Posted by Chuck on August 5, 2016
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Published on August 5th, 2016 | by Chuck

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Here’s What Chase is Telling their Bankers about the Upcoming Sapphire Reserve Card

Chase is now prepping their bankers in anticipation of the soon-to-be-released Chase Sapphire Reserved card, the high-end card coming soon.

A friend sent me screenshots of what the bankers are being told:

 

 

 

 

Contents

Recap of Details

These details are confirmation to most of what we’ve already heard.

Here’s all we know now, with new info in bold:

  • Card to be released on August 21 (confirmed by banker)
  • Sign up bonus of 100,000 Chase Ultimate Rewards points, $4,000 minimum spend within three months
  • Card will earn the following rates:
    • 3x points on travel & dining purchases worldwide 
    • 1x points on all other purchases
  • Annual fee of $450 (confirmed by banker)
  • Authorized user fee of $75 (confirmed by banker)
  • $300 annual travel credit for travel purchases automatically applied to your account (more on this below)
  • No foreign transaction fees
  • Complimentary lounge access at over 900+ lounges (this indicates it’s a Priority Pass Select membership)
  • Points will be transferable to Chase travel partners (we didn’t already know this, but it was assumed since the lower annual fee Chase Sapphire Preferred does this)
  • Global Entry or TSA PreCheck credit of up to $100
  • 50% bonus when redeeming points through Chase Ultimate Rewards for airfare, hotels, car rentals and cruises
  • Visa Infinite
  • Exclusive events and experiences

It was confirmed by a Chase banker that Chase Private Clients will not have any special signup bonus; it’s just the regular 100,000 bonus for all.

$300 Travel Credit

The biggest news here is that the $300 travel credit will be automatically applied to your account, as per the screenshots above. This makes it far more valuable than the Ritz-Carlton $300 airline credit which requires calling in to get the credit. Also, the Reserve credit might work for all sorts of travel since it doesn’t specify airline only.

Remaining questions:

  • Is the $300 credit for incidentals only, similar to the Ritz card? The language of the screenshots above sounds like it’s an airline credit for anything, but we weren’t able to verify this for certain. Being that the credit will post automatically, the Reserve is apparently using a separate system than the Ritz, so it might well be that the benefit will work entirely differently and include airfare purchases. It might be using the same system as the CNB Crystal Infinite card.
  • Is there a separate $300 airline credit for each authorized user as with the CNB Crystal Infinite card or is the $300 credit shared by all? Being that there is a $75 fee for each AU, we can still hold out hope that there’ll be separate credits for each.
  • Is the $300 airline credit per cardmember year or per calendar year? Most likely it will be per calendar year, as with all other cards, but we don’t know for sure.

Chase Palladium

Also interesting – via the same Chase banker – the Chase Palladium card is being discontinued in favor of the Reserve card.



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12-18 max. Too rich.

Agreed. This thing appeals to EVERYONE

I’m not sure I follow. Are you saying this will last 12-18 months, max, and then they will discontinue it?

Probably that the benefits will be revised that quickly. They’re giving up a lot here.

Too rich? Please explain your thoughts on that.

I am thinking a good deal. With a $300 travel credit, you are now down to $150.

for that $150 you get at least $1,000 in points…. if used wisely, worth many thousands in flights, etc.

I think he means that the benefits are too rich, and will be revised down quickly.

Agree. This will be nerfed within 12-18 months.

Hope not. Citi Prestige getting nerfed will cause a loss of trust and a wave of cancellations. Chase should be smarter learning from this recent example.

CSP AF is $95. For one more UR point on dining/travel spend, they charge $450 AF, over 4x CSP’s AF.

Sure, intro bonus is crazy awesome to attract customers from Amex Plat which grants hotel elite status. CSR will not.

CSR is good, but not amazing enough to be begging for a devaluation. Hopefully, Chase has played this smart by looking to keep the benefits and cardholder trust for the long haul.

Wow if the airline credit is easy to get credited this is unbelievable. Even better I’m only at 3/24!

Firstly, thanks a lot chuck. Soo..is the annual fee waiver the first year?

Chris Williams

It says travel credit not airline credit, so could we hold out hope that there may be more potential to this such as hotels as well.

🙂 Not close to 5/24

Am I missing something about the credit? Everything seems to say “travel credit” couldn’t that include more than just airline charge reimbursement and maybe include things like hotels or trains?

Problem is the Ritz-Carlton also calls their airline incidental reimbursement a “travel credit”, so I assume it will be the same for CSR until I hear otherwise.

RC says the same, my money is on airline only.

The big question is will this be affected by 5/24. You would assume so BUT maybe they won’t initially to get more signups…first week of datapoints for those past 5/24 but not using Private Client will be interesting.

However, people who are past 5/24 are the most likely to take the 100k UR and $600 in travel credit and cancel next August.

I’d be very confident that 5/24 will be applied, they will want profitable customers early and customers over 5/24 have been deemed unprofitable for Chase.

I am past 5/24 but if that $300 credit is any travel purchase I would keep this card forever. $150 a year to earn 3x on dining and travel + the lounge access is a no brainer. No need for CSP.

The “Confidential and Proprietary…” at the bottom of the page on the screenshots is so cute.

The super interesting thing to me is that UR points are now worth 1.5 cents when redeeming through the portal. That means that all of my existing points become more valuable!

Especially with devaluations in so many areas at airlines, hotels, etc, this is becoming a great backup strategy.

Certainly the card is *extremely* rich for your first year. Fingers crossed that if you apply in a branch (or just in general) you’re not subject to 5/24 initially.

100K UR = $1500 (or more when transferred to Hyatt/United/etc)
$300 credit x2 = $500
Global Entry credit = $100 (if you can use it
Easily $2100 or more in value for the initial $450 Annual Fee. That to me is a no brainer.

Plus, it has the potential to make my existing 300K UR worth 25% more (ie another $750 in value – I realize I may be slightly unique in hoarding UR points).

The CSP UR Portal already offers 1.5x redemption value for travel booked through the portal. This isn’t referring to better valuations for transferring to travel partners–that’s still 1:1.

We’ll see if they allow the authorized user to get their own travel credit in return for the $75 AU fee (I doubt it). It’d be pretty sweet, since the primary user can technically get the $300 credit twice (once per calendar year–one in 2016, one in 2017) in the first cardmember year. Then you could always fish for a retention offer, or downgrade it to CSP or Freedom to avoid the next AF.

The CSP UR portal offers 1.25x redemption for me – how are you getting 1.5x?

Think you might be confused here the CSP UR portal ups the value to 1.25cpp not 1.5cpp. Transferring usually results in the best value but you need to transfer in 1k blocks and once you do it, no going back. The portal represents a much greater degree of flexibility and the chance to earn mire miles/status and such still.

Typo: $300 credit x2 = $600 not $500

No concierge service ?

It’s a Visa Signature, so it’ll offer a concierge just like CSP does.

I recently opened a Chase card around June 2nd. How long do I have to wait before I open the reserve card? Is it 30 days or 90?

Nice but worthless in reality with 5/24 rule. Nobody who plays this game with any intensity will qualify.

I’d probably be interested in doing a product change, so definitely not worthless. Just not interesting to you personally.

So how would this card play with some using the Chase Unlimited Freedom for everything and the Chase Sapphire Preferred for just dining and travel?
Thanks!

I don’t see how Chase can justify charging $75 for AU unless they give some of the high end benefits.

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