Chase Sapphire Reserve Credit Card Overview

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All right, it’s been a few days since we last discussed a credit card you might want to consider adding to your wallet, but we did that for a reason. There is a brand new credit card that just launched in an official capacity that you have to learn all about. It’s the Chase Sapphire Reserve card, and it’s the best of the best. We’ve been dying to tell you all about it since we first heard the rumors and the rumblings that there was a card offering a sign-up bonus so impressive that you want to throw all your other cards away and make this one your go-to card.

It’s the Chase Sapphire Reserve, and it might just offer more perks for your financial life than any other credit card on the market. It’s a travel card, but it’s also a sort-of cash back card. How is that even possible? I hear you asking. Bear with me for a few moments while I bring you all the information you need to know about this amazing new card; it’s worth the time it will take to process it. It might sound too good to be true, but I can assure you it is not.

What We Love

Sit down. You know how most credit cards offer a nice little sign up bonus for those who apply for a new account and spend X amount of dollars in X amount of time? The Chase Sapphire Reserve card does the same thing, but it’s ‘little’ bonus for signing up is a staggering $1,500. That’s right; you’ve never seen a credit card with a sign-up bonus like that. I could be mistaken, but I’ve never even heard of a card with a sign-up bonus that impressive in my 32 years.

All you have to do to earn this $1,5000 sign-up bonus is spend $4,000 in three months of opening the card. That’s not bad; only $1,250 per month which you can do at the supermarket, the gas station and by paying your mortgage or your utilities and insurance with your credit card and then paying that baby off in full at the end of each month. Once you do that, Chase adds 100,000 bonus points to your account. When you use the points through Chase’s travel portal online, you are going to be able to spend $1,500 on travel. That’s not a bad deal, especially with the holidays coming up just after your three months comes to an end; that might make for a nice holiday vacation somewhere relaxing or to visit friends and family.

In addition to that, this is a card that offers a long list of amazing perks to those who have this card in your wallet. You’re going to see $100 in statement credits for TSA Pre Check/Global Entry. You’re going to see three points for every dollar on all your travel purchases including airlines, rental cars, hotels, dining and airport purchases. You’re going to see one point for every dollar elsewhere.

What We Don’t Love

I know you’re so excited to hear about this card that you don’t want to hear anything negative, and I get it. I promise I do, but I’m all about full disclosure. One thing you should know about this card is that it will cost you $450 per year to carry. That’s a large annual fee, and Chase is not waiving the fee for the first year. In fact, you will be charged right away.

It’s a hefty fee to pay to carry this card, but with a sign-up bonus like that, it’s worth it for many travelers. Another thing we might add is that this card is not available to anyone without excellent credit. We advise anyone interested in this card to make some very careful decisions prior to applying.

We recommend you look at your current spending habits to see if something like this is even possible. Can you afford to carry this card and still benefit despite the large annual fee? Does your spending habit allow you to pay off your card in full each month so that you can maximize your travel rewards and still keep your credit in line? Do you spend enough each year to make the annual fee worthwhile, or will it only make your life more expensive if you cannot offset the cost of the fee?

Before you apply, ask yourself if these situations apply to you and whether or not your credit score is strong enough to result in an approval. If it’s not, we’d skip the application and just move on to another card. You don’t want to lose a few points off your total score if you know you’re going to be denied after a credit check in the first place. If you have excellent credit and stellar spending habits, though, we think you should apply.

Photo by Getty Images

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