PSA -Sapphire Reserve with 100K points bonus, LAST CHANCE is Saturday 3/11 at branch...

[momeNt]

Just received my card yesterday. Put $1500 on it buying random stuff, then tried to buy a $5000 handgun with it. But the shop owner said he'd give me a discount if I paid in cash, which I couldn't resist. Guess I'll have to keep shopping for other stuff.

What handgun did you buy?

 

[Svnla]

I temporary thawed my credit to get this card. I didn't know which credit bureau Chase would pull so I thawed all 3 just to be safe. So this card costed me $9. Now I have to figure out what to do with my Sapphire Preferred card. I don't know if I should cancel CSP or downgrade the card to something else once the Reserve arrive. I already have Freedom, Freedom Unlimited, and Amazon. I don't see another attractive free card I can downgrade to.

Why do you have so many CCs from Chase? Just curious.

Do not cancel the card if possible. Downgrade the "expensive card, ie.. high annual fee" to a "cheaper...ie..lower annual fee" if you can help it.

 

[radhak]

So, lemme see if I got this right:

The initial $4000 spending needed is the total for 3 months, right? Around $1400 a month?

And the $1500 bonus you get is only usable for travel services - flight, rental cars, hotels, etc? Is there a time limit to using that?

And that $300 is over-and-above the $1500, except that you get it as credit afterwards, at the end of year?

 

[MrDudeMan]

So, lemme see if I got this right:

The initial $4000 spending needed is the total for 3 months, right? Around $1400 a month?

And the $1500 bonus you get is only usable for travel services - flight, rental cars, hotels, etc? Is there a time limit to using that?

And that $300 is over-and-above the $1500, except that you get it as credit afterwards, at the end of year?

I don't think that's quite right.

I think the $4000 is total, so yes, $1333 per month for 3 months.

The $1500 bonus is only for travel if you use it as points instead of converting it to cash, which would yield $1000 instead of $1500. The 50% bonus is due to using the points specifically for travel through Chase.

The $300 credit is different than the points, so yes. I don't know when it is applied, though.

 

[zinfamous]

Don't get hung up on the $450 fee.

If I offered you $1,600 if you gave me $450, would you do it? That's basically what this is.

I don't get it...don't I actually have to hand you $4,450 for you to give me $1,600?

 

[Schfifty Five]

I don't get it...don't I actually have to hand you $4,450 for you to give me $1,600?

What? Um, you do realize the $4,000 is just you BUYING other things. You aren't just giving away $4,000 and getting nothing in return.

 

[purbeast0]

I called today to ask about why my application didn't get instantly approved and if there was anything I could do to expedite it in order to get the 100k promotion. They told me as long as I applied before the promotion ends I would be fine. He also said that it's more common to get the "you will receive a letter in 7-10 days" result than instant approval, which was news to me because my previous 3 Chase cards I have instantly gotten approved. So I am just waiting to get it in the mail.

I canceled one of my Southwest cards today too though since the annual fee renews this month, then I have to cancel my other one by the end of next month so I don't have to pay the fee for that card either.

 

[RockinZ28]

So, lemme see if I got this right:

The initial $4000 spending needed is the total for 3 months, right? Around $1400 a month?

And the $1500 bonus you get is only usable for travel services - flight, rental cars, hotels, etc? Is there a time limit to using that?

And that $300 is over-and-above the $1500, except that you get it as credit afterwards, at the end of year?

You have 3 months, from the date you get approved, to spend $4k, not including the annual fee that will be charged first statement.

You get 100k Ultimate Rewards points for accomplishing this. You can redeem these in multiple ways, for example:
1) Travel (Flights/hotels/rental cars etc.) through Ultimate rewards portal where they're worth 1.5x, so 100k points is worth $1,500 travel value.
2) Transfer them at 1:1 to UR partners, such as Southwest where they are worth like 1.5 pts/dollar +. So you can book say a $200 flight for 10k points directly through Southwest Rapid Rewards.
3) Redeem your points for gift cards through Ultimate Rewards. You could redeem your 100k points for ten $100 Amazon gift cards for instance.

The $300 travel credit is a separate benefit that you'll continue to get once each calendar year with this card. Basically if you spend $300 on anything that registers as travel (Flights/rental cars/hotels/public transportation etc.), you'll be reimbursed $300. So you can get this $300 reimbursement now, and again 1/1/2018.

I don't get it...don't I actually have to hand you $4,450 for you to give me $1,600?

No, cause you spend $4k on whatever the hell you choose. Bills, insurance, groceries etc. Your normal daily shit, just make sure you spend at least $4k. You just incur a $450 fee for the privilege of using this card, then you're given what amounts to $1,600 in points and reimbursements.

 

[zinfamous]

What? Um, you do realize the $4,000 is just you BUYING other things. You aren't just giving away $4,000 and getting nothing in return.

right, but I am working within the world of his analogy. That $1600 isn't free, and it requires more than a $450 does it not? Whether or not it is just spending I would make, anyway, it requires more than a $450 commitment to receive $1600, no?

 

[LikeLinus]

I don't get it...don't I actually have to hand you $4,450 for you to give me $1,600?

No, you are SPENDING 4k. Doesn't matter what you purchase. That's why I recommend paying all utilities, cell service, cable/sat, internet, gas, shopping, and food. Basically anything other than paying another CC or mortgage, because that is considered a cash advance and doesn't give you points. Use it a debt card of sorts, but pay it in full each month.

 

[RockinZ28]

right, but I am working within the world of his analogy. That $1600 isn't free, and it requires more than a $450 does it not? Whether or not it is just spending I would make, anyway, it requires more than a $450 commitment to receive $1600, no?

It's free bro. Read the article, Chase lost like $200 million handing out this free money lol. And it's tax free too.

 

[purbeast0]

So, lemme see if I got this right:

The initial $4000 spending needed is the total for 3 months, right? Around $1400 a month?

And the $1500 bonus you get is only usable for travel services - flight, rental cars, hotels, etc? Is there a time limit to using that?

And that $300 is over-and-above the $1500, except that you get it as credit afterwards, at the end of year?

It's not $1500 bonus - it is 100k rewards points. You can buy $1k in Amazon gift cards for that if you want. I do believe the $300 is bonus travel points I'm not really sure about that one to be honest, the 100k points alone is worth it to me though.

The best way to use the points for flights though is not through Chase Ultimate Rewards, it is to transfer them to United and find the "saver" United flights. The points go a lot further on United than they do directly through the rewards program. But if you don't want to fly United, then don't do that.

 

[purbeast0]

No, you are SPENDING 4k. Doesn't matter what you purchase. That's why I recommend paying all utilities, cell service, cable/sat, internet, gas, shopping, and food. Basically anything other than paying another CC or mortgage, because that is considered a cash advance and doesn't give you points. Use it a debt card of sorts, but pay it in full each month.

This is what I've been doing for like the past 2 years or so reaping the benefits of free money. My only regret is that I did not start doing this earlier .

Every time I get paid I just go to my chase account and pay off all balances.

 

[zinfamous]

It's free bro. Read the article, Chase lost like $200 million handing out this free money lol. And it's tax free too.

lol--guys, I get how this works, I was just saying that the analogy isn't exactly correct.

I can't just give you $450 and get back $1600 for this to work. I have to spend/"give you" additional money for that bargain.

 

[purbeast0]

lol--guys, I get how this works, I was just saying that the analogy isn't exactly correct.

I can't just give you $450 and get back $1600 for this to work. I have to spend/"give you" additional money for that bargain.

But spending and giving are not the same thing. That's where you are wrong.

But you are "giving" the $450 for the points because it's a fee that you have to pay and you don't get anything tangible back in return, other than being able to use the card + perks.

 

[RockinZ28]

lol--guys, I get how this works, I was just saying that the analogy isn't exactly correct.

I can't just give you $450 and get back $1600 for this to work. I have to spend/"give you" additional money for that bargain.

Well I said it's "basically" like that. Yes there are terms and conditions, but so many people just see the $450 fee and think holy fuck, pass.

 

[madoka]

What handgun did you buy?

Unicorn semi-custom 1911. I'll post up pics in about a five weeks when I take delivery due to CA's asinine 1 in 30 days and 10 day waiting period.

 

[Svnla]

OP here, goodness it is very simple. If you travel a lot and the benefits ($300 travel credit per year - (not just one time deal), $100 TSA/Global Entry fee, 3X points for travel and dining purchases, free entry to airport lounges, no foreign transaction fee, primary insurance on your rental vehicles, trip protection, and on and on) of this card is beneficial to you, apply to get the 100K bonus points before it is too late. If not, move on.

 

[Sho'Nuff]

Applied and approved. The $1500+ $300 travel credit will be very useful for our family vacation next year to Beaches Turks and Caicos.

 

[zinfamous]

But spending and giving are not the same thing. That's where you are wrong.

But you are "giving" the $450 for the points because it's a fee that you have to pay and you don't get anything tangible back in return, other than being able to use the card + perks.

So you're saying that in the dude's example "Give me $450, and I will give you $1600," that is exactly how this card works?

let's go back to my point--I was responding to that analogy, which implies there are absolutely no further strings attached.

 

[zinfamous]

Well I said it's "basically" like that. Yes there are terms and conditions, but so many people just see the $450 fee and think holy fuck, pass.

haha, I know. I'm actually strongly considering this as I pretty much pay everything through cc anyway, though cable and gas are still bank transfer. Still, with mortgage + bills + everything, I'm at about $1300-1500 total per month. Take out mortgage, I have to make up another ~$750-800 each month. yikes!

...though I might be buying some new computer components February-Marchish...but that's a lot to pin on the end of this cycle.

 

[Banana]

Applied and approved. The $1500+ $300 travel credit will be very useful for our family vacation next year to Beaches Turks and Caicos.

I was surprised that the application response was instantaneous, based simply off 4 or 5 questions. I chose self-employed, plugged in a estimated annual income , clicked, and next screen was the decision. Is that typical of credit card applications? No wonder people get into CC debt!

 

[manly]

So you're saying that in the dude's example "Give me $450, and I will give you $1600," that is exactly how this card works?

let's go back to my point--I was responding to that analogy, which implies there are absolutely no further strings attached.

Why are you being pedantic?

Obviously for ATOT millionaires, it's implied that you're supposed to drop $4k within 3 months without even trying.

 

[Uppsala9496]

You do any banking with Chase? Approval was super fast for me as well, however I have 3 savings accounts, 2 checking accounts and 4 credit cards with Chase. They are well aware of my financial standing.

 

[MaxDepth]

For me this makes sense, even though I fly only twice a year. But when I fly, I fly with the family so that's another 3 seats.