This post may contain affiliate links. Please read my disclaimer for more information.
Is the Sapphire Double-Dip Worth It?
This Should Not Exist
Getting both Chase cards is a little trick known as the "double-dip," and it can actually be applied to any two cards Chase offers.
Something you need to know right away is this - the double-dip should not exist. Chase does not want customers taking out both credit cards, probably because of the large potential bonuses involved.
Before moving forward, I recommend you understand basic concepts about Chase's credit card signup rules such as 5/24 (no more than 5 personal cards in a 24 month period). If you apply for too many cards in a short amount of time, there is the possibility for your account to be shut down.
However, if you follow my strategies of very conservative credit card signups, the double-dip is perfectly safe.
So what exactly is the double-dip?
The double-dip is a method for applying for two cards (in this case the Reserve and the Preferred) at close to the same time.
Until September of 2018, this was done by applying to both cards in the same day from two different browsers. Unfortunately Chase killed this method by manually reviewing if two applications were received in the same day.
Post Sep 2018, a modified version of the double-dip requires you to apply for the cards on two different days, but as close to one another as possible.
Steps to Double-Dip Sapphires
Here is a step-by-step on how to complete the double-dip with Chase's Sapphire cards.
Is it really that easy?
Well, yes and no.
As mentioned above, you need to be under Chase's 5/24 rule (no more than 5 approved cards in 24 months from any issuer).
You should also have a combined credit limit of no more than 50% of your income. If it is, call or secure-message Chase to reduce limits on your current cards.
Finally, you are not eligible for either card's bonus unless it has been at least 48 months since the last Sapphire bonus posted. Those rules aside though, the process should actually be relatively painless.
Why do the double dip?
More points, plain and simple.
The Reserve and Preferred each carry a sign-up bonus of 50,000 UR points, worth at minimum $500 (cash-back option). The points can prove much more lucrative when used on the Chase Travel Portal or transferred to travel partners, however.
By applying for both cards at the same time, you can up the bonus to 100,000 total points. The obvious drawback is the increased minimal spending requirement (MSR).
Each card carries a $4,000 MSR, meaning you will need to spend $8,000 in three months. If you can manage this level of spending though, you can get access to 50,000 more points than designed. Let's look at how this breaks down.
The combined offers from the two Sapphire cards result in 100,000 Ultimate Rewards points after $8,000 minimal spend requirement (MSR).
Let's assume you only hit the MSR at the lowest rate of 1x. This will give you, at minimum, 100,000 UR points sign-up bonus + 10,000 UR points spent on MSR, for a $450 annual fee in year 1 (for Reserve, not waived the first year) and the MSR.
The Preferred has a $95 annual fee beginning in year 2, so this should be kept in mind long term.
For point evaluation, I use three difference situations:
Cash Back Option
Chase Sapphire Preferred / Chase Ink Business Preferred Option
Chase Sapphire Reserve Option
Transferring to partners always offers the potential for higher redemption (as much as 5-8% in some cases); you should always check to see if you can get a better redemption before using your points for the options above.
Year 2 and Beyond
After the first year, you should decide which card is giving you the most benefit to justify its annual fee.
Since both offer increased rewards on the same categories, it is unlikely that you will want to keep both (and the CSR will always be a better earning card in those categories). You will generally want to refrain from using the CSP for more than the MSR.
Here would be my recommendation (with running costs shown in red):
If you are not interested in taking all of the additional steps, you can always just downgrade one or both of the cards. With the bonus, you will still come out ahead.
The Chase Sapphire double-dip is a potentially lucrative way to get both cards in the family.
That being said, there is no guarantee Chase will allow this method to continue. They already killed the first version of the double-dip, so you should apply sooner rather than later.
What do you think about the Chase double dip? Is it worth the extra planning and headache, or would you rather go for other bonuses instead? Let me know in the comments!