Reply
Valued Contributor
Posts: 1,367
Registered: ‎04-20-2012
0

Applying for CSP? Consider Waiting until February

For those about to pull the trigger on a Chase Sapphire Preferred application, you may want to hold off for 1 week, until February. According to the official CSP program details:

 

You’ll receive a 7% Annual Points Dividend on all new points earned on purchases made with your Chase Sapphire Preferred card during the previous year. (“Year” means, for your first year as a cardmember, the period beginning with your Enrollment Date through your billing cycle with a December closing date of that same year. For each year thereafter, “Year” means the twelve billing cycle period beginning the day after your billing cycle with a December closing date through your billing cycle with a December closing date of the next year.) Your 7% Annual Points Dividend will appear on your January or February billing statement.

 

If you apply and get approved for a CSP today or any other day in January you may end up in a situation 1 year from now where you want to close/downgrade your card in order to avoid the $95 annual fee, but you're still waiting for your 7% annual points dividend to post. If you apply in February (or ideally March to be safe) you should have enough time between the posting of your 7% dividend and the end of your free intro period to transfer the bonus points out and then close/downgrade the card. Of course, if you plan to hold the CSP forever, and pay the recurring annual fee, this makes no difference.

 

Just some food for thought.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Regular Contributor
Posts: 123
Registered: ‎01-15-2009
0

Re: Applying for CSP? Consider Waiting until February

That's great info. to be made aware of. Thanks!

 

I have no plans to get a CSP in 2013, but then again, one never knows for sure.....for we humans are fickle and crazy, and thus are apt to do just about anything, anytime!

All 3 bureaus (per Amex CreditSecure FAKO) are still 748 (as of 12/19/13). Cards: Discover It, $12,100, Chase Freedom $3,300, Chase Amazon $1,500, Walmart store $11,000, AMEX Zync NPSL, Costco Amex $14,700. US. Bank Cash +, $5,000. AMEX SPG $6,000, PenFed Plat. Cash Rewards $17,500, PenFed P-LOC $10,000, Citi Forward $5,100, Chase Slate $5,000, Old Navy, $2,200.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.