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The big buzz at the moment is the Chase Sapphire Reserve Visa credit card. The draw of this credit card is that you earn 100,000 Ultimate Reward (UR) points as a sign-on bonus after spending $4,000 within the first three months. That’s huge! Those 100,000 points translate into a very nice trip!
Although the card has a $450 annual fee, there is a $300 annual travel credit, so, right off, the card is really more like a $150 annual fee credit card. In addition: (1) the card also earns 3X UR points on travel and dining, (2) you get 50% more value when redeeming the points for travel, (3) you get a $100 statement credit as reimbursement for Global Entry or TSA pre applications, and (4) you get access to many airport lounges worldwide with Priority Pass membership.
Chase has an inconvenient little rule, lovingly known as the 5/24 rule. In the most basic terms that means that if you’ve gotten more than 5 credit cards within the last 24 months, your application for a new credit card will be denied. I checked my credit report, and I was over the 5 card limit. I probably could have explained and/or disputed one or two of the cards listed on my credit report and applied for the Sapphire Reserve card online, but I didn’t want to chance having my application denied.
I really wanted the card and I wanted it now. As I’ve explained previously – 100,000 point or mile offers are usually short-lived so the rule of thumb is to apply while the bonus is big (See, World-Wide Travel on a Dime and Credit Card Primer). Plus, my cooperative building has somehow decided that new windows must be installed in all units, and the charge for my windows is a whopping $5,000! That would be a perfect way to meet the $4,000 minimum spend on the credit card.
I’d heard success stories of people with more than 5/24 being approved for the credit card when they were Chase Private Client customers. This is not an option for everyone, but I decided to go for it. So, that is what I did. I went to Chase and met my new private banker, Emmanuel. After moving the requisite funds to the bank, he submitted an application for the Sapphire Reserve card on my behalf. A few days later, there was a three-way conversation between my banker, a representative from the Chase credit card department and me.
I’ve now been approved for the Chase Sapphire Reserve credit card. Will I remain with Chase Private Client? Yes, I think so.
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