Wells Fargo Visa Signature vs Chase Sapphire Reserve

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SapphirePreserved
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Wells Fargo Visa Signature vs Chase Sapphire Reserve

Postby SapphirePreserved » Fri Oct 07, 2016 4:19 pm

I've been a Wells Fargo/Wachovia/First Union customer for many years and currently have all my rewards points in the Wells Visa Signature. No Annual Fee. 75% bonus if points are used for travel (i.e. $100 in points is worth $175 if applied to travel through their travel service.).

I've been reading good things about the Chase Sapphire Reserve MasterCard, and today I decided to get it , even though the points are only worth 150% when applied to travel. I figured that the initial 100,000 point bonus would offset this, at least for the first couple of years. So the Chase card should arrive in 7 to 10 days.

I currently have about 260,000 points on the Wells Visa. I have to keep up $50,000 of spending per year on the Visa to keep the 75% bonus.

So my question to you is, what should be my strategy going forward?
1) Spend my current 260,000 points on travel quickly and phase out use of Wells Visa?
2) Maintain both cards and concentrate the Chase Card on Travel and Dining for the 3x points?
3) Use Sapphire enough to lock in the bonuses and rebates, but keep main spending on Wells to get the 175%?

Is it too much of a hassle to keep two rewards balances going?

For what it's worth, I use credit cards for payment convenience. I pay the balance in full each month.

Thanks.


MrAB3
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Re: Wells Fargo Visa Signature vs Chase Sapphire Reserve

Postby MrAB3 » Sat Oct 08, 2016 9:38 pm

Are the Wells Fargo Visa and CSR your only cards? Is more than 50% of your spending on dining and/or travel?

If you have other Chase cards or most of your spending is on dining and travel, take option #2. Focus your spending on the CSR (and your other Chase cards if you have any), but don't cancel your Wells Fargo Visa. Your history associated with that account is long and closing that card would be foolish.

If you do not have any other Chase cards, take option #3. You can always use CSR's benefits without spending anything, kind of like the Amex Platinum. But the CSR's was designed as a balance between UR Points and benefits, so there's no harm in using it for dining and travel only.

If you can use points from both Chase and Wells Fargo to your advantage, keep your balances. If you prefer one bank over the other, keep saving points with the bank that you prefer.

Hope this helps!
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SapphirePreserved
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Re: Wells Fargo Visa Signature vs Chase Sapphire Reserve

Postby SapphirePreserved » Sun Oct 09, 2016 6:46 pm

MrAB3 wrote:Are the Wells Fargo Visa and CSR your only cards? Is more than 50% of your spending on dining and/or travel?

If you have other Chase cards or most of your spending is on dining and travel, take option #2. Focus your spending on the CSR (and your other Chase cards if you have any), but don't cancel your Wells Fargo Visa. Your history associated with that account is long and closing that card would be foolish.

If you do not have any other Chase cards, take option #3. You can always use CSR's benefits without spending anything, kind of like the Amex Platinum. But the CSR's was designed as a balance between UR Points and benefits, so there's no harm in using it for dining and travel only.

If you can use points from both Chase and Wells Fargo to your advantage, keep your balances. If you prefer one bank over the other, keep saving points with the bank that you prefer.

Hope this helps!


Thanks for your thoughtful reply.

I have two other cards. One is another Wells Fargo Visa Rewards Card that I let my daughter use as an additional user. She has her own Wells Fargo Card, but they only offered her a $1000 credit limit, which is next to worthless. The other is a Bank of America Mastercard with no rewards and only a $4,500 credit limit. My wife used this card for several years, but we determined that we were better off putting everything on the Visa Signature Card for the points. It is odd that Bank of America has never increased the credit limit, although it is probably our oldest card. I keep it around, because it is handy to have an additional card for those times when Well Fargo detects fraudulent activity on my main card and shuts it down until they can send out a card with a different number.

Travel and dining together are probably 25% of my spending in a normal year, but some years it spikes up.

I will probably keep both for now, but over time, I an going to de-emphasize Wells Fargo because of the recent scandal. Also currently Chase has offered a credit limit that is only 85% of the limit on the Visa Sig, and only 57% of the two WF cards together, so I will need to keep both until they catch up.

mountaindewvoltage
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Re: Wells Fargo Visa Signature vs Chase Sapphire Reserve

Postby mountaindewvoltage » Mon Oct 10, 2016 9:48 pm

SapphirePreserved wrote:I've been a Wells Fargo/Wachovia/First Union customer for many years and currently have all my rewards points in the Wells Visa Signature. No Annual Fee. 75% bonus if points are used for travel (i.e. $100 in points is worth $175 if applied to travel through their travel service.).

I've been reading good things about the Chase Sapphire Reserve MasterCard, and today I decided to get it , even though the points are only worth 150% when applied to travel. I figured that the initial 100,000 point bonus would offset this, at least for the first couple of years. So the Chase card should arrive in 7 to 10 days.

I currently have about 260,000 points on the Wells Visa. I have to keep up $50,000 of spending per year on the Visa to keep the 75% bonus.

So my question to you is, what should be my strategy going forward?
1) Spend my current 260,000 points on travel quickly and phase out use of Wells Visa?
2) Maintain both cards and concentrate the Chase Card on Travel and Dining for the 3x points?
3) Use Sapphire enough to lock in the bonuses and rebates, but keep main spending on Wells to get the 175%?

Is it too much of a hassle to keep two rewards balances going?

For what it's worth, I use credit cards for payment convenience. I pay the balance in full each month.

Thanks.


I bet the benefits on the CSR outweigh anything the WF card will get you though. So in reality, the rewards are just 1/2 of the equation.

SapphirePreserved
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Re: Wells Fargo Visa Signature vs Chase Sapphire Reserve

Postby SapphirePreserved » Tue Oct 11, 2016 10:09 am

mountaindewvoltage wrote:I bet the benefits on the CSR outweigh anything the WF card will get you though. So in reality, the rewards are just 1/2 of the equation.


I got notified that the CSR is coming today via UPS. Very excited to see what it looks like. And metal or plastic?

The benefit that I will definitely use is the reimbursement for Global Traveler. We usually get TSA Precheck on our ticket without having paid for it, but it is squirrelly. If I have TSA Precheck, then check bags and get a new boarding pass, the TSA Pre-check status is gone, and we are back to the long line. Or sometimes, I get TSA pre-check, and my wife does not. So doing this is a no-brainer.

The concierge services are similar on both. I think they all use the same VISA-staffed Concierge service, but I could be wrong. And in the 18 years I have had the Visa, I have never used the Concierge. But having the CSR may prompt me to think to use the Concierge, when before I just never thought of it.

They both have the Rental Car insurance benefits and the warranty/price guarantee benefits. I have never used them, although I do decline CDW. I hope I would remember to use this if I ever had an accident in a rental car.

The Airport Lounge access is nice, but very few lounges are covered. None are included in my hometown. In Atlanta, there is only one lounge in Concourse F. The only lounge at LGA is Air Canada. So I might get lucky and get in a lounge once every five years.

So the huge benefit for me is the points and the multiplier. I'll give you an example. We went to Italy earlier this year. I was thinking of cashing in some points (at $1/1000) to help pay for the trip. The Travel Agent wanted $2200 each round trip. Going to Lufthansa's website, it would cost about $1600 each. Going through VISA's travel agency and using points, we paid about $890 each for the same Lufthansa flights.

Thanks for your response. I realize this is a "first-world problem" and I'll be fine either way. My current thinking is to keep the Visa Sig going until I have drawn down the points. Then shift everything to the CSR. With the 3X points on travel and dining, I will come out OK even giving up 25% of the multiplier for the points.

mountaindewvoltage
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Re: Wells Fargo Visa Signature vs Chase Sapphire Reserve

Postby mountaindewvoltage » Tue Oct 11, 2016 12:26 pm

SapphirePreserved wrote:
mountaindewvoltage wrote:I bet the benefits on the CSR outweigh anything the WF card will get you though. So in reality, the rewards are just 1/2 of the equation.


I got notified that the CSR is coming today via UPS. Very excited to see what it looks like. And metal or plastic?

The benefit that I will definitely use is the reimbursement for Global Traveler. We usually get TSA Precheck on our ticket without having paid for it, but it is squirrelly. If I have TSA Precheck, then check bags and get a new boarding pass, the TSA Pre-check status is gone, and we are back to the long line. Or sometimes, I get TSA pre-check, and my wife does not. So doing this is a no-brainer.

The concierge services are similar on both. I think they all use the same VISA-staffed Concierge service, but I could be wrong. And in the 18 years I have had the Visa, I have never used the Concierge. But having the CSR may prompt me to think to use the Concierge, when before I just never thought of it.

They both have the Rental Car insurance benefits and the warranty/price guarantee benefits. I have never used them, although I do decline CDW. I hope I would remember to use this if I ever had an accident in a rental car.

The Airport Lounge access is nice, but very few lounges are covered. None are included in my hometown. In Atlanta, there is only one lounge in Concourse F. The only lounge at LGA is Air Canada. So I might get lucky and get in a lounge once every five years.

So the huge benefit for me is the points and the multiplier. I'll give you an example. We went to Italy earlier this year. I was thinking of cashing in some points (at $1/1000) to help pay for the trip. The Travel Agent wanted $2200 each round trip. Going to Lufthansa's website, it would cost about $1600 each. Going through VISA's travel agency and using points, we paid about $890 each for the same Lufthansa flights.

Thanks for your response. I realize this is a "first-world problem" and I'll be fine either way. My current thinking is to keep the Visa Sig going until I have drawn down the points. Then shift everything to the CSR. With the 3X points on travel and dining, I will come out OK even giving up 25% of the multiplier for the points.


If the Chase Sapphire Reserve is anything like that Preferred, it'll have primary rental insurance. Other cards have secondary...

You can also combine points with other Chase cards if you have any.

There's other benefits that are great too, but I don't remember what they are. A simple search for Chase Sapphire Reserve benefits will help you. I was curious and looked once and thought the benefits were terrific and I never travel.

MrAB3
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Re: Wells Fargo Visa Signature vs Chase Sapphire Reserve

Postby MrAB3 » Tue Oct 11, 2016 8:45 pm

Here's a link to the Chase website for CSR benefits: https://creditcards.chase.com/credit-ca ... ?CELL=6255

Smart move with moving over to the CSR and away from the Wells Fargo card. Whatever happens, you will be fine. I agree with mountaindewvoltage about combining Chase cards to earn more points and having a higher total limit with them. From what I have heard, Chase is really good with transferring limits between cards. All you have to do is call them or go online and quick chat them.

I plan to use this Chase strategy as well once I am able to get some more cards.
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