With the current offer for the Chase Sapphire Reserve credit cards, I’ve receive many emails with some valid questions regarding both the card and the offer that I wanted to share with all readers. Feel free to comment with any more questions you might have and I’ll be sure to respond!
Top 10 Chase Sapphire Reserve Card Questions
1. 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?
Answer: Yes! 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!
2. What can I use the $300 statement credit for?
Answer: With this card 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. As I mentioned above, you’ll receive this credit card calendar year, NOT card membership year. That means, if you were to get the card now, you have between now your December 2016 statement to use the $300 travel credit. You are then entitled the travel credit again between your January 2017 and December 2017 statement. That means, between now and a year from now (when your annual fee hits), you can actually get $600 in travel credits! You can learn more about the travel statement credits here.
3. Will I lose my Ultimate Reward points if I eventually cancel the card?
Answer: 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 when 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.
4. If I’ve applied for many credit cards in the past, will I still be approved for this card?
Answer: Chase has an unofficial 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. In the points + miles world, people have coined this the “5/24” rule. 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. You can learn more about this “rule” here.
5. What are the points worth from the sign up offer?
Answer: 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! I personally recommend redeeming for airfare through the travel site because the price will be the exact same price as booking directly with the airline. Hotel rooms can sometimes be less by booking with the hotel chain directly. 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! 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.
6. What partners can I transfer my points to?
Answer: 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, ad British Airways. KLM/Air France and Singapore Air can also work out well, but that is only for specific international travel. You can learn more about my take on the redemption values for airlines here and hotels here.
7. Can I transfer my Chase Ultimate Reward points for another card to my Chase Sapphire Reserve account?
Answer: 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. What are some benefits of this card?
Answer: Some of the more popular benefits include:
- Free Global Entry – Receive a statement credit up to $100 once every 4 years for the purchase of Global Entry of TSA PreCheck.
- Airport Lounge Access – You and your authorized users can access 900+ VIP airport lounges worldwide with Priority PassTM Select and enjoy lounge amenities such as WIFI, free snacks, beverages and more when you activate your membership.
- 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.
9. How long will this offer be around for?
Answer: Currently, there is no expiration date for this particular offer. I do foresee this offer sticking around for a long time, but you never know. Offers can be pulled at any time so if you’ve been meaning to apply, you might as well just go ahead and do it!
10. There is a $450 annual fee, yikes! Is the card and offer still worth it?
Answer: 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 question #2), 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. So without even taking into consideration any of the other perks/benefits, you are still $1,650 ahead! When year two comes up you can re-evaluate if holding onto the card still makes sense.