knew it would be a challenge for me and others to get approved for this card because of the Chase 5/24 rule, but I defied the odds of 5/24 when I recently got the Freedom Unlimited card, so I was feeling hopeful.
I applied for the card this morning and got a pending review. I called the Chase reconsideration line at 888-245-0625 (long wait times – I wonder why) to get a decision about my application right away.
After the specialist evaluated my application, he told me I was denied for opening too many accounts and that there was no option for reconsideration. My only option would be to do a product swap, but then I would not be eligible for the sign-up bonus (no thanks).
I live-tweeted my disappointment, and others encouraged me to visit a branch to see if the application could be personally pushed through by a banker. As a Chase business and personal banking customer in good standing with excellent credit, I felt confident.
The banker called a senior credit specialist to review my application, and I was unfortunately still denied… but… I learned that I was invited to join Chase Private Client, and I would be approved if I upgraded my accounts.
I don’t know much about CPC, and I wasn’t ready to make a decision on the spot, but for now, it is seeming like they’re making it really hard… and possibly really expensive for me to get an approval.
What are your thoughts? What has your experience been with the CSR or CPC?