Called up today after getting the application under review message a few days ago. Told my Preferred app was denied due to my already having a regular Sapphire account. There is, per the rep, a rule that can't get a second Sapphire card within 12 months of getting first (I got regular Sapphire a couple of months ago with a BA card last month). And, again, per rep, I can't transfer my Sapphire 25K plus points to the Preferred account, if I got it open.

But, I can redeem my regular account points, then close the account (otherwise would lose the points when account is closed), and then ask Chase to reconsider my Preferred app.

Wonder what I can get with 25K regular Sapphire points ...?