If you’re losing your mind over the Chase Sapphire Reserve Card, which came out yesterday to an outstanding level of hype, don’t. Contrary to what is being written about it, the Chase Sapphire Reserve is NOT the best credit card ever. It’s not the greatest sign-up bonus of all time either. So why were you being slut shamed into applying for this card the millisecond the affiliate links went live? Affiliate links. Thanks to the Chase 5/24 rule, many of us don’t qualify for this card (though there were reports on Reddit of people getting approved with 5+ cards over the past 24 months). The pool of eligible applicants is small and the even smaller group of bloggers with Chase affiliate links are fighting for limited business. Hyperbolic headlines are eye catching and may translate to conversions. (Update: Gary over at View from the Wing tells me there’s currently just one blogger with Chase affiliate links).
Don’t get me wrong, I’m all for bloggers earning a buck through affiliate marketing and I’m not denouncing the Chase Sapphire Reserve Card. It’s just ridiculous to treat this card like The Second Coming and call it the best credit card ever when it’s not. For starters, the card’s 3 points per $1 earned on travel and dining is nice, but it’s only 1 point more than what the Chase Sapphire Preferred pays out. If it was 5 points or even 4, I would be impressed. But it’s 3, so let’s keep a little perspective here.
Second, while the 100,000 point sign-up bonus is indeed exciting, it’s also NOT “the best sign-up bonus ever.” In fact, many years ago the Chase Sapphire Preferred card was offering the same 100,000 point sign-up bonus. So while I totally understand (and even share in) the excitement over 100,000 Ultimate Rewards points earned from one credit card sign-up bonus, it’s not the first time we’ve seen a sign-up bonus this high. Let’s also acknowledge that other than the sign-up bonus and 1.5 cents per point worth of value at the Ultimate Rewards Travel Portal, the card doesn’t have much else going for it that would make it “the best ever.”
The recurring $300 travel and $100 Global Entry credits are pretty amazing (though the latter is not unique) and I think if you’re earning and redeeming enough points via the Ultimate Rewards Travel Portal, you can justify paying $55 more than you would be for the Chase Sapphire Preferred card. If Priority Pass Select membership matters to you, that’s another feature you can think of as off-setting the $450 annual fee.
These are all decent card benefits, but not everyone will see value in the Sapphire Reserve beyond the sign-up bonus. Keep some perspective when you’re reading overhyped blog posts. After all, “the greatest credit card ever” has to offer more than just a great sign-up bonus. If I had to dream one up, it would have a higher standard earning rate than 1 point per $1 or at the very least, a very lucrative category bonus (i.e. 5x points or more at grocery stores). The Sapphire Reserve is great for the sign-up bonus, but it isn’t the end all be all of credit cards. So don’t let the hype get to you. It’s just a *good* credit card with an amazing sign-up bonus.
Have you applied for the Chase Sapphire Reserve Card yet? If you were approved, please share whether it was due to a 5/24 exemption or not.
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