Am I referring to the Chase personal credit card that carries a $550 annual fee? You are correct.
Typically, a foundation of FICO score 740+ is strongly recommended to apply for approval of any Chase credit card
I have had Chase Sapphire Reserve for over three years.
Chase Sapphire Reserve Card
The following is a quick break-down of its major benefits and why $550 annual fee is worth the investment.
- Out of $550, $300 credit would be issued annually to compensate for travel related expense (flight, hotel, car rental) -> $250
- Global entry or TSA fee, about $80 would be re-imbursed up to $100 once every four years -> $170
- A $5 DoorDash credit is issued to your DoorDash every calendar month -> $170 - $60 = $110
- Priority Pass membership covers two adults and one kid. Assume each airport priority lounge pass is $10 per visit per person. Three vacations for two adults and one kid would amount to $10x3x3x2 (round trip) = $180.
- $110 - $180 = -$70. We make a value gain of $70!
- $170 - $180 = -$10. No Global entry or TSA fee would be reimbursed during year 2-4.
- Unlike American Express membership points which can earn 60% redemption value only, Chase Ultimate Reward points are versatile; it can be redeemed to cash at 100:1, or be transferred to Chase travel partners such as Hyatt, United Airlines, Southwest Airlines.
- Chase Sapphire Reserve allows 50% more in Ultimate Reward points in redemption of flights/hotels
- If your significant other has Chase Sapphire Preferred which carries a $95 annual fee, it would be less expensive to apply for an authorized Chase Sapphire Reserve card, because its annual fee for authorized user is only $75
- 3x for dining expenses and travel expenses.
- Free primary driver insurance is offered for each car rental
- There is no foreign transaction fee. Chase also gives you the best currency exchange rate for the day, when you use the card overseas for purchases.