Yesterday, the Chase Sapphire Reserve application link mades it official debut to the online world and it was quite an eagerly awaited one! Of course, I was traveling and away from my computer all day so it made it difficult to share in the blogging excitement about the launch (it was almost as bad as flying all day during Cyber Monday!).
Chase Sapphire Reserve Application Link and Details
But, now the Chase Sapphire Reserve application link is finally here and we know what we have to look forward to. Well, many people get to look forward to it as it seems that some people are not going to get to experience the 100K point windfall (more on that below). So, let’s take a look again at what this card gives to us!
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- Sign-up Bonus – 100,000 Ultimate Reward Points
- This is one the most exciting parts about the new Chase Sapphire Reserve. It comes with 100,000 Ultimate Reward points as the sign-up bonus. At the very least (if redeemed for a cash equivalent), it is worth $1,000 but will get you a definite $1,500 in value towards travel and even more.
- The spending requirement for this card is $4,000 in 3 months, a very low threshold for such a monster bonus.
- Annual Fee – $450
- Yes, this is a premium card so it can command a premium annual fee. But, with this card’s benefits, you will easily be able to get that back. This is the new big brother to the Chase Sapphire Preferred which comes with a $95 annual fee. See the benefits below for how the Chase Sapphire Reserve fee could end up being a net cost less than the Sapphire Preferred!
- Authorized users on this card will cost an additional $75 per user.
- Travel Credit – $300
- This is one of the best parts about the card that should really make it a keeper for anyone that travels even a little bit. The Chase Sapphire Reserve comes with an annual travel credit of $300 that is a maximum account for all users on the account – primary and authorized users.
- This travel credit works on an annual basis following the first December statement of the new account. This means that your first cardmember year, you will be able to get $600 in travel credit from this card! The travel credit will post automatically when you pay for things like airfare, hotels and other travel incidentals.
- Priority Pass Select Lounge Access Membership
- The Chase Sapphire Reserve comes with Priority Pass Select membership for access to lounges. This allows you to have access to over 900 lounges worldwide. If you pay the $75 for an authorized user, they will also receive membership.
- Global Entry or TSA Pre Reimbursement
- Once every 4 years, you will be able to be reimbursed for your payment for Global Entry ($100) or TSA Pre ($85).
- Ultimate Reward Point Redemption – 1.5 Cents for Travel
- This is one of the big ones! Having the Chase Sapphire Reserve guarantees that you will receive 1.5 cents for travel when redeeming your Ultimate Reward points through their portal. Right now, it is 1.25 cents so this is quite an increase. It comes at a perfect time as airlines continue to devalue their awards but while airfare deals continue to roll out multiple times in a week – even for business class!
- Point Earning – 3X for Travel and Dining
- The Chase Sapphire Preferred allows you to earn 2 points per dollar for travel and dining. The new Chase Sapphire Reserve will let you earn 3 points per dollar for travel and dining!
- Many, many more benefits – see this page
Unfortunately, I was excluded as a result of having too many new accounts (the dreaded 5/24 rule). But, as I mentioned a few months ago, I was purposely keeping my wife at her 4/24 in the hopes of something good would come with Chase. Well, obviously something great did come!
I she shift more of her credit around (by simply secure messaging Chase and asking for credit lines from one card to be moved to another). This was done to be able to hopefully better leverage a single card (her Chase Sapphire Preferred) as a negotiating card if Chase did not want to give it to her. I was certainly hoping she would be approved instantly – and she was approved!
Here are her details which may give you an additional data point for Chase Sapphire Reserve approvals:
- Credit score in the 700-730 range
- Chase cards at 8 personal and 2 business
- 4 new total accounts in the last 24 months
- Credit line for the Chase Sapphire Reserve $10,000
- Previous credit line total had been at 35% of annual income
This shifts my previous strategy around as I had been planning on upgrading my Chase Sapphire Preferred to the Chase Sapphire Reserve to take advantage of its awesome benefits. Even though I would not receive the sign-up bonus doing that, I would still be able to get things like the travel credit.
But, since my wife was approved, I will put that on hold for a year and just cancel/downgrade her Chase Sapphire Reserve next year and then I will either apply or upgrade my Chase Sapphire Preferred to the Chase Sapphire Reserve then.
The Terrible 5/24
What was really something people were hoping would not happen does seem to have happened – people with 5 or more new accounts in the last 24 months were not getting approved. In fact, the reasons cited when people (including myself) called in was too many new accounts.
Some people suggest applying in branch as that has worked for many people. If you are over 5/24, I would definitely suggest you pop into a Chase branch and see if you are pre-approved for this card.
I am very happy that one of us got a Chase Sapphire Reserve approval! This means we will be shortly getting that big 100,000 Ultimate Reward point bonus soon! The travel credits will also be coming in handy in the next few weeks.
Did you get a Chase Sapphire Reserve approval? If so, were you over 5/24?
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