CSP/CSR + Freedom + Checking?

[Anonymous]

Was reading about this here: http://ficoforums.myfico.com/t5/Credit-Cards/sapphire-vs-freedom/td-p/1342787 and am hoping someone can explain it to me in simplest terms possible.

What is there to gain by having all three?  Are there fees associated with a Chase Checking account and is there a minimum amount you need to deposit to open and keep it open?

[pakman92]

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@Anonymous wrote:

Was reading about this here: http://ficoforums.myfico.com/t5/Credit-Cards/sapphire-vs-freedom/td-p/1342787 and am hoping someone can explain it to me in simplest terms possible.

What is there to gain by having all three?  Are there fees associated with a Chase Checking account and is there a minimum amount you need to deposit to open and keep it open?

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From what I understand, this is a way to maximize Ultimate Reward points.  Freedom gives your 5% rotating categories.  Sapphire Preferred gives you better rewards on certain categories.  If you have Chase Chekcing, you get extra points each time your swipe.  That's the deal.

In MA, I can't get Chase Checking, but, I'm looking into getting a Sapphire Preferred in addition to my Freedom one reason.

I can transfer freedom UR points into Sapphire Preferred account and then transfer the points into Airline partners for miles.

[nick125]

The biggest gain comes from a few things.

If you have the CSP, you can transfer points from Ultimate Rewards to frequent flyer and other partner programs, making the points worth signficantly more than if you were to redeem them for cash (the value I keep hearing is somewhere around 1.5-2+ cents/point). If you have the Freedom card, you can use the 5% revolving categories and then transfer the points from Freedom to the CSP. In addition, on the Freedom, if you have a Chase checking account, you get an additional 10% in points (making the 1% cashback now 1.1%) and an extra 10 points per transaction. 

I believe that Chase's fees may depend on what state you're in. Usually, they require a direct deposit of ~$500 monthly or a minimum monthly balance of $1,500 to keep the account fee-free.

[Anonymous]

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@pakman92 wrote:

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@Anonymous wrote:

Was reading about this here: http://ficoforums.myfico.com/t5/Credit-Cards/sapphire-vs-freedom/td-p/1342787 and am hoping someone can explain it to me in simplest terms possible.

What is there to gain by having all three?  Are there fees associated with a Chase Checking account and is there a minimum amount you need to deposit to open and keep it open?

---

From what I understand, this is a way to maximize Ultimate Reward points.  Freedom gives your 5% rotating categories.  Sapphire Preferred gives you better rewards on certain categories.  If you have Chase Chekcing, you get extra points each time your swipe.  That's the deal.

In MA, I can't get Chase Checking, but, I'm looking into getting a Sapphire Preferred in addition to my Freedom one reason.

I can transfer freedom UR points into Sapphire Preferred account and then transfer the points into Airline partners for miles.

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Thanks.  Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?

[pakman92]

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@Anonymous wrote:

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@pakman92 wrote:

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@Anonymous wrote:

Was reading about this here: http://ficoforums.myfico.com/t5/Credit-Cards/sapphire-vs-freedom/td-p/1342787 and am hoping someone can explain it to me in simplest terms possible.

What is there to gain by having all three?  Are there fees associated with a Chase Checking account and is there a minimum amount you need to deposit to open and keep it open?

---

From what I understand, this is a way to maximize Ultimate Reward points.  Freedom gives your 5% rotating categories.  Sapphire Preferred gives you better rewards on certain categories.  If you have Chase Chekcing, you get extra points each time your swipe.  That's the deal.

In MA, I can't get Chase Checking, but, I'm looking into getting a Sapphire Preferred in addition to my Freedom one reason.

I can transfer freedom UR points into Sapphire Preferred account and then transfer the points into Airline partners for miles.

---

Thanks.  Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?

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Only tangible difference that I can tell is the CSP points can be transferred for airline miles.  But, if you have freedom or other cards that earn reward points, they can be transferred to your SCP account.

[nick125]

@pakman92 wrote:

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@Anonymous wrote:

Thanks.  Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?

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Only tangible difference that I can tell is the CSP points can be transferred for airline miles.  But, if you have freedom or other cards that earn reward points, they can be transferred to your SCP account.

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The other difference is that the CSP gets the 7% dividend on points earned -- although, I think that only applies for points earned on the CSP, not points transferred in from Freedom. 

[SamsungHDTV]

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@pakman92 wrote:

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@Anonymous wrote:

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@pakman92 wrote:

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@Anonymous wrote:

Was reading about this here: http://ficoforums.myfico.com/t5/Credit-Cards/sapphire-vs-freedom/td-p/1342787 and am hoping someone can explain it to me in simplest terms possible.

What is there to gain by having all three?  Are there fees associated with a Chase Checking account and is there a minimum amount you need to deposit to open and keep it open?

---

From what I understand, this is a way to maximize Ultimate Reward points.  Freedom gives your 5% rotating categories.  Sapphire Preferred gives you better rewards on certain categories.  If you have Chase Chekcing, you get extra points each time your swipe.  That's the deal.

In MA, I can't get Chase Checking, but, I'm looking into getting a Sapphire Preferred in addition to my Freedom one reason.

I can transfer freedom UR points into Sapphire Preferred account and then transfer the points into Airline partners for miles.

---

Thanks.  Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?

---

Only tangible difference that I can tell is the CSP points can be transferred for airline miles.  But, if you have freedom or other cards that earn reward points, they can be transferred to your SCP account.

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1. transfer for airline miles

2. 2 points per $1 on travel and restaurant on CSP vs just restaurant on regular sapphire. 

3. Points worth more on travel using UR website for CSP not regular sapphire

4. 7% dividend on CSP not regular sapphire

5. No foreign transaction fees on CSP not regular sapphire

6. Sign up bonus is a lot better on CSP given you can spend $3000 in 3 months. (40K points vs 10K points) That's 4 years of AFs + the free first year they give you.

7. All that for $95 AF. Is it worth it? It really depends how much money you will be pushing through the card. Calculate what your spending is, and do the math on the two card reward system. See if it pays the 95$ AF. 

[pakman92]

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@nick125 wrote:

@pakman92 wrote:

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@Anonymous wrote:

Thanks.  Do you know if the rewards for Sapphire preferred are different (better) than the regular Sapphire?

---

Only tangible difference that I can tell is the CSP points can be transferred for airline miles.  But, if you have freedom or other cards that earn reward points, they can be transferred to your SCP account.

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The other difference is that the CSP gets the 7% dividend on points earned -- although, I think that only applies for points earned on the CSP, not points transferred in from Freedom. 

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Yes. That is true.  althought 7% on an 1% reward is 0.07% reward.  It's is a benefit, but nothing staggering.

[Anonymous]

Thanks for all the info everyone.  I certainly would not make enough use of the services/extra bonuses to justify the $95 AF.  Is it still worth it with the regular Sapphire?  Lately I've been using Freedom/Forward/BCE on specific categories, but it seems that Freedom + CSP is quite a bit better.

[clocktick]

This is on my list to have this combo.  There's a Chase in my town and all I need is the CSP.  I have the United Explorer card so combining all the points seems as if it would be really beneficial.  Open123 knows a lot about this specifically.