Considering the Chase Sapphire Preferred, in need of advice

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mdl28
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Postby mdl28 » Sun Mar 16, 2014 10:48 am

The CSP Prfr'd is a good card with good benefits. Concierge service to me has been above the level of most. It all depends on your needs. If you tend to travel much or are looking to redeem for travel purposes, it would serve you well. Read the outline of card on its website, if you like what you see then get it. Your score and having your Amex and Discover might help the approval. However CSP is a signature card and has a 5k min CL. Usally lenders like to see another card with at least that much of a CL on another card(s).
MDL

Amex Gold Prem'r
Amex BCP
Amex Green
Barclays Ring Platinum MasterCard
Citi Diamond Pref'd
Chase Sapphire Pref'd Visa Signature
Chase Freedom MasterCard
Discover It
New York Life Visa Signature


takeshi
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Postby takeshi » Mon Mar 17, 2014 7:40 am

southerndude wrote:The reason I am posting to the forum is just to see if the Chase Sapphire Preferred is a card most people would recommend or if I should consider other cards that earn travel reward points.

You need to use your needs/wants to determine if the CSP (or any card) is a good fit. Don't just look to accumulate points. Look at how redemption works and see if the Ultimate Rewards works for you. Take a look at the transfer partners and see if there are travel companies that you use. Take a look at how the CSP earns points and see if that lines up with your major spend categories. It's useful to me but the CSP isn't a good fit for every person out there.

Indymac
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Postby Indymac » Sat Mar 22, 2014 2:52 pm

CSP gives 3X points when you book travel through UR, but I never see anyone mention this as a bonus for getting the card, why is that? It seems like a huge benefit to me because when you factor in the 7% dividend and 20% discount, the 3X points becomes over 4% back.

Do you guys just not use this feature or are the prices in UR higher and therefore not worth it?

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nismoZtuner
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Postby nismoZtuner » Sun Mar 23, 2014 1:46 am

Dude you'll get approved alright look at me I walked into chase with plans of opening a savings account in which I did- then I just started talking about the sapphire card with the banker guy. The banker told me I was pre approved for the regular sapphire and the preferred version as well as the freedom.. so I was like watta heck I'll go for it.. I have been eyeing the CSP since I was approved for the Marriott card back in September or October.

All my cards at the time of getting approved for my Marriott card were all under 2k! I DID NOT have a $5k+ limit card! Like some say you have to.

I'm barely 21 years old with a credit history of 1 year and half. I make about $30k annually.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

MemberSince99
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Postby MemberSince99 » Sun Mar 23, 2014 5:42 am

If you do go for it, go for it before they raise the AF. From what I read that's supposedly this summer so you might want to go for it soon.

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nismoZtuner
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Postby nismoZtuner » Sun Mar 23, 2014 11:56 am

MemberSince99 wrote:If you do go for it, go for it before they raise the AF. From what I read that's supposedly this summer so you might want to go for it soon.



That is how the banker convinced me.. he said I'll be grandfathered with the $95 AF..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

JoDa
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Postby JoDa » Sun Mar 23, 2014 7:07 pm

PLEASE PLEASE PLEASE remember that the CSP 20% is a DISCOUNT OFF THE CASH PRICE, not a "bonus" in it's truest form. Essentially, instead of getting 1 cent per point, you're getting 1.2 cents, which is ACTUALLY EXTREMELY LOW FOR REDEMPTION. The general rule of thumb is you want to get 1.5 cents or better on your points/miles to make them worth it. As such, transferring points to miles is the way to go, as you get better redemption with the fixed mileage rates in most cases (for example, booking a ticket with a $350 cash value for 20K miles for a 1.75 cent/mile redemption rate).

CSP is great if (a) you will save on foreign transaction fees, (b) you dine and "travel" (remember that travel includes things like taxis and rental cars if you happen to use those a lot near home) a lot, and (c) you are aware of how to find deals with airline partners on transfers. Also if you currently have need for chip-and-sig (which probably means you travel a lot). Even then, you will get a little over 4% back if you're lucky and good (book paid travel through UR to get the extra point, spend a lot in travel and dining, and transfer to get good deals through an airline or hotel partner program).

If you're doing better than 4% back with cash back, just go with that. Because I spend almost nothing on gas (maybe $50/year? I do Zipcar which includes the gas) and very little at grocery stores (most of my food comes from the farm share, farmer's market, or small-time butcher), I do better with CSP (I dine out and travel a lot and know how to get mileage deals). If you spend a lot on gas and groceries, these categories are oft-rewarded from cash back cards at high rates and they're more up your alley.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

Indymac
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Postby Indymac » Sun Mar 23, 2014 11:12 pm

nismoZtuner wrote:All my cards at the time of getting approved for my Marriott card were all under 2k! I DID NOT have a $5k+ limit card! Like some say you have to.

I'm barely 21 years old with a credit history of 1 year and half. I make about $30k annually.


Based on my personal experience and what other people have reported, Chase seems to issue 20% of reported income as the credit limit for CSP, so it would appear you would need to earn at least $25k annually to qualify for the minimum $5k Visa Signature limit.



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