Chase Sapphire Reserve Reviewed!

It’s the hottest new personal credit card on the market as it offers a 100,000 points signup bonus! The Chase Sapphire Reserve card was released last Monday, August 22nd, and is the buzz all around the web. I’ll break it down so it’s easier to make a decision if you should apply or not. Don’t let the $450 annual fee scare you away… I’ve reviewed the Chase Sapphire Preferred card which I still carry and use on a daily basis but this new Sapphire Reserve card is even better if you travel.

How to justify applying for the Chase Sapphire Reserve Card (assuming you travel):

1. The annual fee is $450 per year but you get a $300 annual travel credit therefore reducing the effective annual fee to $150 (the travel credit is based on calendar year so you could get $600 in travel credit within your 1st year annual fee year)
2. As long as you spend $3,666 annually on dining or travel, you’ll be better off with this card than the Chase Sapphire Preferred ($55 difference in annual fee after the travel credit and valuing the points at $0.015 per point)
3. Two travel related benefits include Global Entry credit ($100 every 4 years) and Priority Pass lounge membership with guest privileges
4. 100,000 point signup bonus after spending $4,000 in 90 days

Chase Sapphire Reserve

The approvals for the Sapphire Reserve card are very strict and are subject to Chase’s 5/24 rule which entails you can only have less than 5 new personal credit cards opened in the last 24 months to qualify. You’ll also need a credit score above ~720 to qualify and the minimum credit line is $10,000 (due to it being a VISA Infinite card) they’ll issue for this card. Unfortunately, I’ve applied for way too many cards in the last 24 months so I won’t be able to get this new card 🙁

Conclusion: Don’t apply if you have applied to 5 or more personal cards in the last 24 months. Apply if you don’t have the Chase Sapphire Preferred card yet and you travel a couple of times a year apply for the Chase Sapphire Reserve card today to get the huge signup bonus of 100,000 Ultimate Reward Points! Apply for the Chase Sapphire Reserve to boost your points balance and downgrade your Sapphire Preferred (don’t cancel it). You can upgrade from the Chase Sapphire Preferred to the Reserve but it’s seems too much of a hassle for very little benefit (ie. signup bonus is where it’s at and only for new applications). Let me know below in the comments if you’ve successfully obtain the Chase Sapphire Reserve card.

Hint: With 100,000 points you can redeem your points for 4 roundtrip tickets to Hawaii from the West Coast on Alaska Airlines or American Airlines when booking through British Airways Avios which is a transfer partner 🙂