[Update: Some offers mentioned below have expired. For current terms and conditions, please see card agreements. Disclosure: Cards from our partners are mentioned below.]
A few weeks ago, the Chase Sapphire Reserve credit card (and its lucrative sign-on bonus) debuted and it looks like consumers took notice, as the bank reportedly ran out of the cards due to high demand.
Chase spokesperson Lauren Francis said that, for now, customers will receive a plastic version of the card and the “hand-crafted embedded metal cards will be on [their] way for customers to use as soon as they are available.”
Francis said “tens of thousands of applications” for the card were approved in the first two days following its release, with the majority of the cards going to millennials, which she said “significantly exceeded our strongest expectations.”
What the Chase Sapphire Reserve Card Offers
The Chase Sapphire Reserve offers a lot of appealing perks, so it’s no wonder consumers are flocking toward it. Cardholders get three points per dollar on travel and dining and one point per dollar on all other qualifying purchases, but there’s more than that. Cardholders also get a $300 annual travel credit, an application fee credit of up to $100 to cover the TSA Pre✓or Global Entry fees, and 100,000 bonus points once they spend $4,000 in the first three months after opening an account. And, if you’re wondering what those points add up to, it’s a whopping $1,500 when you redeem through the Chase Ultimate Rewards travel portal. There are even some airport benefits that come with the card, like lounge access and car rental privileges.
Just remember, all these rewards come at a price — a $450 annual fee, to be specific. And if you don’t have a habit of paying your statements in full each month (which is a best practice with any rewards credit card), you’ll likely lose most of the monetary benefits of this card to hefty interest fees. Based on your creditworthiness, you’ll have an annual percentage rate (APR) of 16.24% to 23.24% and can face added fees if you’re late paying your bill — $15 if you have a balance less than $100, $27 if the balance is $100 to $249 and $37 if the balance is $250 or more.
Interested in a Travel Rewards Credit Card?
If your eyes are wide with interest at all these great benefits, we don’t blame you. But, as we mentioned earlier, these cards are typically not right for people who can’t pay their statements in full each month. And as you consider which credit card may be right for you, it’s a good idea to make sure you can cover the annual fees and any sign-on bonus spending threshold and that they’re worth the expense.
No matter which card you ultimately decide is right for you, it’s a good idea to review your credit before applying. Cards that offer rewards — whether for travel, cash back, or something else — typically require a good credit score and you don’t really want a hard inquiry on your credit report for a card you’ll ultimately be rejected for. You can see where your credit currently stands by viewing an overview of your credit reports for free, updated each month, on Credit.com.
At publishing time, Chase products are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
Image: Martin Dimitrov