Credit Cards

[cmthomas06]

I was wondering what the requirements for the Chase Sapphire are (not Preferred, just the regular version). I know I wouldnt be approved for the CSP since I dont make enough (~16k per year) but is this also a limiting factor with the regualr version? My scores are relatively decent, no baddies to speak of, and AAoA is now 2.4 years. Util is down to 14%. I want the card because I tend to spend a lot at retaurants. I would use my Freedom for everything else in order to max rewards. Any thoughts or personal experiences?  

[Revelate]

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cmthomas06 wrote:

I was wondering what the requirements for the Chase Sapphire are (not Preferred, just the regular version). I know I wouldnt be approved for the CSP since I dont make enough (~16k per year) but is this also a limiting factor with the regualr version? My scores are relatively decent, no baddies to speak of, and AAoA is now 2.4 years. Util is down to 14%. I want the card because I tend to spend a lot at retaurants. I would use my Freedom for everything else in order to max rewards. Any thoughts or personal experiences?  

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I think the regular CS has the same underwriting requirements as the CSP; however, there a different option:

Chase Amazon.  Easier underwriting by far, and the same 2% at restaurants rewards if that's what you're primarily interested in.  Alternatively the Zync with the restaurant pack does similar but that's a $45ish total AF rather than the $0 either the Chase Amazon or Sapphire (regular) cards have.

[trumpet-205]

A much better option would be to PC that Citi Platinum into Citi Forward. If you want restaurant reward it makes no sense to get Chase Sapphire or Chase Amazon. 5 TY points is much better than 2 UR points. Only reason you should get Chase Amazon/Sapphire is if you can brake that 75,000 TY points limitation; spending more than $15,000 in restaurant per year.

And most of AMEX Zync pack are quite useless. AF from restaurant pack + AF from Zync (as well as spending limitation from restaurant pack) itself would make it unprofitable.

[webhopper]

Chase Amazon > Chase Sapphire for rewards.

If I were you I would garden my current lines or maybe do a few product changes to maximize rewards.  Grow what you have first before adding another low limit card.

[Koop10010]

I would be willing to bet the underwriting criteria for the regular Sapphire and the Sapphire Preferred is identical.  That being said, both cards require a $5,000 limit or higher as they are only issued as Visa Signature or World MasterCard.  Because of that, I don't think the cards are within reach with a $16,000 annual income.  I've seen someone post they acquired a Sapphire with a $24,000 income, but I think $16,000 would be pushing it too much.

The thing is, as rewards go, the regular Sapphire isn't that special.  You should look at the Amazon rewards card from Chase, it doesn't require a $5,000 limit and has better rewards.  The Citi Forward is also a good restaurant card and the Costco Amex card gives extra cashback for dining as well.

[Revelate]

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trumpet-205 wrote:

A much better option would be to PC that Citi Platinum into Citi Forward. If you want restaurant reward it makes no sense to get Chase Sapphire or Chase Amazon. 5 TY points is much better than 2 UR points. Only reason you should get Chase Amazon/Sapphire is if you can brake that 75,000 TY points limitation; spending more than $15,000 in restaurant per year.

And most of AMEX Zync pack are quite useless. AF from restaurant pack + AF from Zync (as well as spending limitation from restaurant pack) itself would make it unprofitable.

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I spend way more than the ~2250 dollars in restaurants a year to make up for the AF, and that's including the base AF too in addition to the pack.  

I was admittedly unfarmiliar with the Citi Forward rewards structure, but yes $0 AF and earning 2.5x the rewards as the Zync does clearly make it a better card for such things; however in my case not certain I'm qualified for that anytime in the near future and Citi isn't one of the lenders I have on my list currently for future financial services.

[neilyoung]

If the Chase Sapphire doesn't work out, the Citi Forward reward structures would be a good fit for you.  5x points at restaurants up to 75,000 points/yr.  The only drawback of the Citi Forward card is that the ThankYou points don't redeem well for much besides gift cards.  They do have a decent selection of gift card vendors though.  Sign up bonus is comparable to the Chase Sapphire (non-preferred version) at 10,000 points.

[trumpet-205]

Nope, you are not breaking even with those AF. Here is why,

Restaurant pack doubles MR points for first $5,000 spending with $25 AF. Since you spend approx. $2,300 per year that means 4,600 MR points. Offseting $25 AF you are left with 2,100 MR points. Now a $2,300 spending with 2,100 MR points translates to 0.9% return. Even if you use AMEX Green to transfer those MR points into airline miles you still are not offseting AF from Zync, Zync pack, and Green.

Furthermore,

* $5,000 spending = 25,000 TY points. That translates into about $188 statement credit, $250 GC, or $238 if you resell GC via Plastic Jungle ($245 if you use Top Cashback on top of Plastic Jungle).

* $5,000 spending = 10,000 MR points. That translates into $100 GC, $50 statement credit, or close to $200 worth of airline miles.

[cmthomas06]

Thanks for all the replies! I hadn't even considered changing to the citi forward! Ill have to look into that. I dont really want to use Zync for it because I don't like AFs.

Edit: So while waiting for replies, I went ahead and applied (stupidly might I add). Needless to say I was denied due to low income; fortunately, the woman was very kind and let me down gently LOL. 

[CreditScholar]

I have to agree with the others who recommended the Citi Forward. Given your income and that the majority of your spending is on dining, it's the best option out there. Cards with even moderate AFs and a small dining multiplier won't be worth your while.