There is nothing quite like a credit card that rewards you for the thing that you love to do most: travel. The Chase Sapphire Reserve charge option may be the ideal choice for those who love to fly everywhere.
Benefits of the Chase Sapphire Reserve Card
The Sapphire Reserve card gives you a sign-up bonus of up to 50,000 points after you spend $4,000. Such amount of money may seem daunting at first, but $4,000 isn’t a lot when you consider airfare as well as hotel room fees. You stand to spend at least $1,000 on one trip. Imagine if you travel via airplane and hotel room more than five times per year.
Sapphire Reserve also gives you the benefit of ongoing rewards. You earn three points for every dollar that you spend on travel and dining while acquiring one point per dollar spent on other purchases. There is ultimately the potential for you to earn up to $300 in statement credits, which will definitely come in handy when you consider the service fee attached to this card.
Con of The Sapphire: Expensive Service Fee
Some consumers cannot grapple with the notion of paying $75 to $100 for an annual service fee. Imagine being told that you have to fork out $450 every year just to keep your account in good standing. The Chase Sapphire Reserve card assesses customers nearly $500 just so that such consumers can say that they have the card. Even those who love to travel may find the astronomical amount a bit much.
Perhaps the advantage attached to the con of an incredibly high service fee is the statement credit system. Chase credits your account up to $300 every year just for using the card. Suddenly, with the credit being brought into play and deducted from the annual service fee, $450 is reduced to only $150. Of course, the amount is still relatively expensive given that some credit cards made for avid travelers do not charge an annual fee and come with introductory interest rates of zero percent. Still, there may be some excitement that centers around the fact that the rewards for the Sapphire Reserve are seemingly endless as long as your account remains in good standing.
Is This Card For You?
The Chase Sapphire Reserve card is not for you if traveling is not something that you do often. The only way to reap real benefits from this card is to go from Point A to Point B via airplane and stay overnight in a hotel upon arriving at your destination. You may find this card’s annual fee particular troublesome if you do not earn enough points, which transfer over into statement credits. Chase Sapphire Reserve is also not a credit card for those looking to re-establish credit. In fact, only those with excellent credit scores usually get the card.