Chase Sapphire Preferred

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jcm55
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Chase Sapphire Preferred

Postby jcm55 » Sat Jun 28, 2014 1:46 pm

Hello, new to the forum here. I'm currently using the AMEX Blue Cash Preferred as really my only rewards type credit card (I also use a BofA one, though that one doesn't yield much cash back though its extra 10% direct into your checking account helps somewhat).
The AMEX card carries an annual fee but our cash back more than enough makes up for it, so I'm trying to see if this Chase card would do the same for our situation.


I've been looking at the Chase Sapphire Preferred and wanted to know if it was a card worth getting despite the annual fee. I do like the various airlines that it uses as they are the major carriers that my wife and I tend to look at (SW, BA, Korean Air). We fly domestic probably 2-3 times a year, oftentimes with Southwest and while I don't think we're heavy spenders so I'm trying to figure out whether whatever points we get would offset the $95.

Any feedback of your own experience with this card welcome! Thanks in advance.


takeshi
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Postby takeshi » Sat Jun 28, 2014 11:18 pm

jcm55 wrote:I don't think we're heavy spenders

Generally speaking the CSP is better suited to heavy spend but "heavy" is vague term. Can you give us a better idea with a number or range?

Or consider that the CSP is 2x on travel and dining. Look at the spend you'd place on the CSP to determine the points you'd accrue. Then look at redemptions on the partners you intend to use. Compare the equivalent dollar value of the reward(s) you can redeem with the points you'd earn minus the AF.

CSP can be used for cash back but points are then only 1 cent each.

jcm55
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Postby jcm55 » Sun Jun 29, 2014 10:57 am

I would say annually 2.5-4k on dining and maybe 1-3k on travel by air (often Southwest) and there's other costs of course like groceries or gas, but I think the AMEX Blue Cash Preferred's 6% will cover the groceries so we wouldn't use the CSP for that though I guess if I had the CSP I would also use it for gas if it can get me points (but again I think one of my cards gives me back 3% on gas but if the points through CSP becomes worth it then I wouldn't mind using that instead).

I hope that helps? Also, another question I had was, if you did have x points with CSP and say it didn't quite match up to the cost of the plane ticket, can you still use it to cover partial cost, or must the # of points you have cover the FULL value of the ticket?

Robrus1
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Postby Robrus1 » Sun Jun 29, 2014 11:29 am

It just depends on how the airline rewards program you transfer the points to works. Mine always get transferred to my Southwest Rapid Rewards account, and Southwest is all points or all cash for a ticket. If you are short on points while buying your ticket, however, it will give you the option during the booking process to purchase the additional points needed to cover the rest of your fare.

Also, to help answer your original question, given your approximate annual spend, I recommend going for the CSP if you think you can put extra spend on it to get the signup bonus. The card is free the first year, so I'd suggest you evaluate at the end of the year and decide whether or not you want to keep it. You can always switch to the regular Sapphire, which has no AF.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

jcm55
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Postby jcm55 » Sun Jun 29, 2014 4:46 pm

Robrus1 wrote:It just depends on how the airline rewards program you transfer the points to works. Mine always get transferred to my Southwest Rapid Rewards account, and Southwest is all points or all cash for a ticket. If you are short on points while buying your ticket, however, it will give you the option during the booking process to purchase the additional points needed to cover the rest of your fare.

Also, to help answer your original question, given your approximate annual spend, I recommend going for the CSP if you think you can put extra spend on it to get the signup bonus. The card is free the first year, so I'd suggest you evaluate at the end of the year and decide whether or not you want to keep it. You can always switch to the regular Sapphire, which has no AF.


thanks for the tip. I would definitely spend enough to get the 40,000 points and get the 5,000 extra by adding my spouse to the account. I'll do some more research and give it a hard look

randeman
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Postby randeman » Mon Jun 30, 2014 11:53 pm

jcm55 wrote:thanks for the tip. I would definitely spend enough to get the 40,000 points and get the 5,000 extra by adding my spouse to the account. I'll do some more research and give it a hard look


I have the Sapphire, and it's fine, and the first year is up this month. I have the option of PCing it to CSP or applying outright. If I apply, I can't think of much that I do on a month to month basis that would get me to the spend needed for the 40,000 points. Although I did decide to vacation in Paris this fall, so I could put the air and hotel on that card.

Thank goodness these are my types of credit dilemmas nowadays.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

jcm55
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Postby jcm55 » Tue Jul 01, 2014 2:17 pm

randeman wrote:I have the Sapphire, and it's fine, and the first year is up this month. I have the option of PCing it to CSP or applying outright. If I apply, I can't think of much that I do on a month to month basis that would get me to the spend needed for the 40,000 points. Although I did decide to vacation in Paris this fall, so I could put the air and hotel on that card.

Thank goodness these are my types of credit dilemmas nowadays.


What is the advantage of this card over say something like Barclays Arrival World Plus card? It seems the Barclay card carries a lower annual fee ($89 vs $95), gives similar (40k miles for first 3 months spending over $3000 vs 40k + 5k points for first 3 months over $3,000) and is 2x miles across the board unlike the Chase Sapphire Preferred which is sometimes 1x or sometimes 2x points. Is CSP's Ultimate Rewards website better for deals than what you can get with Barclay's points?

I'm likely to apply for one of the two cards, but would like to hear all of your thoughts on the two. Thanks

Robrus1
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Postby Robrus1 » Tue Jul 01, 2014 9:06 pm

The Barclaycard is really best used as a cash back card for travel purchases. You redeem your points towards a statement credit, and when you redeem your points for any travel purchases, you get 10% of the points back. Chase UR points can be transferred to airlines, used toward purchases in the UR mall, statement credits, and probably more. I don't think you can transfer the Barclaycard points anywhere. I'm pretty sure your only options to redeem the points are statement credit, gift cards, and some merchandise.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

randeman
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Postby randeman » Tue Jul 01, 2014 11:40 pm

Honestly, I think they're pretty close to being the same. There's little difference. If you could get both, at least in my opinion, they would be all the travel cards you need. While the Arrival card has a lower annual fee, the $6 difference isn't enough to make me choose the arrival card over the CSP.

I was denied the Arrival card when I applied a month ago. I still have a paid judgment on my CR, which is a major ding, and, at the time at least, I was carrying a 50% debt load. My debt is now less than 10% of my available credit limits and I may be able to talk my way out of a denial due to the judgment. I've done it before. I really just applied to see what they would say. Chase could potentially turn me down if I applied for the CSP straight out, but I already know I could PC the Sapphire up if they do. With my Escape, Mileage Plus, Barclay Holland America, and Delta Amex cards, I really have all the travel cards I could possibly ever need. Moreover, I couldn't care less about AFs as mine are all less than $100 each and are all more than offset by free checked bags, tons of travel insurance that I don't have to buy, and free or reduced-cost airline club entry fees. The only thing I am missing is a hotel card, and when I do get the CSP that will take the place of that--and not restrict me to any one hotel group.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

jcm55
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Postby jcm55 » Wed Jul 02, 2014 8:36 am

Robrus1 wrote:The Barclaycard is really best used as a cash back card for travel purchases. You redeem your points towards a statement credit, and when you redeem your points for any travel purchases, you get 10% of the points back. Chase UR points can be transferred to airlines, used toward purchases in the UR mall, statement credits, and probably more. I don't think you can transfer the Barclaycard points anywhere. I'm pretty sure your only options to redeem the points are statement credit, gift cards, and some merchandise.


Oh I did not know that, thanks for the clarification (i.e. that Barclay goes into the statement). I guess from what you and randeman said, it seems like CSP may be the better option for now (I'm not willing to apply for both at this time)



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