Moving points to get a new Chase Sapphire Reserve
I have Chase freedom and Chase Sapphire Preferred. I have around 100K points in Preferred. I talked to customer care and I was told I can apply a new Chase Sapphire "Reserve" with 50K bonus and it has to be a new application. Also since I already have Preferred, I cant have a new one unless I degrade Preferred.
So i was planning to move my points from Preferred to Freedom, degrade Preferred to a normal card, wait for sometime like a month and then apply for Reserve. Once Reserve comes, I will move those 100K points to the new card.
Is this plan OK? Basically I want to get the new customer 50K bonus points from Reserve and close my Preferred.