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By now, you are all probably extremely aware of the Chase Sapphire Reserve credit card! It has been one of the most popular new travel credit cards announced in awhile. Since the amazing 100,000 point sign up offer is coming to an end soon, I wanted to compile a list of everything you need to know about this card! This list is useful for those that are looking to apply for the card as well as those that already have the card. UPDATE: This offer is now 50,000 points for online applicants. You can still get the 100,000 point bonus by applying at a Chase branch by March 11, 2017.
1. When will the 100,000 point offer be around till?
If you are looking to apply online, you only have until tomorrow, January 11th to apply for the 100,000 point offer! After this the publicly available link will drop down to only 50,000 points! You can still, however, grab the 100,000 point offer at a Chase branch through March 11th.
2. What are the 100,000 points worth from the sign up offer?
There are three popular ways to redeem your points: 1) transferring your points to a partner program; 2) redeeming your points through the Chase travel portal; or 3) redeeming your points for a statement credit. #1 and #2 will give you the best possible value per point, but #3 isn’t bad for those in need of some extra dough in their bank account. With transferring points to a partner program (option #1), I’d put at least a 2 cent per point value on each point. That means the 100,000 points are worth approximately $2,000. Although many folks will get a way higher valuation, especially when redeeming for extremely expensive hotels (i.e., Hyatt Maldives) or business/first class flights. With option #2, when you redeem your points through the Chase travel portal every point is worth 1.5 cents. That means 100,000 points is worth a fixed $1,500 which is great! With option #3, if you’d just prefer to spend less on your credit card bill, the 100,000 points can be a fixed $1,000. Not my recommendation for redeeming points, but I know some would prefer that. In my opinion, the 100,000 points is worth a minimum of $1,500! That is an amazing sign up offer!
3. Are there any category bonuses when using this card for purchases?
You’ll earn 3x points on travel and dining out at restaurants. On everything else, you’ll earn 1x point per dollar spent.
4. What partners can I transfer my points to?
You can transfer points to the following partner programs – United, British Airways, KLM/Air France, Singapore Air, Southwest, Korean Air, Virgin Atlantic, Hyatt, Marriott, Ritz-Carlton, and IHG. Typically, the best transfer options are Hyatt, United, and British Airways. KLM/Air France, Singapore Air, and Korean can also work out well too as they have some favorable award charts, but their programs are slightly more complex. You can learn more about my take on the redemption values for airlines here and hotels here.
5. Can I receive the sign up offer if I already have the Chase Sapphire Preferred card and now want to apply for the Chase Sapphire Reserve card?
Absolutely! They are two different products and you eligible to receive the sign up offer if you are approved and meet the minimum spend requirement. This goes for any other Chase product that earns Ultimate Reward points, u.e., Chase Sapphire, Chase Freedom, Chase Freedom Unlimited, Chase Ink Bold, Chase Ink Plus, Chase Ink Cash, etc. (note: some of those cards are no longer available for new applicants). By having/applying for multiple of these cards, it can increase your Ultimate Reward points significantly!
6. How does the $300 statement credit work?
One of the benefits of this card is that you’ll receive up to a $300 statement credit per calendar year. This can be used on anything coded as travel. That includes, for instance, airfare, hotels, cruises, trains, taxis, etc. Unlike the American Express Platinum card, you DO NOT need to declare what you are going to use the credit for at the beginning of the year. Just charge your travel related purchase to your Chase Sapphire Reserve card and you’ll automatically receive the statement credit. No calling required. Also, purchasing some travel related gift card also works for triggering the statement credit. Some examples include American Airlines, Marriott, and Southwest gift cards. I personally purchased a Marriott gift card and received my statement credit within a few days!
While you’ll receive this credit per calendar year, it is a little deceiving. It really goes through your December statement close date. So if your statements typically close on the 15th of every month, as an example, then you have until December 15th to receive the statement credit. Anything after that date will count towards the following year. The good thing though, is if you get the card now, you are able to receive the statement credit twice before your 2nd annual fee is due! This means your $450 annual fee will actually get you $600 in travel credits the first year! And that is on top of some of the other perks and the 100,000 point sign up bonus! You can learn more about the travel statement credits here.
7. Will I lose my Ultimate Reward points if I eventually cancel the card?
It depends. Unlike airline and hotel earning credit cards, the points earned do not transfer to a totally different account. Instead, the points are kept in your Chase Ultimate Rewards account which is tied directly to your credit card. Now, as long as you have another Chase Ultimate Reward card, you can transfer the points freely between accounts. So if you plan on canceling this card, you have two options: 1) transfer them to a partner program and you will NOT lose the points even if you cancel the card; or 2) transfer them to another Chase Ultimate Rewards account if you have one. Just know that when you go to redeem your points, the value will take on the redemption rules as the account that you transferred them to. For example, if you transferred them to a Chase Freedom account you will no longer be able to transfer them to a partner program.
8. Can I transfer my Chase Ultimate Reward points from another card to my Chase Sapphire Reserve account?
Yes! All Chase Ultimate Reward accounts are transferrable to another account. So if you have a ton of points from your Chase Freedom card, for example, you can transfer them to your Chase Sapphire Reserve points and then redeem your points for more! It does not matter where your points originated from, but the account where they are being redeemed from.
9. If I’ve applied for many credit cards in the past, will I still be approved for this card?
Chase has a “5/24” rule where if you’ve applied and been approved for 5 or more personal cards in the past 24 months they will automatically deny you. With that being said, some people have been able to still get approved regardless of the number of cards they’ve been approved for within the past 2 years, although the chances aren’t high. Typically this is due to being a Chase Private Client or being pre-approved for the offer. You can learn more about this “rule” here.
10. How do I maximize the free Global Entry perk if I already have Global Entry?
This card will reimburse you for the purchase of Global Entry or TSA PreCheck once every 4 years. All you do is pay for the Global Entry application with your card and within a few days you’ll automatically see a statement credit for the $100 charge. FYI – you might as well do global entry as it comes with TSA PreCheck. If you already have Global Entry, you can pay for a friend or family members application. The name on the application does NOT have to match the credit card holders name. Chase just sees the charge on your bill and nothing about the actual application. I’ve actually even heard of people “selling” the statement credit to complete strangers! I personally used my Global Entry reimbursement on my 3 year old!
11. What airport lounges do I get access to?
This card comes with Priority Pass select which gives you unlimited access to participating airport lounges, plus you are able to bring your guests with you as well! There is no fee for you or your guests at these lounges, although the individual lounge is able to limit the number of guests you bring in. There are approximately 1,000+ airport lounges and you can search for all the participating lounges here. Unfortunately, they are not present in every terminal in every airport. On the Priority Pass site, you’ll be able to access terminal locations, hours, and any restrictions.
Once you are approved for the Chase Sapphire Reserve card, you need to manually request your Priority Pass Select pass. The card is not automatically sent to you in the mail and you must physically present the card at a participating airport lounge. You can read more about getting your Priority Pass membership here.
12. What are some benefits of this card?
Some of the more popular benefits, which I did not list above, include:
- No foreign transaction fees – Pay no foreign transaction fees when you use your card on purchases made outside the United States. For example, if you spend $5,000 internationally, you would avoid $150 in foreign transaction fees.
- Trip Cancellation/Interruption – If your trip is cancelled or cut short by sickness, severe weather and other covered situations, you can be reimbursed up to $10,000 per trip for your pre-paid, non-refundable travel expenses, including passenger fares, tours, and hotels.
- Auto Rental Collision Damage Waiver – Decline the rental company’s collision insurance and charge the entire rental cost to your card. Coverage is primary and provides reimbursement up to $75,000 for theft and collision damage for rental cars in the U.S. and abroad. –> this is a great perk since it gives you PRIMARY coverage; many other cards only give you secondary coverage
- Baggage Delay Insurance – Reimburses you for essential purchases like toiletries and clothing for baggage delays over 6 hours by passenger carrier up to $100 a day for 5 days.
- Trip Delay – If your common carrier travel is delayed more than 6 hours or requires an overnight stay, you and your family are covered for unreimbursed expenses, such as meals and lodging, up to $500 per ticket.
- Roadside Assistance – If you have a roadside emergency, you can call for a tow, jumpstart, tire change, locksmith or gas. You’re covered up to $50 per incident 4 times a year.
- Lost Luggage – If you or your immediate family members’ checked or carry-on bags are damaged or lost by the carrier, you’re covered up to $3,000 per passenger.
There are other benefits of the card to, while I have outlined here, but the ones above are my personal favorites.
13. There is a $450 annual fee, yikes! Is the card and offer still worth it?
Yes, yes, and another yes! A $450 annual fee, especially when it is not waived the first year, is not something to take lightly. However, in just the first year of the card, you’ll actually come out ahead! Within the first year, you are able to get up to a $300 statement credit twice (look at #6), equaling a total of $600. This will pay for the $450 annual fee and leave you with an extra $150! On top of that, the 100,000 points is worth at least $1,500 (look at #2). So without even taking into consideration any of the other perks/benefits, you are still at least $1,650 ahead! When year two comes up you can re-evaluate if holding onto the card still makes sense.