pewpew wrote:looks to me like you didn't think this through very well.
why did you get the preferred version? after the first year they will start charging an annual fee of $95. you will have to spend $9500 every year just to offset the annual cost. no 19 year old should be spending that amount of money.
Looks like this post was not very well thought out. You obviously have no idea what you're talking about. The kid already said he made about 38K. He's also 19 so may have support from elsewhere as well. You don't really know anything about him to make this judgement.
Second, maybe he wants to do some travelling and this card will earn him UR points that might help him do this for free....thats well worth $95 if you do it correctly....and he'll be 20 then.
Third, the CSP gets an additional 7% annual dividend on points, so that's a minimum of 1.7% on everyday transactions, which would pay for the AF with $6650 or less in spending.
Lastly, he could easily just ask Chase to convert his account to the non "Preferred" version if he no longer wished to pay the AF. No need to close the account.