Why are you paying the AF for CSP?

Anonymous · ‎08-17-2015

Why do people who have CSP over a year like it so much? How do you choose this card instead of using others that have 5% bonus in order to gain UR points? Overall, why do you choose to keep this card after a year?

Anonymous · ‎08-17-2015

currently the card has a bonus of 400$ which takes care of the annual fee four times, first year is free, so actually the card can be five years fee free.

but it has 1:1 point conversion to major airlines and earns 2x points on dining and traveling--so if anyone has the explorer card, i would ask them why they'd have an explorer when they could simply get a CSP and earn miles faster with the 1:1

the answer i get is free checked bag. its worth it to them.

CSP as aspects that make it worth it for some folks. me, i plan on either downgrading or canceling after the first year if i don't feel its worth it..

question is, why are you curious enough to start a thread on it? would you be interested in apping or is there another card that is just as good without the annual fee that you can introduce?

Anonymous · ‎08-17-2015

My fee is waived, yearly via branch credit. Since then it became a no-brainer to just keep it instead of reapplying once eligible again.

Anonymous · ‎08-17-2015

@Anonymous wrote:
currently the card has a bonus of 400$ which takes care of the annual fee four times, first year is free, so actually the card can be five years fee free.

but it has 1:1 point conversion to major airlines and earns 2x points on dining and traveling--so if anyone has the explorer card, i would ask them why they'd have an explorer when they could simply get a CSP and earn miles faster with the 1:1

the answer i get is free checked bag. its worth it to them.

CSP as aspects that make it worth it for some folks. me, i plan on either downgrading or canceling after the first year if i don't feel its worth it..

question is, why are you curious enough to start a thread on it? would you be interested in apping or is there another card that is just as good without the annual fee that you can introduce?

Thanks for the response! Very thoughtful question of yours.

I'm going to college next year and air plane tickets are going to be one of my largest expenses. Might need a travel card for that.

The reason why I created this is because I simply prefer cash back. There are so many 5% (and 3% cards) that could cover my major expenses (food/Amazon/gas).

I was wondering why so many people value the point system so much with the UR transfers/airline partners and to see if it was really more beneficial than straight up cashback.

Anonymous · ‎08-17-2015

@Anonymous wrote:
My fee is waived, yearly via branch credit. Since then it became a no-brainer to just keep it instead of reapplying once eligible again.

What? How do you get it waived?! I would totally get one if I could get my fee waived!!!

red259 · ‎08-17-2015

@Anonymous wrote:
Why do people who have CSP over a year like it so much? How do you choose this card instead of using others that have 5% bonus in order to gain UR points? Overall, why do you choose to keep this card after a year?

If someone doesn't have an ink card then having the CSP is the only way to transfer to travel partners.

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Anonymous · ‎08-17-2015

@Anonymous wrote:
@Anonymous wrote:
My fee is waived, yearly via branch credit. Since then it became a no-brainer to just keep it instead of reapplying once eligible again.
What? How do you get it waived?! I would totally get one if I could get my fee waived!!!

Branch Manager is a friend, and wants my business. They also waived my Ritz-Carlton card AF last year. I may close it still when the next fee is up, the rewards structure is pretty similar to the Marriott Premier and the airline incidentals are getting a lot more scrutinized since the miler sites started posting "tips" on how to buy Airline GC and get credited for it.

longtimelurker · ‎08-17-2015

@Anonymous wrote:
currently the card has a bonus of 400$ which takes care of the annual fee four times, first year is free, so actually the card can be five years fee free.

This sort of argument makes me want to, well, let's not go there....

It ignores the sequence of events.

1) I get the card

2) In the first three months, I spend the required amount ($4K now for most)

3) Within a statement or two, I got the 40K UR.

4) Several months later, I am charged the annual fee. I can pay or cancel. If I pay, I have the same choices each year.

So whatever the bonus, I have it, cash in hand (or UR in hand if I intend to transfer). The question each AF time is simply: are the benefits worth the fee (for me)? Not that "It's free because I got so much year one", it isn't free, it's $95 and I need to decide, will that $95 be well spent.

But I agree with your other points!

Anonymous · ‎08-17-2015

CSP has some close competition with the Citi TYP and Amex PRG updates. I use the CSP for the following reasons.

1. I have an average redemption value of over 3 cents per UR point. This makes the CSP a 3%/6% card.

2. While I value UR points at closer to 2.5 cents per point, that still makes it a 5% card for 2x categories.

3. I have relatively high restaurant and travel spend. About half my CC expenses fall in these two categories and I have yet to find a better than 5% card (or even no cost 5% card) for those two categories.

4. None of my 5% category spending cards give a 5% bonus for restaurants and travel. The US Bank Cash+ was a decent deal before, but it has been nerfed and I don't want it. All my current 5% cards are for other categories.

The CSP is a great card for people who have at least 30-40k spend on it per year in 2x categories and who are patient enough to redeem first or business class international travel (i.e. save up till well over 100k points before using the points). For people who don't have high spend in bonus categories or people who have low spend (or little patience to stock pile points over years), the CSP is not so good. For most people, the CSP is a decent card for at least the first year with the bonus and waived AF. If Citi gets better transfer partners though, I might swap to the TYP. For now though, Chase UR points are more valuable for me. I currently have the PRG and CSP, but don't plan on renewing the PRG unless offered a retention bonus. The CSP, however, has been renewed a few times.

ddemari · ‎08-17-2015

Some people that dont have a lot of AF cards do make CSP/ UR points lucrative for themselves. I have a friend who travels extensively, has 8 major cards but only one fee. So for him, the annual fee pays for it self with UR points and booking lots of travel through ulimate rewards. Also, this visa doesnt have foreign exchange fee which saves him too.

I on the other hand have too many annual fee cards to justify the fees, so eventually I slowly close them out. probably paying for an additional year just so I am not rapidly closing cards.