I've had a chase sapphire preferred for 5 years. Can I close the card and apply for a new one and be eligible for the bonus? From what I can tell it's a 48 month waiting period from the last time you got a sapphire bonus. However, I'm not sure if there is a waiting period after canceling the card before reapplying for the new one. Would it be better to convert to no fee card like the Flex instead?