Keep in mind that (sadly) you need to analyze the cards pretty much like leases. An example is that Sapphire Preferred points are worth 1.25 cents per point, pay the $550 for the Sapphire Reserve ( CSR, in lingo ) and the points are worth 1.5 cents per point plus you get a $300 travel credit which then makes it a $250 card plus you received $150 more in the value of the points than the same offer on the Sapphire Preferred which lowers your TCO
Point being to analyze the benefits of the premium cards to determine what they are really going to cost which once the incentives / benefits are factored in, they aren’t as expensive as they initially appear.
I would make sure you use all the points first or transfer them out to transfer partners ( airlines, hotels, etc ) before cancelling the card.
Right, but the value of each point is different on the CSP vs CSR. On the CSP they translate to 1.25 cents per point and the value of each point on CSR is 1.5 cents per point.
I worded the initial one wrong, the points are worth more on the CSR.
Personal Rec, dad just got the venturex card, 395 annual fee but $100 annual travel credit, and $300 annual travel statement credit + top tier priority pass, plus free authorized users, tsa pre and capital one lounges.
Works out for me net wise in travel expenses, and lounge access + hertz president circle doesn’t hurt.
Do you know how easy it is for a purchase to qualify for the travel credit? W/ the Sapphire Reserve, you can get the statement credit, even if you don’t use the Chase portal to make a reservation. And stuff as silly (and commonplace?) as paying for a parking meter qualifies for the statement credit.
I kept my Sapphire Reserve and my friend got a Venture X. My friend also has nearly 3 mil freq flyer miles through rewards programs, so I’m thinking that he’s way smarter than I am.
Sapphire Reserve (like the Venture X) are also Visa Infinite cards, which have automatically travel protection on purchases (might be important for OP for honeymoon planning).
Double check, but you could presumably get a cheaper AmEx and transfer your points to that account b/f canceling the more expensive card. But…
This. @drdvrgs: is a lifetime thing, or just for 2 yrs? I think Chase had some internal guideline about not allowing re-applications with an 18 mo period, or something like that. But may not be a big deal for OP, if he doesn’t churn through cards (I couldn’t keep track of the cards, so I stopped doing that myself).
OP, if you have a decent amt of $ saved up (and don’t make the majority of the $ amt in payment until closer to the event), you could look at the Bask Bank mileage rewards program. Not much of a sign-up bonus anymore, though.
Edit: also, it’s not uncommon for a venue (esp like a hotel) to require you to use their services. But ask and read the contract.
If you get an Amex plat, the benefits are reset every January 1 but you can keep until after then, lock in a second set of benefits (like travel and Dell credits which you can monetize) and then cancel before the fee is due. So no point in canceling early
Need to keep it open for a year before you can cancel/downgrade it and keep your bonus. So you’ll need to eat the first year AF.
If you aren’t already, use someone’s referral link when you apply for new cards so that somebody gets a little bonus as well. I can’t express how frustrating it is when a friend or family member applies for a new card (especially after I helped them) and is like “whoops, I forgot to ask you for a referral link”.
and capital one lounges.
