topic Re: Why CSP? in Credit Cards

Why CSP?

wasCB14 — Sun, 16 Dec 2018 01:19:30 GMT

It seems like there's been a flurry of interest lately in CSP. I don't get it.

People who spend a lot and want to keep the card are better off with CSR. True, having a few AUs can change the math.

People who mostly want the bonus for use as miles can get a variety of Chase cobrand cards with bigger bonuses and a few perks. No $10k minimum CL for most/all cobrands.

People who want a "travel cash" card bonus have several options from issuers less sensitive to new accounts. *That frees them to chase bonuses more aggressively.*

It seems to me like CSP is rarely the optimal choice for anyone anymore (AU cases sometimes excepted). Yet it remains popular. Thoughts?

Re: Why CSP?

UpperNwGuy — Sun, 16 Dec 2018 01:25:37 GMT

I agree completely. One of the things that Amex has done better than Chase recently is creating a Gold card with benefits that are distinct from the Platinum card. In other words, Gold is not just a junior Platinum. Chase on the other hand has kept the CSP as a junior version of the CSR. The CSP has all the same benefits as the CSR, just less of them. If a person travels even an average amount, the CSR will be a better overall value than the CSP, despite the higher fee. So why would anyone ever get the CSP? I can't figure it out.

By the way, we now know that during the first year of the CSR's existence, Chase would not give bloggers any compensation for CSR referrals, but they gave very generous compensation for CSP referrrals, so the bloggers kept promoting the CSP as a great card.

Re: Why CSP?

Anonymous — Sun, 16 Dec 2018 01:22:08 GMT

No fee year one.

If credit line supports, can still pc to CSR after year one.

Re: Why CSP?

wasCB14 — Sun, 16 Dec 2018 01:41:16 GMT

@Anonymous wrote:
No fee year one.
If credit line supports, can still pc to CSR after year one.

But that also means reduced rewards and benefits for the first year.

I guess some people also have a huge number of URs from no-AF cards and want a cheap way to make them transferable...though anyone planning some major and/or complicated award trip might want the stronger CSR benefits.

And if avoiding/minimizing annual fees is a very high priority, cobrands can probably deliver more value.

Re: Why CSP?

wasCB14 — Sun, 16 Dec 2018 01:47:16 GMT

@UpperNwGuy wrote:
Chase on the other hand has kept the CSP as a junior version of the CSR. The CSP has all the same benefits as the CSR, just less of them. If a person travels even an average amount, the CSR will be a better overall value than the CSP, despite the higher fee. So why would anyone ever get the CSP? I can't figure it out.

CSP's launch predates my credit history, though even in my early credit years it was a strong option.

But since around 2016, Chase just hasn't done much to keep it competitive, even though they were willing to take a big hit up front to launch CSR.

Re: Why CSP?

kdm31091 — Sun, 16 Dec 2018 02:01:12 GMT

Honestly I think part of it is 5/24. It makes all Chase cards seem more exclusive and alluring. Whether intended or not, I think it has made the myfico audience lust for Chase products more just because they are hard to obtain. The old "you always want what you can't have" type thing.

I agree with your main point though. The product really isn't all that competitive.

Re: Why CSP?

Anonymous — Sun, 16 Dec 2018 02:10:27 GMT

Isn't CSP easier to get?

Re: Why CSP?

redpat — Sun, 16 Dec 2018 02:19:36 GMT

Lol, my CSR is in the SD since gold changes. Chase is really weak right now, IMO.

Re: Why CSP?

Anonymous — Sun, 16 Dec 2018 02:31:11 GMT

I view them as an elite lender. We didn’t necessarily decide on them based on what they can do for us now. More of a long term strategy for us. I totally can see why you say what you say. To each their own.

Re: Why CSP?

wasCB14 — Sun, 16 Dec 2018 02:31:33 GMT

@Anonymous wrote:
Isn't CSP easier to get?

The minimum approval for CSP is $5k. The minimum approval for CSR is $10k.

CSP is easier to get than CSR. However, if someone lacks the income/spend to support a $10k CL, that person may be better-off getting a cobrand card first for the larger bonus.

I'm not sure which on which cobrand cards Chase will approve customers for less than $5k, but I think Ritz (closed to new apps) was the only one requiring more than $5k.

Re: Why CSP?

CreditCuriosity — Sun, 16 Dec 2018 02:35:30 GMT

Had the CSP prior to CSR release CSR released after 5/24 rule upgrade to CSR used it to pool some UR's recently downgraded to regular no AF CS to keep in case chase ever up's their game again and not to lock me out of upgrading to CSR. I honestly like the UR world, but taking a break from it now since Chase is so up tight and prefer to give my business to Amex and MR's and will be getting the new GOLD as Amex is certainly putting the pressure on Chase again imo as least Amex will let you get cards with them despite how many cards you have gotten in x months or whatever as they value relationships more-so than chase appears to. Only thing Chase really has going for it imo right at the moment is sign-up bonuses, otherwise other cards namely Amex cards are winning IMO and offer more perks whether it is gold or plat, etc. Chase needs to get off their Soap Box once again imo.

So right now have a CS with a 30k limit just sitting in my safe using ever once in awhile and still using freedom to get UR's to see where chase lies in my future

Re: Why CSP?

wasCB14 — Sun, 16 Dec 2018 02:36:26 GMT

@redpat wrote:
Lol, my CSR is in the SD since gold changes. Chase is really weak right now, IMO.

My Uber (other travel) and Costco (Visa only) spend have risen. I also like the Chase travel protections.

So I'm likely to keep earning both MRs and URs, but I do favor MRs in general now.

I can understand your SD move. I may get a 100k regular Platinum offer then later downgrade to Gold (keeping Schwab). I got the then-PRG bonus in 2014 so a direct app would not make sense for me.

Re: Why CSP?

Anonymous — Sun, 16 Dec 2018 02:45:50 GMT

We have lot of banking, business, personal accounts with Chase, and we do carry balance in many situations. So we are staying with UR, rather than MR.

CSP may not be the most rewarding card, but it offers some good benifits, such as points multiplier, point ransfer, insurance, and being a VISA card (some places we travel don't take amex).

Until I pay off my ED BT (exprie in July), I won't spend much on Amex. Neither gold or platinum makes much better sense than what I have right now, so I will just garden and check back on MR in 2H19.

Re: Why CSP?

Anonymous — Sun, 16 Dec 2018 02:47:39 GMT

btw, I am also curious, with MR, how are you guys using it to max its value? and how much average cpp are you guys getting from MR?

Re: Why CSP?

redpat — Sun, 16 Dec 2018 03:25:27 GMT

@Anonymous wrote:
btw, I am also curious, with MR, how are you guys using it to max its value? and how much average cpp are you guys getting from MR?

Made out very well w/ 40% Avios transfer. I look for partner transfer bonus opportunities.

Something that Chase doesn’t offer.

Re: Why CSP?

Anonymous — Sun, 16 Dec 2018 03:30:40 GMT

@redpat wrote:
@Anonymous wrote:
btw, I am also curious, with MR, how are you guys using it to max its value? and how much average cpp are you guys getting from MR?
Made out very well w/ 40% Avios transfer. I look for partner transfer bonus opportunities.

Something that Chase doesn’t offer.

What's the value? 1.5cpp? 2cpp? 3cpp? How often does amex do bonus offers? How predictable or reliable is it?

I understand there are people who hold and cumulative points and use it when it makes most sense, then there are others, who just get value from points when they can. Chase's formula is predictable, reliable, and always there.

Re: Why CSP?

Anonymous — Sun, 16 Dec 2018 03:38:20 GMT

@Anonymous wrote:
@redpat wrote:
@Anonymous wrote:
btw, I am also curious, with MR, how are you guys using it to max its value? and how much average cpp are you guys getting from MR?
Made out very well w/ 40% Avios transfer. I look for partner transfer bonus opportunities.

Something that Chase doesn’t offer.
What's the value? 1.5cpp? 2cpp? 3cpp? How often does amex do bonus offers? How predictable or reliable is it?

I understand there are people who hold and cumulative points and use it when it makes most sense, then there are others, who just get value from points when they can. Chase's formula is predictable, reliable, and always there.

This makes Chase lack of bonus offers sound like a good thing! It really isn't. MR is just as reliable if you view the standard exchange rates as the floor. From time to time, you can do better.

Re: Why CSP?

Anonymous — Sun, 16 Dec 2018 03:44:38 GMT

@Anonymous wrote:
@Anonymous wrote:
What's the value? 1.5cpp? 2cpp? 3cpp? How often does amex do bonus offers? How predictable or reliable is it?

I understand there are people who hold and cumulative points and use it when it makes most sense, then there are others, who just get value from points when they can. Chase's formula is predictable, reliable, and always there.
This makes Chase lack of bonus offers sound like a good thing! It really isn't. MR is just as reliable if you view the standard exchange rates as the floor. From time to time, you can do better.

It always come down to the value, what is the cpp. Bonus may not mean much. e.g., When transferring to delta, its just 1.2cpp, even with a bonus 20%, it is still just 1.44, still worse than a 1.5cpp from CSR.

Bonus also doesn't make average cpp any less important. What is your avarage cpp from MR?

Re: Why CSP?

redpat — Sun, 16 Dec 2018 04:29:56 GMT

@Anonymous wrote:
@redpat wrote:
@Anonymous wrote:
btw, I am also curious, with MR, how are you guys using it to max its value? and how much average cpp are you guys getting from MR?
Made out very well w/ 40% Avios transfer. I look for partner transfer bonus opportunities.

Something that Chase doesn’t offer.
What's the value? 1.5cpp? 2cpp? 3cpp? How often does amex do bonus offers? How predictable or reliable is it?

I understand there are people who hold and cumulative points and use it when it makes most sense, then there are others, who just get value from points when they can. Chase's formula is predictable, reliable, and always there.

It depends, I range between 4 - 10 remember you get a 40% more 1 mr point is 1.40 Avios then the value of what I can get on 1 Avios mile. I get the higher amounts w/ international business class.

Transfer bonuses happen all the time and Amex formula is just as predictable, reliable and always there. Honest there is nothing special about chase.

You need to do your homework and plan some travel.

Re: Why CSP?

redpat — Sun, 16 Dec 2018 04:40:48 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
What's the value? 1.5cpp? 2cpp? 3cpp? How often does amex do bonus offers? How predictable or reliable is it?

I understand there are people who hold and cumulative points and use it when it makes most sense, then there are others, who just get value from points when they can. Chase's formula is predictable, reliable, and always there.
This makes Chase lack of bonus offers sound like a good thing! It really isn't. MR is just as reliable if you view the standard exchange rates as the floor. From time to time, you can do better.
It always come down to the value, what is the cpp. Bonus may not mean much. e.g., When transferring to delta, its just 1.2cpp, even with a bonus 20%, it is still just 1.44, still worse than a 1.5cpp from CSR.

Bonus also doesn't make average cpp any less important. What is your avarage cpp from MR?

I guess you never tried booking some fantastic delta fights redemptions through Virgin Atlantic which Amex does offer transfer bonuses to.

You need to do some homework on transfer partners and their value.