Is there any reason to hold onto CSP anymore?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
18 posts
freyj6
Platinum Member
Platinum Member
 
Posts: 82
Joined: Tue Jan 28, 2014 5:29 am
Location: United States

Postby freyj6 » Tue Nov 11, 2014 7:26 pm

Well yeah, the if you're able to get good value out of MR then the Everyday Preferred is better than either for regular spending, and gas and obviously groceries.

The main reason I strayed away from that card is because it's an everything card... you pretty much put all your spending on it. I think I'd find it pretty hard to get good value out of MR points IF I was accumulating them in such huge quantities.
Current Strategy

Chase Freedom + Discover IT + Churning


MrMosby
Centurion Member
Centurion Member
 
Posts: 211
Joined: Thu Mar 15, 2012 10:08 pm
Location: Ohio

Postby MrMosby » Mon Nov 24, 2014 1:00 pm

UR's weren't bad when I had the Sapphire, I ultimately got rid of my Freedom and Sapphire card because my employer uses Amex so it made sense to get more MR's than anything.

I wouldn't just cancel it though, I would open up a new Chase card that would make sense to have (in my case Ritz-Carlton because I travel a lot for work so I take advantage of the Airline Credit, and the Gold Ritz/Marriott status a lot). Once you do that you can combine your credit limits onto your new card (which is also what I did).
Everyday Preferred $45K | Amex Platinum NPSL | Citi Hilton HHonors Reserve $45K | Delta Platinum $30K | Chase Sapphire Preferred $64K | Citi Hilton HHonors $45K | Discover IT $25K

User avatar
otter
Centurion Member
Centurion Member
 
Posts: 639
Joined: Sat Aug 24, 2013 8:45 pm
Location: Grand Forks, ND

Postby otter » Mon Nov 24, 2014 1:40 pm

Nixon wrote:Plus, it's a pretty card. Don't you like pretty cards? :D


If you live in a cold climate, the CSP comes in handy for those times when ice forms on the inside of the windshield while you're driving...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

Battery111
Centurion Member
Centurion Member
 
Posts: 284
Joined: Wed Apr 09, 2014 9:40 pm
Location: Lawton, ok

Postby Battery111 » Mon Nov 24, 2014 6:05 pm

I guess I would also question what you consider flying "A TON" is and/or how much spend you are putting through this card to cover all of your travel needs with points. Don't get me wrong, the points are nice for a couple free tickets per year, but your average airline reward ticket for domestic round trip coach is 25k miles. Maybe points are enough to cover your airfare on all your travel but it's not even close for me, and I don't consider myself to fly "A TON"

Point being everyone's needs are different. The solution you propose sounds like it would work for you, but I get more value out of the CSP.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

freyj6
Platinum Member
Platinum Member
 
Posts: 82
Joined: Tue Jan 28, 2014 5:29 am
Location: United States

Postby freyj6 » Tue Nov 25, 2014 12:50 am

Maybe "a ton" was a little bit of an overstatement. But let's look at spending to justify it.

If you get great value out of UR points, say 2 cents, then travel is essentially a 4% category for you, or 2% over the next best no-fee card -- so you're netting an extra 2%. To justify a $95 annual fee from 2% back, you'd need to spend $5000 on travel beyond what you're paying for with points; if you only get a value of 1.5, it would be $10000.

And remember, this is travel beyond what you pay for with points. If you get good value out of UR points and spend close to $5000 on travel a year, that's at least $400 worth of award travel. (And all this assumes that you're not getting other award travel with other cards).

I'd consider $5500-11000 in travel each year a lot. And if you spend that much, PRG is a better option if you can get similar value out of MR (3x points vs 2x points justifies the fee difference).

But yes, if you travel a lot, don't pay for a lot of your travel with points, get good value out of UR and can't get good value out of MR, then yes, it makes a lot of sense for you.

Personally I'm leaning towards eventually getting an Ink card.
Current Strategy

Chase Freedom + Discover IT + Churning

rockyrock
Centurion Member
Centurion Member
 
Posts: 803
Joined: Thu Mar 21, 2013 6:06 am
Location: Ventura, CA

Postby rockyrock » Wed Nov 26, 2014 8:20 am

There is a much simpler solution to this. When your AF posts just call Chase and ask them to breakdown your point earnings. They can put a (conservative) dollar value on it and you can decide if it's work it. I called to close the account and once he broke everything down for me I decided it was worth $95. Last year, even with the assumption of using points to pay the AF, I earned >$500 in points. My spending this year is significantly less on this card so it may be a different story.

The point is if the card is earning you money and isn't taking away from a card with a reward system you value more than UR, it may be best to keep it.

of course, YMMV.
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC

freyj6
Platinum Member
Platinum Member
 
Posts: 82
Joined: Tue Jan 28, 2014 5:29 am
Location: United States

Postby freyj6 » Thu Nov 27, 2014 1:32 am

Well yes, but I'm more likely to look at: did it justify the annual fee vs 2% back with Double Cash, half the year at 5-10% on dining with Freedom/Discover IT, and other restaurant and travel cards.
Current Strategy

Chase Freedom + Discover IT + Churning

rockyrock
Centurion Member
Centurion Member
 
Posts: 803
Joined: Thu Mar 21, 2013 6:06 am
Location: Ventura, CA

Postby rockyrock » Sun Nov 30, 2014 9:18 am

freyj6 wrote:Well yes, but I'm more likely to look at: did it justify the annual fee vs 2% back with Double Cash, half the year at 5-10% on dining with Freedom/Discover IT, and other restaurant and travel cards.


That's fine. Use it only when one of the other cards isn't better and at the end of the year if you are still making money off it--great, if not then it's time to close it.
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC



Return to “Visa & MasterCard”

Who is online

Users browsing this forum: No registered users and 0 guests