Anyone who isn’t living under a rock knows that Chase ramped up their credit card offerings earlier this month. Called the Chase Sapphire Reserve, this new credit card is supposed to be the #cardoftheuniverse. Not only does it come with a 100,000 point signup bonus, but it offers a $300 travel credit, too. What’s not to like?
Well, I can answer that. In a move that will likely limit their new customers drastically, Chase appears to be holding steady with their 5/24 rule (if you believe in that sort of thing). When I applied for the card a week ago, I was told plain as day that having 8 cards (six if you discount authorized users) in the last 24 months excluded me from qualifying. And that’s despite the fact I do all of my personal and business checking there. Hell, I even have a Chase mortgage!
But I’m not really sweating it. Here are a few reasons your life is still worth living if you don’t get this card:
It has a $450 annual fee!
While this card’s $300 annual travel credit nearly offsets the annual fee, you’ll still have to pay $450 upfront. And if you don’t pay for travel or travel incidentals often, using a $300 travel credit may not be as easy as you think. While I’m not against paying annual fees, there’s a point where some aren’t worth paying. Whether or not this card’s fee is worth it depends on how much you spend on travel and dining (the 3x point bonus categories), whether you’ll utilize the CSR’s benefits, and how comfortable you are forking over $450 from the start.
There are plenty of other awesome cards to choose from.
The Chase Sapphire Reserve is definitely unprecedented, but that doesn’t mean there aren’t other cards to consider. If you’re unsure of which card to get instead, check out our list of the top credit card offers right now. With the right card, you could earn 50,000+ airline miles, a few free hotel stays, or cash back with a single signup bonus.
You can upgrade or do a “product change” if you want this card bad enough.
While you’ll miss out on the 100,000 point signup bonus if you go this route, you can get all the benefits the Chase Sapphire Reserve offers if you upgrade to the Chase Sapphire Reserve instead. Missing out on the bonus is a bummer, but at least you’ll get the $300 annual travel credit, lounge access, 3x points on travel and dining, and 50 percent more value when you book with points through Chase Ultimate Rewards.
You probably have other Chase cards you love anyway.
Here’s the main reason I’m okay with the hand I have been dealt (cue world’s smallest violin here): I have other Chase cards. Between my husband and I, we have a Chase Sapphire Preferred card, an Ink Plus Business Credit Card, and a Chase Freedom card. With that combo, we can earn 2x points on travel and dining with the CSP, up to 5x points in rotating categories with the Chase Freedom, and up to 5x points at office supply stores with the Ink Plus. Those are the main reasons I have these cards to begin with, so I’ll still rack up plenty of points over time.
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Chase Sapphire Preferred® Card
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$0 intro first year
$95 annual fee |
Earn 50,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. That's $625 in travel when you redeem through Chase Ultimate Rewards® Read Review » |
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Chase Sapphire Preferred® Card |
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Chase Freedom Unlimited(SM)
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$0 annual fee
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$150 Bonus After you spend $500 on purchases in your first 3 months from account opening Read Review » |
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Chase Freedom Unlimited(SM) |
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The Bottom Line
Not qualifying for the Chase Sapphire Reserve is not the end of the world. In fact, getting a denial might be the impetus you need to maximize the cards you already have. As for me, I say “smeh.” I may or may not upgrade my card, but I’m not sweating it either way.
Did you qualify for the Chase Sapphire Reserve? Are you going to apply?
[Image via Getty]