I'm pretty sure that Chase will let you apply for another CO Chase card under this offer even if you already have CO Chase card.
Due to Chase merging with Bank One, which previously merged with First USA, which bought accounts from Bank of New York and Providian, all of which I had accounts with, I ended up with multiple Chase credit cards (The conventional wisdom is that closing credit cards hurts your credit score, so I hardly ever did). And recently I applied for and got another Chase card under a separate 0% APR offer.
So I doubt that Chase will turn down a chance to collect an $85 annual fee just because you already have another Chase card.
I'm pretty sure that those of you who already have a CO Chase card shouldn't feel excluded from this offer.