topic Re: CSR updates coming 10/5? in Credit Cards

CSR updates coming 10/5?

MyFault — Sat, 03 Oct 2020 18:56:25 GMT

Anyone hear about this? A reddit user has stated he called into Chase and a customer service rep told them that they were announcing changes to the CSR on Monday (10/5).

Link to reddit discussion

I wonder what they're going to announce. I'm hoping for 4x or 5x dining and travel, 5x travel via the UR portal. I'd like to see gas added to travel, or add 2x-3x for gas.

Also, i really am hoping they're not going to add groceries to the CSR. It doesn't belong. They need to make the CSP a companion card to the CSR and remove the one sapphire rule imo. Add groceries to the CSP, and maybe gas instead of to the CSR. include 3x on dining vs the current 2x so it's still enticing for those who don't want the CSP AND CSR together. Then it's also a better competitor to the Gold. Since you'd also get 1.25% minimum redemption on top of the 3x.

I know my second paragraph is extremely far fetched. But, we'll see what happens on Monday, if anything.

Re: CSR updates coming 10/5?

kdm31091 — Sat, 03 Oct 2020 19:07:42 GMT

The problem is that even if they bump up the multipliers a bit it still will take thousands of dollars in spending to overcome the Flex card since that card is free.

I think if anything it will be more credits/promos for specific merchants to make it sound like more value is being given. But we will see.

Re: CSR updates coming 10/5?

simplynoir — Sat, 03 Oct 2020 19:26:03 GMT

It would make my decision easier to keep this card if it simply allowed referrals on it on par at least with the CSP (15k). Why despite not using DW's CSP card we keep it around simply for that. One referral pays the AF for itself for the year

As it stand with the AF due this month I gotta see between the rumored changes on 10/5 and how Hyatt deals with the upcoming devaluation in 2021 how to proceed. Normally I just transfer our URs to Hyatt but want to see how award stays are going to be once changes are implemented. That alone will probably help me keep the card at least one more year

Re: CSR updates coming 10/5?

Loquat — Sat, 03 Oct 2020 19:46:46 GMT

When the Citi Premier best the CSR/CSP in multipliers Chase knows they have a problem. Shy of the travel protections I don't know why anyone would want the CSP and even the CSR is a hard sell in its current form.

Re: CSR updates coming 10/5?

wasCB14 — Sat, 03 Oct 2020 20:59:00 GMT

@kdm31091 wrote:
The problem is that even if they bump up the multipliers a bit it still will take thousands of dollars in spending to overcome the Flex card since that card is free.

I think if anything it will be more credits/promos for specific merchants to make it sound like more value is being given. But we will see.

There's still value in transferability...though CSP and Ink Preferred are only $95 vs. $550.

Re: CSR updates coming 10/5?

cashorcharge — Sun, 04 Oct 2020 00:55:42 GMT

I read a similar rumor HERE

It's likely referencing the same Reddit post! Monday should be an exciting day!

Re: CSR updates coming 10/5?

audioman00 — Sun, 04 Oct 2020 01:43:03 GMT

Consider the price at which airlines and hotels are currently willing to sell wholesale points to Chase at the moment.

My prediction is redemption rate moves from 1.5 to 2.5 or higher when URs are redeemed through Chase travel portal.

Re: CSR updates coming 10/5?

wasCB14 — Sun, 04 Oct 2020 02:05:16 GMT

@audioman00 wrote:
Consider the price at which airlines and hotels are currently willing to sell wholesale points to Chase at the moment.

My prediction is redemption rate moves from 1.5 to 2.5 or higher when URs are redeemed through Chase travel portal.

Wouldn't transfer bonuses make more sense, then? They'd likely be much cheaper. I don't see how they can manage 2.5.

At 2.5 cpp...

CFU would give 3.75% in travel cash.

CF/CFF would give 12.5%.

CSR would give 7.5%.

Hotel pricing can be all over the place, but plane tickets lack the big commissions to support those kinds of earn rates for Chase.

Re: CSR updates coming 10/5?

Loquat — Sun, 04 Oct 2020 04:53:12 GMT

As much as I'd love to see them move UR to 2.5cpp when redeemed through the portal, I believe @wasCB14 is right...I don't think that's something they'd be able to entertain..at least not for a long period of time. That would make transferring to partners almost pointless (at least domestically) because I yet to find an airline miles or reward point that yields 2.5cpp even when redeeming for domestic first class.

I do think they'll have to at least consider making the CSR earn 5x when booking (not redeeming) through the portal otherwise I don't know the reason (shy of travel protection) that anyone who has a Flex would use the CSR instead. The sucky part is there is so many things Chase needs to address with their Sapphire product that any thing they do could potentially be seen as a step in the right direction.

What I hope they don't do is follow the Amex path with the silly monthly/semi-annual credits. I don't need any more credits to Uber, Lift, DoorDash, UberEats, Saks, Shake Shack, Ruth Chris, or the Cheesecake Factory.

They need to implement something that most folks can entertain organically. Citi leads the pack in rewards points on a core personal product in the Fuel category with 3x via the Premier while the best you can do with Amex is 3x by way of EveryDay Preferred after making 30 transactions a month and it can't be done on any core Chase Products.

This is something both Amex and Chase needs to address. A travel card that lacks a fuel category has always made me scratch my head (can you hear me now Prestige, Amex Platinum, Sapphire Preferred/Reserve). There's a case to be made that the Premier is probably better than the Prestige overall as the multipliers are better and it's a better travel card of the majors when looking at multipliers and annual fee alone. It's hard to knock 3x on dining, grocery, airfare, hotels, gas, car rentals and parking (until 4/2021), and a $100 hotel credit all for $95 AF.

I could go on but I won't...Chase just needs to fix their Sapphire product immediately or they'll see decrease in want/demand for product that was once industry leading that is now lackluster at best.

Re: CSR updates coming 10/5?

Anonymous — Sun, 04 Oct 2020 17:56:38 GMT

@Loquat wrote:
What I hope they don't do is follow the Amex path with the silly monthly/semi-annual credits. I don't need any more credits to Uber, Lift, DoorDash, UberEats, Saks, Shake Shack, Ruth Chris, or the Cheesecake Factory.

While i agree, isn't this why they do it, for competition? That way you have to decide whether you use their card or a competitor's, which is what they utlimately want. If they offered credits at totally different places it would would appeal to someone to have both rather than choosing one.

And in truth those credits are offed with the intent a person won't be able to fully utilize them, I suspect.

Re: CSR updates coming 10/5?

wasCB14 — Sun, 04 Oct 2020 19:19:26 GMT

@Anonymous wrote:
@Loquat wrote:
What I hope they don't do is follow the Amex path with the silly monthly/semi-annual credits. I don't need any more credits to Uber, Lift, DoorDash, UberEats, Saks, Shake Shack, Ruth Chris, or the Cheesecake Factory.

While i agree, isn't this why they do it, for competition? That way you have to decide whether you use their card or a competitor's, which is what they utlimately want. If they offered credits at totally different places it would would appeal to someone to have both rather than choosing one.
And in truth those credits are offed with the intent a person won't be able to fully utilize them, I suspect.

Those restaurant (and other) partners also benefit from Amex and Chase promoting them...even the older and more established businesses. I'm not sure exactly what the financial arrangements are, but I suspect the "restaurants" pay part of the cost for the credits, or sell memberships at deeply discounted bulk rates. The net cost to the banks may be very low.

Re: CSR updates coming 10/5?

bourgogne — Sun, 04 Oct 2020 20:09:16 GMT

the update works at the gas stations; M2=2%, M3=3% and so on. reads the car info off the key fob. only works at shell stations. can also be stacked with t-mobile tuesdays and ties into fuel rewards

Re: CSR updates coming 10/5?

Loquat — Sun, 04 Oct 2020 23:49:48 GMT

@Anonymous wrote:
@Loquat wrote:
What I hope they don't do is follow the Amex path with the silly monthly/semi-annual credits. I don't need any more credits to Uber, Lift, DoorDash, UberEats, Saks, Shake Shack, Ruth Chris, or the Cheesecake Factory.

While i agree, isn't this why they do it, for competition? That way you have to decide whether you use their card or a competitor's, which is what they utlimately want. If they offered credits at totally different places it would would appeal to someone to have both rather than choosing one.
And in truth those credits are offed with the intent a person won't be able to fully utilize them, I suspect.

I'm sure their goal is to look more appealing and attractive to consumers but if they really want to use their card more over the competition then give me a good enough reason.

If they want to use the CSR instead of my Business Gold for gas, bump the multiplier. If they want me to use my CSR over the Prestige for airfare, give me a higher multiplier. I pay an annual travel protection plan so their travel protections don't mean as much to me. If they want my dining purchases then give me more than 3x and I'll stop swiping my Prestige. And I'm sure for most if they want grocery spend then they need to implement it and make it offer at least 3x to make the Citi Premier and 4x if they want to be in competition with Amex.

Another HUGE hurdle for them in my opinion, is to find a way to offer outsized value on their cards. Amex and their Amex Offers kills the competition with this. Often I find use of the Amex Offers enough throughout the year to offset the annual fee on my Business Gold as well as my EveryDay Preferred. My Amex Bonvoy cards pay for themselves even if I only take advantage of the 50k free night and the $300 Marriott credit...if I never swipe the card outside of those 2 reasons then I'm already ahead.

Chase doesn't offer any product in my opinion that warrants every day use over Amex or Citi...they just don't. Their Sapphire product is just a lackluster product in its current form. Time for Chase to step up or continue to get steam rolled by the competition...especially after deciding to bump annaul fee of the CSR to $550 - Covid is the only reason most of us didn't feel the sting of that yet.

Re: CSR updates coming 10/5?

Jccflat — Mon, 05 Oct 2020 00:48:19 GMT

Hopefully it's permanent 5x on grocery

Re: CSR updates coming 10/5?

audioman00 — Mon, 05 Oct 2020 01:14:16 GMT

@wasCB14 right now airlines are desperate for cash. Their cost of borrowing is insane (ranging from Delta at 7% to AA at 22%), so entering into wholesale transactions, *even at no margin*, lets them fight another day and is better than the market cost of borrowing.

And yes, I think this would just be a temporary measure. Terms with JPM are likely that JPM needs to maintain same margin and pass through the discount as an incentive to travelers.

Re: CSR updates coming 10/5?

coreysw12 — Mon, 05 Oct 2020 04:27:09 GMT

I'm going to cry if, after all this buildup, tomorrow we only get one more month of "select streaming services" bonuses

But I'm inclined to think that it'll be a lot bigger than that. They can't follow up the HUGE freedom card announcement with something tiny. Well they could, but it's going to upset a lot of people. It doesn't need to be a total revamp, and it doesn't even need to be as huge of an upgrade as Freedom got... but , I mean come on, they at LEAST need to beat Freedom's Dining and Portal Travel bonuses!

I'm keeping my CSR, regardless of what happens tomorrow, but I know a lot of people have been on the fence about keeping it, hoping for a big revamp to make them stay, and will probably be the first ones on the phone with Chase tomorrow if the announcement is something along the lines of a temporary select streaming services bonus.

I'm crossing my fingers for increased dining/travel multipliers, a new travel portal category (5x or higher), and permanent Gas stations. Groceries would be cool too, but I don't see that happening.

Re: CSR updates coming 10/5?

coreysw12 — Mon, 05 Oct 2020 04:29:50 GMT

Also it's entirely possible that the announcement tomorrow will only be in regards to the thing that guy on Reddit was calling them to inquire about. Which was, a higher than 1cpp cashback redemption. That would be unfortunate since hardly anyone uses cashback on the Sapphire cards in a normal year. But I'm going into tomorrow the the expectation that might be the only update we see.

Re: CSR updates coming 10/5?

KJinNC — Mon, 05 Oct 2020 05:15:26 GMT

It was a goal card for me from early in my rebuild until they raised the AF to $550, at which point I realized it made more sense for me to just get an Amex Platinum. Since I applied via CAP, my net cost is $400/year ($550 minus $150) and my net AF for Amex Gold is $150 ($250 minus $100), so I pay the same for both of them as I would for CSR. It also made things easier, since it meant I wouldn't need to wait on 5/24 to get a "final goal card".

Not sure how Chase is doing. Maybe they're raking in the revenue and need no advice. But if that is not the case and they are wondering what they should do differently, I'd say the two obvious issues are 1) value - reduce AF, raise rewards, or both; 2) 5/24 is a self-inflicted problem. If they didn't have that rule, they'd have one or two annual fees from me by now in addition to heavy use of the card. They can have whatever rules they want as long as it's legal, which 5/24 certainly is, but that doesn't mean it's smart.

Re: CSR updates coming 10/5?

CreditCuriosity — Mon, 05 Oct 2020 11:11:09 GMT

No info yet :/

Re: CSR updates coming 10/5?

Jccflat — Mon, 05 Oct 2020 11:23:33 GMT

That means nothing for today ?

or it can stil show up?