topic Re: Doing the math on the Chase Sapphire Preferred... in Credit Cards

Doing the math on the Chase Sapphire Preferred...

Anonymous — Mon, 20 Aug 2012 20:30:10 GMT

I have just obtained a Chase Sapphire Preferred (yippee!) and have been looking closely at the signing bonus which offers you 40,000 pts if you spend $3000 in the first three months. Originally I had applied for the Chase Freedom which they gave to me with a CL of $10,000. I called back to do a Sapphire Preferred app, and they very kindly gave me both by splitting the $10,000 between the two cards--never heard of that maneouver, but I was pleased.

Here is my actual question, dear readers: how do I spend the $3000 without killing my UTIL? With a CL of $5000, I wouldn't want to spend any more than $1500 a month max, so what should I do? I'd love to hear your take on this!

Re: Doing the math on the Chase Sapphire Preferred...

jsucool76 — Mon, 20 Aug 2012 20:35:34 GMT

You can spend right up to your limit if you want, and not have it affect your utilization if you pay it off before you card reports. It usually reports right around the statement date, so if you pay it off before your statement cuts, it will usually reflect whatever balance is left after your payment on your reports.

Hope this helps.

Re: Doing the math on the Chase Sapphire Preferred...

Anonymous — Mon, 20 Aug 2012 20:36:26 GMT

All that you need to do to keep util down is submit a payment before the statement closing date.

Say for example you spend 2k during your first statement period and your statement closing date is august 30. On or around august 26-27 just send them a payment for about $1500.this 1500 would post before your closing date and chase would report your balance as 500 instead of 2000.

Then pif the rest after the closing date

Re: Doing the math on the Chase Sapphire Preferred...

Anonymous — Mon, 20 Aug 2012 20:38:40 GMT

This is much easier to do if you link your bank account payment information on chases website although I suppose submitting a payment via telephone would work as well

Re: Doing the math on the Chase Sapphire Preferred...

Anonymous — Mon, 20 Aug 2012 20:40:06 GMT

Thank you! I LOVE you people and your wiley cc ways!

Re: Doing the math on the Chase Sapphire Preferred...

iMacDrew — Mon, 20 Aug 2012 20:56:42 GMT

pay the card off before the statements hit.

Re: Doing the math on the Chase Sapphire Preferred...

compassion101 — Tue, 21 Aug 2012 04:44:48 GMT

I'd just not worry about the util until you are planning to apply for credit. Then pay before the statement date that month. All the other months just use the extra 3-4 week float and pay on time

Re: Doing the math on the Chase Sapphire Preferred...

Open123 — Tue, 21 Aug 2012 04:48:12 GMT

@Anonymous wrote:
I have just obtained a Chase Sapphire Preferred (yippee!) and have been looking closely at the signing bonus which offers you 40,000 pts if you spend $3000 in the first three months.

Chase just lowered the spend requirement to $2,000. As per Chase's custom to match any new offers within 60 day, just send them a secured email to request an adjustment to lower your spending requirement to the updated $2,000.

Re: Doing the math on the Chase Sapphire Preferred...

Anonymous — Tue, 21 Aug 2012 08:35:03 GMT

@Open123 wrote:
@Anonymous wrote:
I have just obtained a Chase Sapphire Preferred (yippee!) and have been looking closely at the signing bonus which offers you 40,000 pts if you spend $3000 in the first three months.
Chase just lowered the spend requirement to $2,000. As per Chase's custom to match any new offers within 60 day, just send them a secured email to request an adjustment to lower your spending requirement to the updated $2,000.

Re: Doing the math on the Chase Sapphire Preferred...

Anonymous — Tue, 21 Aug 2012 12:30:32 GMT

@Anonymous wrote:
@Open123 wrote:
@Anonymous wrote:
I have just obtained a Chase Sapphire Preferred (yippee!) and have been looking closely at the signing bonus which offers you 40,000 pts if you spend $3000 in the first three months.
Chase just lowered the spend requirement to $2,000. As per Chase's custom to match any new offers within 60 day, just send them a secured email to request an adjustment to lower your spending requirement to the updated $2,000.

+1

Thanks you guys, will do!

Re: Doing the math on the Chase Sapphire Preferred...

bmd0224 — Wed, 22 Aug 2012 00:27:18 GMT

FYI - I just opened the Chase Sapphire Preferred today (8/21) and the spend was only $2000 in 3/months. You should call them to have them match.

Re: Doing the math on the Chase Sapphire Preferred...

Anonymous — Wed, 22 Aug 2012 00:46:30 GMT

Thanks so much, I will! This seems more doable for me

Re: Doing the math on the Chase Sapphire Preferred...

bmd0224 — Wed, 22 Aug 2012 01:00:07 GMT

Yes I agree! I saw the lower spend and thought I could do it. I'm going to use the service williampaid.com to try and pay my apartment payment each month....two months rest....presto! 40K points!!!

Re: Doing the math on the Chase Sapphire Preferred...

Anonymous — Wed, 22 Aug 2012 01:11:43 GMT

I decided to call and the CS rep was able to change me over to the new $2000 promotion.

Re: Doing the math on the Chase Sapphire Preferred...

bmd0224 — Wed, 22 Aug 2012 01:27:40 GMT

Nice work!!

Re: Doing the math on the Chase Sapphire Preferred...

CreditMENA — Wed, 22 Aug 2012 02:04:28 GMT

Just FYI: williampaid charges 2.95% for a credit card transaction. Assuming your rent is ~$1,000/mo, you'll end up paying $60 in transaction costs to get rewards of essentially $400. That's 15% of your entire bonus package. Unless you need the points immediately, I'd see if you can spend it over the 3 month period and save yourself $60.

Re: Doing the math on the Chase Sapphire Preferred...

Anonymous — Wed, 22 Aug 2012 02:33:36 GMT

@compassion101 wrote:
I'd just not worry about the util until you are planning to apply for credit. Then pay before the statement date that month. All the other months just use the extra 3-4 week float and pay on time

This. Your util, and your credit score for that matter, only matter when you are applying for credit. If you need to spend big once and your util spikes, no big deal it'll just go back down the next month when you PIF. Your score doesn't have a memory of past util like it does with baddies, it's just a snapshot of the now. If you don't want to bend over backwards to control reported util that month, you don't have to unless you are applying for something right then.

Re: Doing the math on the Chase Sapphire Preferred...

Anonymous — Wed, 22 Aug 2012 02:37:03 GMT

Good to know, thanks everybody!

Re: Doing the math on the Chase Sapphire Preferred...

Anonymous — Wed, 22 Aug 2012 12:18:13 GMT

WHich number did you call? I called the Chase app number listed in the Backdoor thread and spoke to an overseas rep who told me that it would not be possible to change the terms of the iniital offer

Re: Doing the math on the Chase Sapphire Preferred...

ajh5408 — Wed, 22 Aug 2012 14:11:58 GMT

@Anonymous wrote:
WHich number did you call? I called the Chase app number listed in the Backdoor thread and spoke to an overseas rep who told me that it would not be possible to change the terms of the iniital offer

Try calling the number on the back of your Sapphire... Should be US-based phone support.

Alternatively, you may just want to send a Secure Message via the online banking system detailing your request.