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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
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Re: Cards with Annual Fees


Koop10010 wrote:

I don't only think about rewards when thinking of cards with annual fees.  I think sometimes people overvalue rewards in relation to other aspects of credit cards.  You have to look at other things too, like customer service and extra benefits.  For instance, nobody would get an Amex Platinum for the rewards program, there are far better options for rewards than the $450 Plat.  But, all the extra travel benefits of the Plat can be extremely valuable to the frequent business traveler and completely justify the high annual fee.  The thing is, for infrequent travelers and those who just look at rewards, the Amex Plat looks like a ripoff.  That's why those, "I just don't see the point of the Amex charge card" threads appear all the time.  Those elite cards with high annual fees aren't right for everyone, or even most people, but for the right person they are almost essential.

 

Back to the OP, if you want the Select, you can't use rewards to try to justify the annual fee.  You're not going to get any more points than just using the CSP (unless you can push $100K+ per year).  You have to justify it based on the chip and the hidden tradeline (there's also primary CDW though).  How often do you travel to countries where you need the chip?  How advantageous is that hidden tradeline to you?  If these can justify the $95 per year, then it is a good deal.  You could also look at your Southwest card and see if the extra benefits are worth the fee there, since I don't think you're really getting more rewards than you already get with the Sapphire Preferred.  I think out of those three cards, the Sapphire Preferred is generally the best value.  It's really a good card for $95 per year, it's probably the last AF I'd consider getting rid of.


+100. This is some of the best advice I've read on here in quite awhile. Koop is spot on when he said that rewards are only part of the equation. I'd normally elaborate on this further, but he pretty much said it all already.
FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Established Contributor
Jlu
Posts: 922
Registered: ‎06-12-2012
0

Re: Cards with Annual Fees

 


PrettyNPink wrote:

Thank you all for the fantastic feedback, this forum rocks!! It appears a PC from the Southwest Visa to the JPM Select will be the better solution. I can still retain all the benefits of the SW card with my CSP and more. Having the hidden credit line is very important to me, I don't mind paying for this particular feature. I would have never given up my CSP! I use it for personal and business. My employer reimburses me for all the business travel charges which enable me to accumulate points at a much faster rate. Hoping to travel abroad late mid 2013. As someone noted, being able to call and talk to a coherent English speaking person and not Peggy is invaluable!!! 


WARNING: Do NOT do this. PCing to JPM Select will lead to the TL being reported thus the lack of hidden TL benefit. Only app for Select with a fresh app. If you have any recon skills you will more than likely be able to get an approval. Although b the looks of your scores you may be borderline. I got it with a 680 FICO but I also have a fat bank account with them soooo...

JP Morgan Select $10k | CSP $10k | Citi TY Premier $15k | BofA 3-2-1 $15k | Chase Freedom $10k | Discover IT $10k | Barclaycard $15k | AMEX SPG $5k | AMEX PRG NPSL | NASA Platinum-Advantage $10k | CapOne Quicksilver $3k | Walmart Card $5k | Amazon Card $10k | Chase Auto 1.49% | Joined myFICO 6/12 with a 540 FICO & today I'm over 750!
Moderator
Revelate
Posts: 9,758
Registered: ‎12-30-2011
0

Re: Cards with Annual Fees


Jlu wrote:

 


PrettyNPink wrote:

Thank you all for the fantastic feedback, this forum rocks!! It appears a PC from the Southwest Visa to the JPM Select will be the better solution. I can still retain all the benefits of the SW card with my CSP and more. Having the hidden credit line is very important to me, I don't mind paying for this particular feature. I would have never given up my CSP! I use it for personal and business. My employer reimburses me for all the business travel charges which enable me to accumulate points at a much faster rate. Hoping to travel abroad late mid 2013. As someone noted, being able to call and talk to a coherent English speaking person and not Peggy is invaluable!!! 


WARNING: Do NOT do this. PCing to JPM Select will lead to the TL being reported thus the lack of hidden TL benefit. Only app for Select with a fresh app. If you have any recon skills you will more than likely be able to get an approval. Although b the looks of your scores you may be borderline. I got it with a 680 FICO but I also have a fat bank account with them soooo...


If you don't mind my asking, when you mention "fat bank account" I assume you're aggregating all your assets with JPM Chase; are you over or under the 100K line?

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Frequent Contributor
WhiteCollar
Posts: 314
Registered: ‎04-07-2012
0

Re: Cards with Annual Fees

When I was approved for my other Chase cards my scores were much higher. Picked up quite a few inquiries while car shopping and apping like crazy! I plan to wait until my 1 year anniversary (March 2013) to make a move. This gives me time to let the account grow, get my scores back up and bring the balance down to zero. 

Established Contributor
Jlu
Posts: 922
Registered: ‎06-12-2012
0

Re: Cards with Annual Fees


Revelate wrote:

Jlu wrote:

 


PrettyNPink wrote:

Thank you all for the fantastic feedback, this forum rocks!! It appears a PC from the Southwest Visa to the JPM Select will be the better solution. I can still retain all the benefits of the SW card with my CSP and more. Having the hidden credit line is very important to me, I don't mind paying for this particular feature. I would have never given up my CSP! I use it for personal and business. My employer reimburses me for all the business travel charges which enable me to accumulate points at a much faster rate. Hoping to travel abroad late mid 2013. As someone noted, being able to call and talk to a coherent English speaking person and not Peggy is invaluable!!! 


WARNING: Do NOT do this. PCing to JPM Select will lead to the TL being reported thus the lack of hidden TL benefit. Only app for Select with a fresh app. If you have any recon skills you will more than likely be able to get an approval. Although b the looks of your scores you may be borderline. I got it with a 680 FICO but I also have a fat bank account with them soooo...


If you don't mind my asking, when you mention "fat bank account" I assume you're aggregating all your assets with JPM Chase; are you over or under the 100K line?

 

 


Just under as I only have one bank account and its personal. I don't like being forced to keep $75k in a checking account so I went with their Total Checking. Now if my business account was with Chase I'd be looking at getting the Palladium. Unfortunately I have a strong relationship with a local banker who is there for me 24/7 and I refuse to leave them. 

JP Morgan Select $10k | CSP $10k | Citi TY Premier $15k | BofA 3-2-1 $15k | Chase Freedom $10k | Discover IT $10k | Barclaycard $15k | AMEX SPG $5k | AMEX PRG NPSL | NASA Platinum-Advantage $10k | CapOne Quicksilver $3k | Walmart Card $5k | Amazon Card $10k | Chase Auto 1.49% | Joined myFICO 6/12 with a 540 FICO & today I'm over 750!

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