Last edit by: philemer
Use this thread to discuss the Sapphire Reserve card offer.
Application page with bonus offer (60,000 UR after spending $4,000 in 90 days):
https://creditcards.chase.com/rewards-credit-cards/sapphire/reserve?CELL=6TKX
There are separate threads to discuss:
$300 Travel Credit
Priority Pass
Concierge Service
Travel Insurance
Global Entry/TSA PreCheck reimbursement.
This card is subject to Chase's 5/24 policy. For information on (and discussion of) the policy, see Applying for Chase Credit Cards, 2017 onward. You can override 5/24 by having an in-branch pre-approval (only! online prequalification does NOT override 5/24), or by already being Chase Private Client (as in you see the "Chase Private Client" text on the login screen of the Chase mobile app.)
As of August 2018, all Chase Sapphire cards are (with limited exceptions) subject to an additional restriction:
See Sapphire (CSR & CSP) 48 months between bonuses, August 2018 for details and ongoing discussion.
50,000 UR points is worth $500 as statement credit, $750 when used for travel through the Chase portal, or potentially more if transferred to a partner.
Card features are here: https://www.chase.com/card-benefits/...reserve/travel. The card's Priority Pass includes unlimited guests. (verified in Post #2635 ; also verified by Chase)
Chase Sapphire Reserve Ultimate Rewards Program Agreement
https://chaseonline.chase.com/resources/RPA0511_Web.pdf
Chase Sapphire Reserve Guide to Benefits
https://www.chasebenefits.com/sapphirereserve
The card is made of the same material as the CSP, and is being shipped UPS Next Day Air.
How to determine your account number, expiration date, and shipping date before receiving the card
(** Note that this no longer seems to work checking on 5/18 - the account number in the secure message header is XXXXXX'd out except for last 4 digits)
(** Also I do not see any recent comments 5/18 on timely shipping or shipping method)
1. Send a secure message (SM) from the account. A common SM would be to ask about the sign-up bonus and last day to complete the spend requirement (which appears to be approximately 3.5 months from the date of approval).
2. Check the Sent Messages folder, and the full account number will be listed in the header of the message that you just sent. The number starts with 414720.
3. The expiration date is five years from the month of approval. So, if you were approved on August 31, 2016, your expiration date will be August 2021.
4. CVV2 number is not available, so if a merchant requires it for payment, you must wait for the physical card.
5. According to many reports, the card is not activated until it is shipped, which happens to be via UPS Next Day Air Saver (if shipped on Friday, you will not receive the card until Monday or the next business day). To find out when it is shipped, go to My UPS and sign up for a free account. You'll be notified when a shipment is destined for your address.
6. Contrary to what the customer service rep may tell you about the delivery of the cardsuch as the card will take 1-2 weeks or that expedited shipping is not availablethe card is actually expedited and shipped via express shipping, as mentioned in #5. There is no need to ask for expedited shipping.
Priority Pass Select
Click HERE to read the separate thread discussing this benefit.
As soon as the account shows up online:
1. Click on Go To Ultimate Rewards.
2. Scroll down to the very bottom left and click on "Card Benefits"
3. Activate Membership to request card.
4. Card will take 1-2 weeks and can't be expedited, but members have reported success in charging the lounge access to the card and requesting a refund from Customer Service.
5. PP cards will be issued for the account holder and any AU(s)
6. According to Chase, CSR's PP membership includes guest access.
Duplicate Card
1. If you receive the plastic card, wait for the metal card to arrive automatically.
2. If you receive the metal card, send SM or call to request plastic card (for use with overseas merchants that require a card imprint, because you hate metal cards, whatever).
3. DO NOT request a replacement card (especially under any pretense that the card was lost or misplaced).
4. Both cards will have the same number, expiration and CVV. Both cards will work.
5. It appears that all CSR cards are sent overnight once produced, including the plastic 'replacement' cards. No need to request expedited shipping.
Authorized User Card:
1. $75 each authorized card each year.
2. Same Priority Pass membership as the main card.
3. Same earning rate on spending. Same fringe benefits as the main card like purchase, car rental and travel insurance etc.
4. No additional Global Entry/TSA credit. Only one credit for the entire account.
5. No additional annual travel credit.
How to get bonus points on the first statement
Act very quickly; you may have less than a week. It depends on the timing of your first statement and when you receive the card. 4K in spending has to clear (not pending) about a week before the statement cuts in order to get the bonus points on that statement. Under "account details" you can see your first payment due date. Your closing date is usually three calendar days after your due date. For instance, if your very first bill is due October 20 that statement would close on September 23, and spending would have to clear by approximately September 16 in order to get the bonus points.
The prior, archived version of this thread can be found here: https://www.flyertalk.com/forum/chase-ultimate-rewards/1814294-chase-sapphire-reserve-csr-50k-ur-benefit-reductions-august-2018-a.html
Application page with bonus offer (60,000 UR after spending $4,000 in 90 days):
https://creditcards.chase.com/rewards-credit-cards/sapphire/reserve?CELL=6TKX
There are separate threads to discuss:
$300 Travel Credit
Priority Pass
Concierge Service
Travel Insurance
Global Entry/TSA PreCheck reimbursement.
This card is subject to Chase's 5/24 policy. For information on (and discussion of) the policy, see Applying for Chase Credit Cards, 2017 onward. You can override 5/24 by having an in-branch pre-approval (only! online prequalification does NOT override 5/24), or by already being Chase Private Client (as in you see the "Chase Private Client" text on the login screen of the Chase mobile app.)
As of August 2018, all Chase Sapphire cards are (with limited exceptions) subject to an additional restriction:
The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months.
50,000 UR points is worth $500 as statement credit, $750 when used for travel through the Chase portal, or potentially more if transferred to a partner.
Card features are here: https://www.chase.com/card-benefits/...reserve/travel. The card's Priority Pass includes unlimited guests. (verified in Post #2635 ; also verified by Chase)
Chase Sapphire Reserve Ultimate Rewards Program Agreement
https://chaseonline.chase.com/resources/RPA0511_Web.pdf
Chase Sapphire Reserve Guide to Benefits
https://www.chasebenefits.com/sapphirereserve
The card is made of the same material as the CSP, and is being shipped UPS Next Day Air.
How to determine your account number, expiration date, and shipping date before receiving the card
(** Note that this no longer seems to work checking on 5/18 - the account number in the secure message header is XXXXXX'd out except for last 4 digits)
(** Also I do not see any recent comments 5/18 on timely shipping or shipping method)
1. Send a secure message (SM) from the account. A common SM would be to ask about the sign-up bonus and last day to complete the spend requirement (which appears to be approximately 3.5 months from the date of approval).
2. Check the Sent Messages folder, and the full account number will be listed in the header of the message that you just sent. The number starts with 414720.
3. The expiration date is five years from the month of approval. So, if you were approved on August 31, 2016, your expiration date will be August 2021.
4. CVV2 number is not available, so if a merchant requires it for payment, you must wait for the physical card.
5. According to many reports, the card is not activated until it is shipped, which happens to be via UPS Next Day Air Saver (if shipped on Friday, you will not receive the card until Monday or the next business day). To find out when it is shipped, go to My UPS and sign up for a free account. You'll be notified when a shipment is destined for your address.
6. Contrary to what the customer service rep may tell you about the delivery of the cardsuch as the card will take 1-2 weeks or that expedited shipping is not availablethe card is actually expedited and shipped via express shipping, as mentioned in #5. There is no need to ask for expedited shipping.
Priority Pass Select
Click HERE to read the separate thread discussing this benefit.
As soon as the account shows up online:
1. Click on Go To Ultimate Rewards.
2. Scroll down to the very bottom left and click on "Card Benefits"
3. Activate Membership to request card.
4. Card will take 1-2 weeks and can't be expedited, but members have reported success in charging the lounge access to the card and requesting a refund from Customer Service.
5. PP cards will be issued for the account holder and any AU(s)
6. According to Chase, CSR's PP membership includes guest access.
Duplicate Card
1. If you receive the plastic card, wait for the metal card to arrive automatically.
2. If you receive the metal card, send SM or call to request plastic card (for use with overseas merchants that require a card imprint, because you hate metal cards, whatever).
3. DO NOT request a replacement card (especially under any pretense that the card was lost or misplaced).
4. Both cards will have the same number, expiration and CVV. Both cards will work.
5. It appears that all CSR cards are sent overnight once produced, including the plastic 'replacement' cards. No need to request expedited shipping.
Authorized User Card:
1. $75 each authorized card each year.
2. Same Priority Pass membership as the main card.
3. Same earning rate on spending. Same fringe benefits as the main card like purchase, car rental and travel insurance etc.
4. No additional Global Entry/TSA credit. Only one credit for the entire account.
5. No additional annual travel credit.
How to get bonus points on the first statement
Act very quickly; you may have less than a week. It depends on the timing of your first statement and when you receive the card. 4K in spending has to clear (not pending) about a week before the statement cuts in order to get the bonus points on that statement. Under "account details" you can see your first payment due date. Your closing date is usually three calendar days after your due date. For instance, if your very first bill is due October 20 that statement would close on September 23, and spending would have to clear by approximately September 16 in order to get the bonus points.
The prior, archived version of this thread can be found here: https://www.flyertalk.com/forum/chase-ultimate-rewards/1814294-chase-sapphire-reserve-csr-50k-ur-benefit-reductions-august-2018-a.html
Sapphire Reserve 60k, $4,000 spend in 3 months, $550 fee.
#76
Join Date: Mar 2013
Location: EWR
Programs: World of Hyatt, Marriott Bonvoy, Hilton Honors, UA Mileage Plus
Posts: 1,250
Interesting... some googling suggests that "ultra premium" credit cards like the CSR (and other Visa Infinite products) can command 2.1% to 2.4% as an interchange fee. Which suggests that if all of your spending was in the 3X categories and you redeem points at 1.5 cpp towards flights (hotels have more elasticity in the OTA price, and we have to assume that elasticity is passed on to Chase by Expedia), you are costing Chase (at least) 2.1% to 2.4% per swipe.
Chase gives some stats, and the average annual sales volume (spending put on the card) for CSR customers is $39,000. $13,000/year in 3X spend and $26,000/year in 1X spend is the break even on swipe fees, which I bet the mean customer is actually spending less than that on travel and dining, but I don't know.
If the 1.5 cpp travel redemption option goes away (or they can get Expedia to mark up the prices enough to cover a bit), that seems to me to open a lot more options for increased earning.
Chase gives some stats, and the average annual sales volume (spending put on the card) for CSR customers is $39,000. $13,000/year in 3X spend and $26,000/year in 1X spend is the break even on swipe fees, which I bet the mean customer is actually spending less than that on travel and dining, but I don't know.
If the 1.5 cpp travel redemption option goes away (or they can get Expedia to mark up the prices enough to cover a bit), that seems to me to open a lot more options for increased earning.
#77
Join Date: Aug 2016
Location: BOS
Programs: AA PP, DL PM
Posts: 2,085
My expectation is that Chase, Amex, and Citi are all paying 0.8 to 1.1 cents per point for transfers to most frequent flyer programs, so Chase would likely prefer that you transfer your points to United or Hyatt and use them there than redeem for 1.5 cpp against a travel purchase. Whether you get more than that in value from the frequent flyer program is subjective, but Chase isn't paying your valuation.
Transferring from the CFU or CIU to the CSR and redeeming at 1.5 cpp is likely unprofitable for Chase, but any other redemption is likely profitable, so I personally am not worried too much about point combination being cut. At some point, Chase might have to offer a 2% cash back card because that's what their competitors (Citi, Fidelity, Goldman/Apple kind of) market, at which point we might see the end of either combinable points or 1.5 cpp redemptions. Of the folks that get a cash-back card, I would wager that a minuscule amount are expecting to also get a high annual fee credit card and redeem for travel, at which point as a bank exec you re-align products to their core demographics.
Transferring from the CFU or CIU to the CSR and redeeming at 1.5 cpp is likely unprofitable for Chase, but any other redemption is likely profitable, so I personally am not worried too much about point combination being cut. At some point, Chase might have to offer a 2% cash back card because that's what their competitors (Citi, Fidelity, Goldman/Apple kind of) market, at which point we might see the end of either combinable points or 1.5 cpp redemptions. Of the folks that get a cash-back card, I would wager that a minuscule amount are expecting to also get a high annual fee credit card and redeem for travel, at which point as a bank exec you re-align products to their core demographics.
#78
Join Date: Aug 2012
Posts: 6,723
Actually, I agree with this now. In the past, I felt the UR transfer partners offered a much better value, but recently I'm not so sure anymore. These days, it's a challenge to exceed 1.5 cpp equivalent with transfers, and the 1.5 redemption looks pretty attractive.
#79
Original Poster
Join Date: Apr 2019
Posts: 251
Actually Chase claims those users have an average income of 180K and they need 13K or less in bonus categories to not lose money. Do you think most people with 180K income have less than 13K dining, airfare, hotel, and misc travel combined? I make less than that and I have much more than that.
#80
Join Date: Aug 2016
Location: BOS
Programs: AA PP, DL PM
Posts: 2,085
For a $180k/year average income I'd say $40k of credit card spending is reasonable, especially when you consider the folks in that income bracket able to charge and expense travel. It's a mean, so it probably skews high (e.g. folks running $1M/year through the card).
#81
FlyerTalk Evangelist
Join Date: Dec 2006
Location: Pacific Northwest
Programs: UA Gold 1MM, AS 75k, AA Plat, Bonvoyed Gold, Honors Dia, Hyatt Explorer, IHG Plat, ...
Posts: 16,625
One thing that I could see happening lately is that after AmEx discontinued the restaurant PP benefit earlier this year, that many people that had PP accounts with both Chase & AmEx started to use their Chase PP accounts, and probably not just at restaurants, but for all PP lounge visits as well.
#82
Join Date: Oct 2013
Location: SFO
Programs: UA 1K, AA EXP, Hyatt Glob, Hilton Diamond, Marriott Plat, Total Wine & More Reserve
Posts: 4,441
But your practice is definitely more equitable for the card issuers.
#84
Join Date: Aug 2016
Location: BOS
Programs: AA PP, DL PM
Posts: 2,085
My takeaway from this is that Chase likely doesn't have to make that many tweaks to make this card profitable; since it's tough to know the spending breakdown, the ways points are redeemed, and the breakage rates, it is quite possible the card is already overall profitable as-is.
However, I still think that 3X points (potentially 4.5% back) on travel and dining + priority pass + marginally useful travel insurance is not competitive for an ultra-premium card any more, and to offer any additional benefits that are actually useful Chase will likely have to cut somewhere else. If they go to an Amex-style breakage-based model, they risk angering the folks who enjoy the simple rewards structure, but maintaining broad, applicable benefits hurts profitability.
Currently, I honestly think that the best course of action for Chase here is to raise the annual fee by $100 and add United Club access (contingent on their co-brand negotiations with UA). If they can pay a similar per-visit amount to UA as to Priority Pass, this will likely end up a wash, and it will make the card feel higher quality than every other card that offers a Priority Pass membership, since the value proposition of Priority Pass (and perception as a premium product) seems to have been severely diluted due to the number of cards that now offer it.
#85
Join Date: Mar 2017
Posts: 209
Correct, it is quite dependent on what travel purchase you redeem for. Flights are most likely the most expensive for Chase, since commissions are usually 3% - 4% of the airfare cost and Expedia takes a cut of that as well.
My takeaway from this is that Chase likely doesn't have to make that many tweaks to make this card profitable; since it's tough to know the spending breakdown, the ways points are redeemed, and the breakage rates, it is quite possible the card is already overall profitable as-is.
However, I still think that 3X points (potentially 4.5% back) on travel and dining + priority pass + marginally useful travel insurance is not competitive for an ultra-premium card any more, and to offer any additional benefits that are actually useful Chase will likely have to cut somewhere else. If they go to an Amex-style breakage-based model, they risk angering the folks who enjoy the simple rewards structure, but maintaining broad, applicable benefits hurts profitability.
Currently, I honestly think that the best course of action for Chase here is to raise the annual fee by $100 and add United Club access (contingent on their co-brand negotiations with UA). If they can pay a similar per-visit amount to UA as to Priority Pass, this will likely end up a wash, and it will make the card feel higher quality than every other card that offers a Priority Pass membership, since the value proposition of Priority Pass (and perception as a premium product) seems to have been severely diluted due to the number of cards that now offer it.
My takeaway from this is that Chase likely doesn't have to make that many tweaks to make this card profitable; since it's tough to know the spending breakdown, the ways points are redeemed, and the breakage rates, it is quite possible the card is already overall profitable as-is.
However, I still think that 3X points (potentially 4.5% back) on travel and dining + priority pass + marginally useful travel insurance is not competitive for an ultra-premium card any more, and to offer any additional benefits that are actually useful Chase will likely have to cut somewhere else. If they go to an Amex-style breakage-based model, they risk angering the folks who enjoy the simple rewards structure, but maintaining broad, applicable benefits hurts profitability.
Currently, I honestly think that the best course of action for Chase here is to raise the annual fee by $100 and add United Club access (contingent on their co-brand negotiations with UA). If they can pay a similar per-visit amount to UA as to Priority Pass, this will likely end up a wash, and it will make the card feel higher quality than every other card that offers a Priority Pass membership, since the value proposition of Priority Pass (and perception as a premium product) seems to have been severely diluted due to the number of cards that now offer it.
#86
Join Date: Jun 2013
Location: SJC/SFO
Posts: 372
Currently, I honestly think that the best course of action for Chase here is to raise the annual fee by $100 and add United Club access (contingent on their co-brand negotiations with UA). If they can pay a similar per-visit amount to UA as to Priority Pass, this will likely end up a wash, and it will make the card feel higher quality than every other card that offers a Priority Pass membership, since the value proposition of Priority Pass (and perception as a premium product) seems to have been severely diluted due to the number of cards that now offer it.
#87
Join Date: Jun 2013
Location: SJC/SFO
Posts: 372
However, I still think that 3X points (potentially 4.5% back) on travel and dining + priority pass + marginally useful travel insurance is not competitive for an ultra-premium card any more, and to offer any additional benefits that are actually useful Chase will likely have to cut somewhere else. If they go to an Amex-style breakage-based model, they risk angering the folks who enjoy the simple rewards structure, but maintaining broad, applicable benefits hurts profitability.
I believe that the CSR fills a particular niche: no hassle rewards transferrable to airline miles and hotel points with useful bottomline value (1.5c per point).
If Chase does decide to raise the annual fee, I'm very likely out. I have had the card ever since it came out and have never even considered cancelling it until now.
#88
Join Date: May 2011
Location: NYC (LGA, JFK), CT
Programs: Delta Platinum, American Gold, JetBlue Mosaic 4, Marriott Platinum, Hyatt Explorist, Hilton Diamond,
Posts: 4,863
However, I still think that 3X points (potentially 4.5% back) on travel and dining + priority pass + marginally useful travel insurance is not competitive for an ultra-premium card any more, and to offer any additional benefits that are actually useful Chase will likely have to cut somewhere else. If they go to an Amex-style breakage-based model, they risk angering the folks who enjoy the simple rewards structure, but maintaining broad, applicable benefits hurts profitability.
#89
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,880
Even if most people redeem at $0.01 per point, earning 3 points per dollar represents a loss for Chase. They only make money if we use the card for unbonused spend or carry a balance, but I daresay a large number of Reserve cardholders do use it for general spending (because they do not want to "miss" a 3X opportunity) -and- a fair number of people do carry a balance on their cards even when they have lower cost borrowing options. Most people do not spend much time thinking about payment cards.
#90
Join Date: Mar 2013
Location: EWR
Programs: World of Hyatt, Marriott Bonvoy, Hilton Honors, UA Mileage Plus
Posts: 1,250
Actually Chase claims those users have an average income of 180K and they need 13K or less in bonus categories to not lose money. Do you think most people with 180K income have less than 13K dining, airfare, hotel, and misc travel combined? I make less than that and I have much more than that.
I have relatively little "travel" spend. I use points for all my fights and hotels.