topic Re: Chase Sapphire vs. Preferred in Credit Cards

Chase Sapphire vs. Preferred

Drew — Sun, 19 May 2013 22:13:21 GMT

I don't get the big deal about CSP. It is basically the same as CS with a tiny bit more perks. The tiny perks are useless for most people who don't spend more than 100k per year on this one credit card. I can't say for sure but I doubt the majority of people on this board are charging that much on a single credit card; however, I could be wrong. I feel a little crazy at this point because of all the CSP discussions.

Re: Chase Sapphire vs. Preferred

Anonymous — Sun, 19 May 2013 22:26:17 GMT

main perk is to be able to transfer UR points from freedom to CSP (makes easy earned freedom point way more valuable than just cashbacks)

and 1:1 to airline points (again.. lot more value to your UR points)

lastly.. metal

Re: Chase Sapphire vs. Preferred

Anonymous — Sun, 19 May 2013 22:27:36 GMT

@Drew wrote:
I don't get the big deal about CSP. It is basically the same as CS with a tiny bit more perks. The tiny perks are useless for most people who don't spend more than 100k per year on this one credit card. I can't say for sure but I doubt the majority of people on this board are charging that much on a single credit card; however, I could be wrong. I feel a little crazy at this point because of all the CSP discussions.

The biggest real perk of CSP vs CS is the ability to transfer points to partners. When you get the card, you get 40K points and that can be a big add to whatever airline/hotel account you have. Using the mall, and accumulating points from Freedom and/or Ink, means you can get good rewards without spending $100K per year.

The CSP isn't a great EARNING card, a little like the Amex Platinum, you have it for other reasons than to spend on it.

Edit: i.e. what rustystick said!

Re: Chase Sapphire vs. Preferred

Drew — Sun, 19 May 2013 22:32:17 GMT

I appreciate all the feedback. But is the card really worth $95.00 per year if you don't really do any traveling? If you are looking to accumulate points for cash back, wouldn't it just be better to use Freedom vs. Sapphire. I have yet to receive my Sapphire but I really didn't see the value in upgrading based on the things that have already been mentioned. Maybe I am alone on this one.

Re: Chase Sapphire vs. Preferred

FinStar — Sun, 19 May 2013 22:35:02 GMT

@Anonymous wrote:
@Drew wrote:
I don't get the big deal about CSP. It is basically the same as CS with a tiny bit more perks. The tiny perks are useless for most people who don't spend more than 100k per year on this one credit card. I can't say for sure but I doubt the majority of people on this board are charging that much on a single credit card; however, I could be wrong. I feel a little crazy at this point because of all the CSP discussions.
The biggest real perk of CSP vs CS is the ability to transfer points to partners. When you get the card, you get 40K points and that can be a big add to whatever airline/hotel account you have. Using the mall, and accumulating points from Freedom and/or Ink, means you can get good rewards without spending $100K per year.

The CSP isn't a great EARNING card, a little like the Amex Platinum, you have it for other reasons than to spend on it.

Edit: i.e. what rustystick said!

Essentially, a good return/offset value on the annual fee for annual spend.

Re: Chase Sapphire vs. Preferred

FinStar — Sun, 19 May 2013 22:38:49 GMT

@Drew wrote:
I appreciate all the feedback. But is the card really worth $95.00 per year if you don't really do any traveling? If you are looking to accumulate points for cash back, wouldn't it just be better to use Freedom vs. Sapphire. I have yet to receive my Sapphire but I really didn't see the value in upgrading based on the things that have already been mentioned. Maybe I am alone on this one.

If you do not travel frequently (in addition to the intended/primary usage for this product), then you will not see any value or added benefit with the CSP to justify the annual fee.

Re: Chase Sapphire vs. Preferred

parakleet — Sun, 19 May 2013 23:03:14 GMT

I'm not a heavy traveler but I am using the freedom+CSP combo to save up for a trip that I would otherwise be unable to do without the UR points. If all you're looking for is cash back then I agree that the AF isn't justified. But having said that, it's marketed primarily as a travel card. So if you don't intend to use it for travel, then you're probably looking at the wrong card. It all depends on what you're looking for. Anyone who has done any research on traveling with points will tell you that the freedom+CSP combo is pretty hard to beat at the moment. So yes, it's worth it to me if it'll get me to Europe. 😄 But YMMV.

Re: Chase Sapphire vs. Preferred

Anonymous — Sun, 19 May 2013 23:05:06 GMT

Yes, if you don't travel, and are looking for purely cashback, the CSP isn't the right card for the long term. But if your credit can take an extra card, get it for the sign up bonus, cash it out and cancel when the annual fee comes due. Good sign up bonuses usually far outdo cash back (with a few exceptions..)

But for long term cards, there are a lot of no AF cashback cards, such as Fidelity Amex and Priceline Visa (2% on everything, no restrictions on what they can be redeemed for), rotating cards like Freedom/Discover , US Bank Cash Plus, Barclaycard Arrival. But go for big sign up bonuses first, if actual cash is what you want.

Re: Chase Sapphire vs. Preferred

armbenderc — Sun, 19 May 2013 23:09:28 GMT

@Anonymous wrote:
@Drew wrote:
I don't get the big deal about CSP. It is basically the same as CS with a tiny bit more perks. The tiny perks are useless for most people who don't spend more than 100k per year on this one credit card. I can't say for sure but I doubt the majority of people on this board are charging that much on a single credit card; however, I could be wrong. I feel a little crazy at this point because of all the CSP discussions.
The biggest real perk of CSP vs CS is the ability to transfer points to partners. When you get the card, you get 40K points and that can be a big add to whatever airline/hotel account you have. Using the mall, and accumulating points from Freedom and/or Ink, means you can get good rewards without spending $100K per year.

The CSP isn't a great EARNING card, a little like the Amex Platinum, you have it for other reasons than to spend on it.

Edit: i.e. what rustystick said!

...and it's METAL!

Re: Chase Sapphire vs. Preferred

indiolatino61 — Sun, 19 May 2013 23:27:18 GMT

@Drew wrote:
I don't get the big deal about CSP. It is basically the same as CS with a tiny bit more perks. The tiny perks are useless for most people who don't spend more than 100k per year on this one credit card. I can't say for sure but I doubt the majority of people on this board are charging that much on a single credit card; however, I could be wrong. I feel a little crazy at this point because of all the CSP discussions.

I am planning to app for the CSP in Feb, 2014...but if in the year I see I cannot offset the AF, I will downgrade to the CS.

Re: Chase Sapphire vs. Preferred

Anonymous — Mon, 20 May 2013 00:22:38 GMT

@Anonymous wrote:
@Drew wrote:
I don't get the big deal about CSP. It is basically the same as CS with a tiny bit more perks. The tiny perks are useless for most people who don't spend more than 100k per year on this one credit card. I can't say for sure but I doubt the majority of people on this board are charging that much on a single credit card; however, I could be wrong. I feel a little crazy at this point because of all the CSP discussions.
The biggest real perk of CSP vs CS is the ability to transfer points to partners. When you get the card, you get 40K points and that can be a big add to whatever airline/hotel account you have. Using the mall, and accumulating points from Freedom and/or Ink, means you can get good rewards without spending $100K per year.

The CSP isn't a great EARNING card, a little like the Amex Platinum, you have it for other reasons than to spend on it.

Edit: i.e. what rustystick said!

I'll have to disagree, the CSP is a solid points earning card. It's not even close to the Platinum. The Platinum card is one of the worst point earning cards in Amex's stable of cards. The CSP has the 2x points on travel and dining (which is huge if you eat out a lot). The benefits are solid but not close to the Platinum. You also have the UR shopping portal which perdiocally gives more points when checking out through the Sapphire link than the Freedom. Ever since Amex took away their Membership Rewards shopping, it further dilutes the attractiveness of Amex.

The two cards have very little in common. When I carried the Platinum card it had minimal if any spend on it, outside of using it for the minimum spend, it received 1 charge a month.

I personally would put the break even point at around $35-40k in spend for the CSP to be worth while, since at around $35k spend with $10-15k in bonus category spend + UR mall should net around 50k UR or 2 roundtrip domestic tickets on UA or almost 3 nights in a category 5 Hyatt Award redemption. Under that type of spend I would say the regular Sapphire would be worthwhile to hold. Or if you don't plan on transferring points to travel partners then the Sapphire is low on the chart of Chase cards to hold.

Re: Chase Sapphire vs. Preferred

Anonymous — Mon, 20 May 2013 00:32:23 GMT

@Anonymous wrote:
@Anonymous wrote:
@Drew wrote:
I don't get the big deal about CSP. It is basically the same as CS with a tiny bit more perks. The tiny perks are useless for most people who don't spend more than 100k per year on this one credit card. I can't say for sure but I doubt the majority of people on this board are charging that much on a single credit card; however, I could be wrong. I feel a little crazy at this point because of all the CSP discussions.
The biggest real perk of CSP vs CS is the ability to transfer points to partners. When you get the card, you get 40K points and that can be a big add to whatever airline/hotel account you have. Using the mall, and accumulating points from Freedom and/or Ink, means you can get good rewards without spending $100K per year.

The CSP isn't a great EARNING card, a little like the Amex Platinum, you have it for other reasons than to spend on it.

Edit: i.e. what rustystick said!
I'll have to disagree, the CSP is a solid points earning card. It's not even close to the Platinum. The Platinum card is one of the worst point earning cards in Amex's stable of cards. The CSP has the 2x points on travel and dining (which is huge if you eat out a lot). The benefits are solid but not close to the Platinum. You also have the UR shopping portal which perdiocally gives more points when checking out through the Sapphire link than the Freedom. Ever since Amex took away their Membership Rewards shopping, it further dilutes the attractiveness of Amex.
The two cards have very little in common. When I carried the Platinum card it had minimal if any spend on it, outside of using it for the minimum spend, it received 1 charge a month.

I personally would put the break even point at around $35-40k in spend for the CSP to be worth while, since at around $35k spend with $10-15k in bonus category spend + UR mall should net around 50k UR or 2 roundtrip domestic tickets on UA or almost 3 nights in a category 5 Hyatt Award redemption. Under that type of spend I would say the regular Sapphire would be worthwhile to hold. Or if you don't plan on transferring points to travel partners then the Sapphire is low on the chart of Chase cards to hold.

Remember this is in the context of using UR for cash back, so they are worth the standard 1c, rather than their potential mile value. So a max of 2% isn't good, as there are cards that give 2% on everything (Fidelity Amex, Priceline Visa for example), US Bank Cash Plus gives 5% on dining, as does Forward if you can get it, and the rotaters in some quarters.

Yes, much better earner than the Amex Plat (which is comparing with a very low target I agree) but if you were interested in just cash back (after the initial bonus) this isn't the card for you. And many cards have malls which give lots of points, so that isn't a special feature either.

Re: Chase Sapphire vs. Preferred

Anonymous — Mon, 20 May 2013 00:34:47 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Drew wrote:
I don't get the big deal about CSP. It is basically the same as CS with a tiny bit more perks. The tiny perks are useless for most people who don't spend more than 100k per year on this one credit card. I can't say for sure but I doubt the majority of people on this board are charging that much on a single credit card; however, I could be wrong. I feel a little crazy at this point because of all the CSP discussions.
The biggest real perk of CSP vs CS is the ability to transfer points to partners. When you get the card, you get 40K points and that can be a big add to whatever airline/hotel account you have. Using the mall, and accumulating points from Freedom and/or Ink, means you can get good rewards without spending $100K per year.

The CSP isn't a great EARNING card, a little like the Amex Platinum, you have it for other reasons than to spend on it.

Edit: i.e. what rustystick said!
I'll have to disagree, the CSP is a solid points earning card. It's not even close to the Platinum. The Platinum card is one of the worst point earning cards in Amex's stable of cards. The CSP has the 2x points on travel and dining (which is huge if you eat out a lot). The benefits are solid but not close to the Platinum. You also have the UR shopping portal which perdiocally gives more points when checking out through the Sapphire link than the Freedom. Ever since Amex took away their Membership Rewards shopping, it further dilutes the attractiveness of Amex.
The two cards have very little in common. When I carried the Platinum card it had minimal if any spend on it, outside of using it for the minimum spend, it received 1 charge a month.

I personally would put the break even point at around $35-40k in spend for the CSP to be worth while, since at around $35k spend with $10-15k in bonus category spend + UR mall should net around 50k UR or 2 roundtrip domestic tickets on UA or almost 3 nights in a category 5 Hyatt Award redemption. Under that type of spend I would say the regular Sapphire would be worthwhile to hold. Or if you don't plan on transferring points to travel partners then the Sapphire is low on the chart of Chase cards to hold.
Remember this is in the context of using UR for cash back, so they are worth the standard 1c, rather than their potential mile value. So a max of 2% isn't good, as there are cards that give 2% on everything (Fidelity Amex, Priceline Visa for example), US Bank Cash Plus gives 5% on dining, as does Forward if you can get it, and the rotaters in some quarters.

Yes, much better earner than the Amex Plat (which is comparing with a very low target I agree) but if you were interested in just cash back (after the initial bonus) this isn't the card for you. And many cards have malls which give lots of points, so that isn't a special feature either.

Edit: Sorry, rereading your post: I guess I wasn't clear. I wasn't suggesting that the CSP was comparable in any significant way to the Amex Plat, just that, IMO, you don't put spend on the card to get huge rewards. Better off using Freedom and maybe Ink and transferring the miles.

Re: Chase Sapphire vs. Preferred

webhopper — Mon, 20 May 2013 01:19:17 GMT

Amex Platinum is not a points card.. It is a perks card... as in, you get a lot of perks for having it... not a lot of points.

If you want Points, PRG is it.

Re: Chase Sapphire vs. Preferred

Anonymous — Mon, 20 May 2013 02:11:51 GMT

In my experience the CSP stands out for its 1:1 points transfer to its partners.

As an example, I was looking at Los Angeles ----> Singapore air ticket. An air ticket for December costs around $2100-2200 for United Airlines.

However, if I am to redeem points for this travel, it will cost me only 65,000 points + $140 in fees.

65,000 points is equivalent to $650 in cashback if I am to redeem it that way.

So by transfering my points to UA and book my ticket that way, I effectively saved $1310.

Each UR point is effectively worth 3.23 cents in this scenario.

Also, like others have said, you get bonus UR points for purchases in certain categories, and also for shopping through the Ultimate Rewards Mall.

For more tips on how to better maximize your points, you can read up more on million mile secrets. That website had pretty good information and tips on how to maximize award travels.

Ultimately, it depends on your spending habits and what do you need out of your card.

Re: Chase Sapphire vs. Preferred

CreditScholar — Mon, 20 May 2013 03:03:42 GMT

@Anonymous wrote:
Edit: Sorry, rereading your post: I guess I wasn't clear. I wasn't suggesting that the CSP was comparable in any significant way to the Amex Plat, just that, IMO, you don't put spend on the card to get huge rewards. Better off using Freedom and maybe Ink and transferring the miles.

I have to disagree with this one. The CSP can be a great card to put spend on if you have large charges in the travel and dining categories. There are arguably better options for general spending (I put mine on the United Club card), but 2.14 UR points per dollar uncapped in the bonus categories is huge.

The problem I have with the Freedom is that the quarterly caps are so low. For someone with my spending patterns, often I'll blow through that in a few days and have almost 3 months to wait until the next quarter. I like having no caps on the CSP bonus categories.

Re: Chase Sapphire vs. Preferred

Anonymous — Mon, 20 May 2013 03:11:00 GMT

OK, I guess I am making different assumptions which might lead to the different conclusions. The OP was in context of little to no travel, so there are not travel expenses to put on the card in my scenario. That leaves dining, and forward gives 5x uncapped (and yes, these are TYP, but we are not converting UR to miles either, so basically the same) and Cash Plus gives 5x capped (starting July) at $2K a quarter, which is a cap but probably less of a constraint than if travel was an issue

Without these assumptions, I agree! Putting uncapped dining and travel on the card, and moving the resulting UR to partners is clearly a win. Just the OP seemed to rule most of that out for the question being asked. Of course, I wouldn't use the sapphire instead in that scenario, there are other cards.

Re: Chase Sapphire vs. Preferred

webhopper — Mon, 20 May 2013 03:35:50 GMT

I like the reward structure of amazon visa better than sapphire.

Re: Chase Sapphire vs. Preferred

Drew — Mon, 20 May 2013 04:29:34 GMT

Just to reiterate, I was mainly speaking with regards to going preferred vs. non-preferred. In my situation, it seemed like going with preferred would've been pointless because I rarely, if ever, travel. Perhaps others travel more than I, but it just seems like people are going with CSP just because it is metallic. I would've applied for the Freedom for the rewards, but I wanted a minimum guaranteed 5k credit limit.

Re: Chase Sapphire vs. Preferred

Anonymous — Mon, 20 May 2013 05:13:56 GMT

@Drew wrote:
Just to reiterate, I was mainly speaking with regards to going preferred vs. non-preferred. In my situation, it seemed like going with preferred would've been pointless because I rarely, if ever, travel. Perhaps others travel more than I, but it just seems like people are going with CSP just because it is metallic. I would've applied for the Freedom for the rewards, but I wanted a minimum guaranteed 5k credit limit.

The point you're misunderstanding is that the CS/CSP has a minimum 5k CL, but its not guaranteed.

For instance in your example you mentioned that someone would go for the CS / CSP just for its 5k CL, as opposed to the Freedom which starts at 500 CL. However, if Chase doesn't deem that people qualified enough for a 5k CL, he wouldn't be approved in the first place. Chase has a good recon department, but a recon department doesn't equate to guaranteed approvals. There's plenty of examples of people getting turned down even after calling recon 10+ times. Recon works for people whom are borderline or simply need to verify their identity to get approved, but it's by no means a shortcut / cheat to have the underwriting requirements lowered drastically.

For my case, Chase granted me a much higher initial CL for my Freedom as opposed to my CSP. Both were applied within a week of each other (CSP first, then Freedom). if that person is qualified to get a high CL, he will get a high CL regardless of which Chase card he went with.

There are people who's going for the CSP because its metallic, and also because its more "exclusive". Some people can justify the AF, some can't but they can spare the extra money. There are people I know who have Amex Platinum, CSP, and an array of AF cards when they obviously aren't really benefitting much from its perks. However, their main benefit is the "image" which the cards provide and thats a big plus for people who have to deal with clients in social settings. It's kinda like having an expensive 40k rolex watch as opposed to having a basic tier 5k rolex watch. Some buy it for the looks, while some buy it for the prestige.