Introducing the Chase Sapphire Reserve Card!

We just got a new credit card! It’s always exciting in the miles and points game when you’re approved for a new card and can start dreaming about all the benefits that go along with it.

Today, it was the Chase Sapphire Reserve card. The card comes with a $450 annual fee, which is quite hefty, but look at all you get:

  • 100,000 Chase Ultimate Reward points for spending $4,000 on the card in the first three months of card ownership. This benefit is made even more attractive by the fact that cardholders will receive a value of 1.5 cents per point in the Ultimate Reward travel portal (as opposed to 1 cents for most Chase cards, or 1.25 cents for the Chase Sapphire Preferred), making this benefit worth AT LEAST $1,500 in travel benefits.  Of course, through transferring to travel partners, you can get even more value here.
  • $300 statement credit for travel expenses per calendar year.  Yes, calendar year, not cardholder year. Meaning you can get it now, and then again in January, without needing to pay another annual fee.
  • $100 statement credit for Global Entry. We already have Global Entry, but it makes a great gift, meaning we can save $100 from our Christmas budget
  • Priority Pass lounge access.  This was pretty much the only remaining useful benefit on the Citi Prestige card, which we’ll be cancelling as soon as we close out this whole Singapore Airlines booking debacle. But now we’ll still have that access as well. I value this at around $60 a year in value for us.
  • Lots of other consumer & travel protection benefits and concierge type services.

So, we’re going to pay $450 for this card, and get a minimum of $2,260 in value.  This is why we travel hack!

One worthwhile side note though – this card, like all Chase and Citi cards – is governed by the 5/24 rule.  This rule states that they’ll only approve you for a new card if you have less than 5 cards opened in any 24 month period with that bank. So if you’re already pretty heavy into travel hacking…this may not be an option for you.

For anyone just starting out though, these are pretty amazing benefits. Just remember to cancel the card before your 1-year mark, or be prepared to pay the $450 annual fee once again. Happy travels!

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Author: Mrs. Millennial

I'm Whitney, writer of Mrs. Millennial. While I've got an advanced degree and a job in the tech industry, I'm usually happiest in my kitchen, garden, and home, or else on a crazy travel adventure. I hope you enjoy my recipes, home improvement tips, travel stories, musings, and more. You can also see what I'm up to in my professional life at whitneymagnuson.com Need to reach me? Shoot an email to whitney (dot) magnuson (at) gmail (dot) com.

9 thoughts on “Introducing the Chase Sapphire Reserve Card!”

  1. Great information, thanks for sharing! I have the Chase Preferred card and will be switching shortly. Do you suggest keeping it for more than a year? I don’t mind the $450 given the other associated perks but would like your opinion.

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    1. Good questions, Matt! First – re: switching from the Preferred card, make sure you apply directly for the new one, not just call and request to switch cards otherwise you may not get the bonus!

      Regarding keeping the card more than a year – because of the $300/year travel reimbursement, you’re really only looking at a $150/year annual fee. So the question you should ask yourself is, will I get $150 in value by keeping the card for a second year? There are a few scenarios where I think the answer here could be yes:

      1) This card gives you 3x points on dining & travel. Many other cards only give you 2x points per dollar. So if you will spend at least $10,000 a year in dining/travel, that additional 1 point per dollar spent bonus will equal $150 or more available to you in the Ultimate Rewards portal.

      2) If you’re a frequently international traveller, the Priority Pass benefit could be worth at least $150. I estimate lounge access is worth about $15 per person, per visit in free drinks. So if you’re travelling to places with a Priority Pass lounge at least 10x a year (or 5x a year if you travel with a guest), then that alone will equal the annual fee.

      3) You may be able to get Chase to negotiate with you regarding the annual fee. If you call about a month before your annual fee is due, I’ve had luck working out statement credits and/or new bonus offers in order to keep a card open for another year. See this article for more on that: https://unintendeddomesticity.wordpress.com/2016/05/06/how-a-quick-phone-call-earned-me-12000-points/

      Liked by 1 person

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