The Chase Sapphire Reserve (CSR) – 14 Questions – ANSWERED!
UPDATE 1/12/17: The online Chase Sapphire Reserve Application sign-up bonus has DECREASED to 50,000. The 100,000 point offer remains live in-branch (supposedly) through March 11, 2017!
This post has been updated as of 8/22/2016 to reflect the current information surrounding the Chase Sapphire Reserve!
There has been some serious hype related to the August 21st release of the Chase Sapphire Reserve!
I want one… badly… and you maybe should want one too!?
While many of the card benefits have been released, questions still remain as to what this card will entail…
Which is why I decided to put together a little FAQ regarding all the questions I have been asked!
So, here goes! 14 Chase Sapphire Reserve (CSR) Questions – ANSWERED!
Question 1: Is the CSR worth applying for?
Answer: That is up to you and your personal situation! I think it is more than worth it, even given the high $450 annual fee. Take a look at the benefits below and perform your own analysis (hint: the key to ultimate value is maximizing Chase Ultimate Rewards points and the $300 annual travel credit!)
Rundown of Chase Sapphire Reserve benefits:
- Sign-up bonus of 100,000 Chase Ultimate rewards after $4,000 in spending after 3 months
- $300 Annual Travel Credit (automatically applied to your account)
- Lounge Access –A version of Priority Pass Select
- $100 Global Entry (or TSA PreCheck) Fee Credit
- $450 Annual Fee (Not Waived), $75 for Authorized Users
- Redeem Chase Ultimate Rewards for a 50% bonus (compared to 25% bonus with the Sapphire Preferred)
- 1:1 Point Transfer to Chase Transfer Partners
- 3x Earning on Dining & Travel Expenditures
- No Foreign Transaction Fees
- Visa Infinite (a tier above the Visa Signature designation)
Here are the detailed terms if you are interested!
Question 2: When can I apply for the Chase Sapphire Reserve?
Answer: Today! In-branch and online!
Question 3: Will the Chase 5/24 Rule apply to my Chase Sapphire Reserve application?
Answer: Based on the data points so far this morning (and yesterday for in-branch), the 5/24 IS IN EFFECT! So be careful if you have opened more than 5 accounts with ANY BANK in the last 24 months, because you are likely to be denied.
Based on what I have read, it seems that in-branch pre-approvals and Chase Private Client status may be the only two ways that the 5/24 Rule (perhaps more of a guideline given the workaround) will not apply and result in your denial…
Question 4: Can I apply for the Chase Sapphire Reserve if I already have the Chase Sapphire Preferred (or Freedom or Freedom Unlimited)?
Answer: Yes you can. Just because you have an existing Chase Ultimate Rewards earning card, it does not mean that you cannot be approved for the CSR. That said, if you have recently (past 3 months) opened up 1 or 2 Chase cards, you may want to wait a month or two prior to a CSR application. REMEMBER – the 5/24 Rule will apply…
Question 5: How long will the 100,000 sign-up bonus be available?
Answer: Great question! While I do not know for certain, I have a feeling (total guesstimate) that it will be at least 1-2 months. Of course Chase may decide to drop the bonus sooner than 1-2 months, but I would expect that there would be some announcement or “limited time” language appear prior to ending the bonus.
My advice, apply sooner rather than later!
Question 6: Should I keep the CSR and the Chase Sapphire Preferred (CSP)?
Answer: In my opinion, no. The cards offer similar benefits, with the CSR providing better bonus spending categories (3x on Travel & Dining vs. 2x with the CSP). After you receive the CSR (wait until you have it physically in your hand), feel free to downgrade your CSP to the Chase Freedom or Chase Freedom Unlimited (you can do this at 11 months after initial CSP sign-up and prior to your first $95 annual fee).
Question 7: What is the minimum credit line for the CSR?
The card is a Visa Infinite and it seems that $10,000 is the standard.
Question 8: Can I upgrade my Chase Sapphire Preferred to the Chase Sapphire Reserve?
Answer: Most likely yes, but generally you can’t upgrade within the first year. Remember, if you upgrade you won’t be eligible for the HUGE 100k bonus.
Question 9: Can I combine points earned on the CSR with my existing Chase Ultimate Rewards points earned with the Chase Sapphire Preferred?
Answer: You can transfer them instantly, yes. If you close an account (your CSP account for instance), make sure to transfer them to your CSR before closing. (My advice – don’t close anything, simply downgrade to a no fee option and keep the credit line open).
Question 10: What is the deal with the $300 annual travel credit?
Answer: This credit applies to qualifying travel purchases, including those made for both airfare and hotels. The credit is per calendar year, and yes, you can “double dip” the first year you have the card (i.e. receive $300 credit in 2016 and $300 credit in 2017 – for a $600 total – prior to your 2nd year annual fee).
We are still waiting to learn exactly what is defined as a “qualifying purchase”… but the great news is that hotels are included!
Question 11: What if I already have a large amount of credit available at Chase relative to my annual household income?
Answer: Chase will only extend a certain amount of credit to each account holder, typically based on your household annual income (personally, they have granted me credit of about 50% of my annual income, but I think I am at the upper end).
Tip – Always be sure to include all income that you have access to, including that of a significant other.
If you have existing credit with Chase, you can often move some existing credit from one card to another if you’re ineligible for additional the credit line.
Question 12: What is the minimum income and credit score needed to be approved?
Answer: This really varies, but if I had to say a number…
Minimum household income – Higher than 50k (probably possible to be approved for lower, but the higher, the better chances of approval).
Credit Score – around or above 700 (anything less and I would suggest prioritize improving your credit prior to applying)
Question 13: What’s this I hear about a Visa Infinite $100 discount on domestic flights for 2?
Answer: Some Visa Infinite cards offer this perk, but the CSR will not feature it… Check out the Ritz-Carlton Rewards card from Chase if you are interested in this benefit!
Question 14: Authorized users cost $75… What (if any) benefits do they receive?
Answer: Authorized users will be grated Priority Pass Select. Additionally, travel purchases made by any authorized users will count towards the $300 annual travel credit.
Have more questions? Head to this thread on Reddit for all you could ever want to know about the CSR!
Final Thought
The Chase Sapphire Reserve release has arrived and we now know the extent of all the benefits, features and perks! From what I see, it is worth my sign-up, and I think that it is most likely worth yours as well…
Are any of you considering a sign-up on today or shortly after!?
Happy Travels,
DW
I’ll definitely apply if it’s not under 5/24. Though, I’m still a big fan of the CSP, so I won’t be too heartbroken if it is restricted.
I do love my CSP… But am willing to ditch it for the CSR! We will see how 5/24 goes and then I may even try product changing to the CSR… No bonus but at least I can take advantage of the travel credits and the increased earning structure