Rumors have been flying for weeks around a new high end credit card that Chase is set to release on August 21 to compete with the Amex Platinum and Citi Prestige cards.
A Glimpse of the Chase Sapphire Reserve Card
The new high end card will echo many of the same benefits we have seen over the past years with the Amex Platinum and Citi Prestige cards from what we are told.
- Rumored to launch with a 100,000 point sign up bonus after spending $4,000 in three months
- 3x points on travel and dining at restaurants worldwide
- 1x point on all other spending
- $300 travel annual credit/reimbursement
- $100 credit for Global Entry or TSA PreCheck
- 1.5x redemption rate on travel purchases within the UltimateRewards Portal (usually 1.25x)
- Priority Pass Select lounge access
- Visa Infinite branded
- National Car Rental Executive status
- $450 a year annually
- Does not look to be free for the first year
Point Strategist Opinion
If what we have been told comes to fruition, the Chase Sapphire Reserve card is a Amex Platinum and Citi Prestige killer. The Reserve card has the same if not better benefits in most cases (especially after the recent Citi Prestige benefit downgrade announcement) and earns a better rewards currency. It will most likely also eliminate the need for me to hold a Chase Sapphire Preferred card. The $450 annual fee is easily offset by the 100k sign up bonus and the annual $300 travel credit. In the first year we value the total benefit of this card to be worth $1,900 to $3,400 (before the $450 annual fee).
The Chase Sapphire Reserve has the potential to wipe out the need for many cards in my wallet and should create some competition in the market. If you can afford the annual fee, this card will be a must have with the 100k signup bonus.