Well lookie here, a CSP app in the mail...

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Sevenfeet
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Location: United States

Well lookie here, a CSP app in the mail...

Postby Sevenfeet » Mon May 13, 2013 9:35 pm

Came back from my business trip this evening to discover something interesting in the mail today...an application for a Chase Sapphire Preferred card. I must be doing doing right in my credit transformation since now I'm getting interesting app offers I never even really wanted. Well, that's not entirely true...I did really want the CSP when I was first doing my research back in January before my first app spree. But then I thought twice about it and realized my goals were really about cash back and not a travel card (especially since I was paying $450 for Amex Platinum...of which I actively use the benefits).

And after months of getting Slate and Freedom applications in the mail, to my surprise comes a CSP application. But there are a few notes:

The offer is 40,000, much like the current online offer

The spend in the first 90 days to get it is only $2000, not $3000.

Interest rate is 15.24%...the standard rate for a top line travel card.

Visa Signature comes standard

So I ask the crowd here....why would I app for this anyway? It's not hard to redirect spending to this card in order to get the reward. I'm guess that 40,000 points is about $400...not bad but the Amex BCP reward ($250 reward for $1000 spend was technically better) AF is $95 in a year... The big issue is that I cannot see a real reason to keep the card after the intro reward, unless I'm using it strictly to wash UR points through from other cards (my wife will app for an Ink Bold soon for her business).

I have until July 1st to consider.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)


Bksuper
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Location: California

Postby Bksuper » Tue May 14, 2013 2:43 am

I really don't see what's so good about the CSP besides the sign on bonus, I mean the Barclay Arrival World Mastercard (NO AF version) seems to me to be almost as good for no annual fee. Maybe someone can fill in what I'm missing. Does getting 20% off through ultimate rewards for CSP mean that if you book through Chase you get 20% off everything even if you don't pay the whole thing in points or just that your UR points are worth 1.2 cents toward the purchase instead of 1 cent? And how is it better than the no AF barclay arrival world master card, which gets 2 miles/$ in those same categories, has no annual fee, a 10% dividend at redemption, and still has no forex. What do you get for that $95/year besides the flexibility of not turning points into miles, even with a 1:1 transfer?

I think those are the questions you need to ask yourself before applying for a card that has a $95 annual fee after the first year. Unless you're just interested in the signup bonus, and it justifies the hard pull, drop in AAOA, hassle, and minimum spend.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

rockyrock
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Location: Ventura, CA

Postby rockyrock » Tue May 14, 2013 3:00 am

I received my card last week and have been doing a lot of side-by-side with my Amex Platinum. Let me start by saying I think it is a great card and I still plan to shift my day-to-day spending to it away from my Amex.

I am in the process of planning a two week vacation for my family this summer. I priced out a few hotels in the San Diego area and a few further north, close to Santa Barbara. Also looked at rental cars and airfare. Booking directly through UR really speeds up the point accumulation. I found the prices to be significantly higher compared to Amex Travel or direct booking.

The hotel I ended up with, Coronado Island Marriott Resort & Spa was $299/day through Marriott or Amex but $366 a night through UR. Another property in Coronado was $250 direct/Amex but $323 through UR. I had very similar experiences with airfare and rental vehicles. I still used my CSP, I just booked direct vice UR.

I didn’t expect to find discounted travel deals but had hoped to at least find prices comparable to (non-promo) direct booking. Not the case.

Like I mentioned the CSP is a great card and if used correctly can be very rewarding point wise. Your sign-up points will give you $500 if used through UR. All in all I would say it’s probably a good deal for you as long as you can spend the $2k. You can always downgrade or canx before the AF bills and since you are a cash back reward type you probably will.

Good luck!
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

Robrus1
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Location: Texas

Postby Robrus1 » Tue May 14, 2013 8:21 am

I too find booking a vacation through UR to cost much more than booking through Amex or Priceline, etc. The reasons I plan on keeping my CSP are their great customer service and rapid point accumulation. Occasionally they will email me 5X points promos, one of which I recently took advantage of and got 10K points with one purchase. I do find when booking a hotel only through UR, the prices are competitive. We drive to OKC several times a year for the horse races and I always use points from UR to pay for our hotel room. I have yet to pay for a hotel room there. I've only had it 6 months and haven't really spent a ton of money through it, but have already received an auto CLI. I spend probably 80% Amex and 20% CSP and have received over $1000 worth of points (including the signup bonus) making the annual fee more than worth it to me for years to come.
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

Sevenfeet
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Postby Sevenfeet » Tue May 14, 2013 9:50 am

Yeah, I'm leaning toward doing this but I'm not completely sold. Working in favor of this is that I can use this for either hotel points (Hilton or Marriott) or better yet, just cash (at least from what I've read...500 bucks is nothing to sneeze at). My wife and I use hotel points from time to time, but since I travel for work, I build up points regularly anyway. I'm currently sitting on 100K Hilton points and nearly 50K Marriott points just from my normal work travels. But traveling for leisure is not easy with young kids, one with special needs, so we don't do it as often as you think. The next family vacation will be visiting my wife's family in the Boston area so we'll be staying with family (no hotel points needed).

It's not hard spending $2000 in three months out of our budget without significant disruption. Virtually all of it could come from what we spend on the Fidelity Amex and BofA Cash Rewards. Right now we spend about $1400 a month on Fidelity alone from non-categorized spending. That's $28 in cash rewards a month...versus $166 going for the CSP bonus.

The downside is that I really don't want to pull another hard pull right now...I've already wasted an Equifax hard pull on Discover last month. I'm up to four now for the year. And I also have four at Experian since Citi pulled both EQ and EX for my last app. I could get lucky in that they could pull Transunion (according to creditboards, they could pull any of them in my state...or occasionally multiples). But I'm thinking I'm going to get more inquiries on either EQ or EX which I would rather avoid.

Other downsides are the long term issues. I don't really need another travel card (the Amex Plat is enough). I really don't need another AF product (I'm currently paying for 4...Amex Plats for me and my wife, and BCP for me and my wife). I can cost justify for the Amex cards, but I'm not sure just what I'd be using the card for going forward. I get better restaurant deals from my Freedom and/or US Bank Cash +. Most people have said that the UR travel website's airfare prices are higher than Amex's. Plus I fly Delta and they have no reason to give Chase best prices for flying. The only thing that Chase can do is do points deals to make up for it (which they are known for, but that is no guarantee). And with nearly 550,000 Delta miles in the bank, I'm not paying cash for a lot of personal travel (my wife will pay cash for her business flights for her new company since that can be written off of taxes). Lastly, the CSP's ability to consolidate points on different cards for rewards is nice but can't the Ink Plus do this too? (which my wife will be apping for next month).
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

pewpew
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Postby pewpew » Tue May 14, 2013 11:26 pm

Bksuper wrote:Maybe someone can fill in what I'm missing.


You are missing a lot of things. CSP allows you to transfer points to some very popular frequent flyer and frequent guest programs at a 1:1 ratio. when transferred to united, for example, 25k points can easily be redeemed for a $300-$400 plane ticket. when transferred to British Airways, those same 25k points can upgrade an economy class ticket to business class (where available). In the past this was exclusive to only AmEx Gold and Platinum cards. Chase also has a bonus point program(UR Mall) where you can earn anywhere from 2 to 15 points per dollar for shopping online at popular websites. for example, dell.com at 3points/$ and Khols at 11points/$. this allows you to rack up points very fast.

CSP also gives a 7% annual bonus for any points you earned that year and when booking via Chase's website the points are worth 20% more.

Robrus1 wrote:I too find booking a vacation through UR to cost much more than booking through Amex or Priceline, etc.


As mentioned earlier in this post, Chase cards pick up points much faster than other cards thanks to the UR Mall. You aren't seeing the big picture. I never used priceline so I can't comment on that.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.

ClubMead
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Location: Florida, USA

Postby ClubMead » Thu May 16, 2013 12:56 pm

I found that the 40K points are way more valuable than $500.00

I am going to Manhattan for the weekend and staying at the Hyatt 48 Lex. The best rate I found was $499.00 per night. Including the taxes it would cost $1,150.00.

Instead I transferred 36,000 Chase points to my Hyatt account and the room is costing me $0.00 out of pocket. That is a $.0319/point value, which is pretty great.

Its a great card ... go for it!
My Wallet:

AMEX Platinum - NPSL (obtained in 2012; Backdated to 1989)
AMEX Gold Business - NPSL (obtained 2006; Backdated to 1989)
Chase Sapphire Preferred - $30,000.00 (Obtained 2012)
Discover - $3,900.00 (Obtained 1994)
Bank of America - $5,000.00 (Obtained 2011)
Capital One - $7,500.00 (Obtained 2011)

FutureBillionaire
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Location: Down South

Postby FutureBillionaire » Thu May 16, 2013 1:32 pm

You want this card so you can transfer UR points to other partners, unless you are going to get a Chase business cards. If you want to know how to easily meet the minimum spend, I can show you a trick that I learned. I love my CSP and Chase in general. I plan to keep it after the annual fee hits.

I looked at booking through Chase for a hotel stay recently, but didn't like the value for my points. I ended up booking through a discount site that I have access to. I plan on transferring my points to Southwest and possibly Marriott to get free stays/flights.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Sevenfeet
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Location: United States

Postby Sevenfeet » Thu May 16, 2013 4:43 pm

FutureBillionaire wrote:You want this card so you can transfer UR points to other partners, unless you are going to get a Chase business cards. If you want to know how to easily meet the minimum spend, I can show you a trick that I learned. I love my CSP and Chase in general. I plan to keep it after the annual fee hits.

I looked at booking through Chase for a hotel stay recently, but didn't like the value for my points. I ended up booking through a discount site that I have access to. I plan on transferring my points to Southwest and possibly Marriott to get free stays/flights.


Given my cash flow, it's not that hard spending $2K on a single card in 3 months. I can easily divert most payments going to my Fidelity Amex 2% card and the BofA Cash Reward 1% card to a proposed CSP. I'm assuming you are referring to buying gift cards or similar products to get over the limit (correct me if I am wrong).

My wife will soon app for a Chase Ink Plus since she is actually starting a new business soon. From what I've seen, the ability to transfer URs to other partners is available for the business cards too? That would be another reason not to get the CSP. One thing about the CSP is that it's far easier to get 40K points spending $2K in 90 days versus getting 50K points spending $5K in 90 days on the Ink Plus. Well, strike that...I certainly can spend that amount coming up...I have a couple of computers to buy soon. But I'd rather not have that kind if money on an interest bearing card for a significant length of time...and I don't know when my wife's new venture will be cash positive.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

FutureBillionaire
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Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Thu May 16, 2013 4:47 pm

Sevenfeet wrote:My wife will soon app for a Chase Ink Plus since she is actually starting a new business soon. From what I've seen, the ability to transfer URs to other partners is available for the business cards too? That would be another reason not to get the CSP. One thing about the CSP is that it's far easier to get 40K points spending $2K in 90 days versus getting 50K points spending $5K in 90 days on the Ink Plus. Well, strike that...I certainly can spend that amount coming up...I have a couple of computers to buy soon. But I'd rather not have that kind if money on an interest bearing card for a significant length of time...and I don't know when my wife's new venture will be cash positive.


It's free for a year. And it looks cool.

On a more serious note, it's been fantastic for me. I do business with what seems like the entire industry, and I've enjoyed them the most.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape



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