topic Re: Changes to the CSP in Credit Cards

Changes to the CSP

vpae — Thu, 07 Aug 2014 18:41:11 GMT

I'm sure most of you just got this email..

Discontinuing the 7%

Trip Cancellation/Trip Interruption Insurance

Your coverage has been increased from a maximum of $5,000 to $10,000 per covered trip. If your trip is canceled or cut short by sickness, severe weather or other covered situations, you can be reimbursed up to $10,000 per trip for your prepaid, nonrefundable travel expenses, including passenger fares, tours and hotels.*

Auto Rental Coverage

Your Auto Rental Collision Damage Waiver has been enhanced from secondary coverage to primary. So if the unexpected occurs, you can now rely on an enhanced level of coverage. Decline the rental company’s collision insurance and charge the entire rental cost to your card. Coverage is primary and provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most rental cars in the U.S. and abroad.*

Discontinuing 7%

Annual Points Dividend After 12/31/2015, you will no longer earn the 7% Annual Points Dividend. You will be awarded your final 7% points dividend in early 2016. You can still continue to enjoy the many other ways to be awarded rewards such as 2X points on travel and dining and 1 point on all other purchases.

Getting Cash

You can continue to redeem your points for cash through a statement credit or direct deposit into an eligible checking or savings account. However, Pay Yourself Back will no longer be available after 9/20/2014 and paper checks will no longer be available after 11/15/2014.

Earn on Travel

You will continue to earn an extra 1 point for each $1 of airfare and hotel accommodations booked through Chase.com/UltimateRewards until 12/31/2015. After that, you will no longer earn an extra point. We may periodically offer ways for you to earn bonus points through the program.

More info here - https://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/shared/marketing/page/ultimate-rewards-sapphire-preferred-vs-annoucement&jp_cmp=cc/94049/ema/EM03610/Body_image_1

Chase Sapphire Preferred® with Ultimate RewardsSM Program Agreement
(Rewards Program Rules and Regulations)

https://www.chase.com/ccpmweb/shared/document/sapphire_preferred_english_programrules.pdf

(Edit, added a few more key items)

Re: Changes to the CSP

Networth — Thu, 07 Aug 2014 18:33:19 GMT

Funny I just came on here to see people's thoughts. I am considering getting rid of the card after 2015 if something that suits my needs pops up. I really don't understand who green lite this idea.

Re: Changes to the CSP

Anonymous — Thu, 07 Aug 2014 18:37:52 GMT

Does nobody notice that CDW becomes Primary? Isn't this supposed to be such a good news for travelers?

Re: Changes to the CSP

Anonymous — Thu, 07 Aug 2014 18:39:16 GMT

This makes me really glad I apped arrival+ instead of CSP last week Sad that CSP got nerfed though.

Re: Changes to the CSP

Closingracer99 — Thu, 07 Aug 2014 18:40:02 GMT

@Anonymous wrote:
Does nobody notice that CDW becomes Primary? Isn't this supposed to be such a good news for travelers?

Re: Changes to the CSP

vpae — Thu, 07 Aug 2014 18:42:42 GMT

@Closingracer99 wrote:
@Anonymous wrote:
Does nobody notice that CDW becomes Primary? Isn't this supposed to be such a good news for travelers?
+1

I've never paid much attention to Rental Coverage.

What exactly does Primary/Secondary mean? Doesn't most of our own personal auto insurance cover rental? Could someone enlighten me

Re: Changes to the CSP

Anonymous — Thu, 07 Aug 2014 18:44:05 GMT

@Anonymous wrote:
This makes me really glad I apped arrival+ instead of CSP last week Sad that CSP got nerfed though.

This is REALLY minor nerfing IMO. I don't see how the 7% radically changes the value proposition. You either get good value from the card by transferring points, or you don't. Yes, the 7% has some impact, but I don't see it as make or break.

Re: Changes to the CSP

IcEWoLF — Thu, 07 Aug 2014 18:45:27 GMT

For me the 7% dividend was a huge incentive, chase is truly annoying me now. I might also consider canceling my card after next year. I have the Arrival+ WE and that card is great!

This is a huge nerf, also the fact you won't earn extra points on when booking through chase for airfare and hotel is big too...

Re: Changes to the CSP

Anonymous — Thu, 07 Aug 2014 18:45:50 GMT

@vpae wrote:
@Closingracer99 wrote:
@Anonymous wrote:
Does nobody notice that CDW becomes Primary? Isn't this supposed to be such a good news for travelers?
+1
I've never paid much attention to Rental Coverage.

What exactly does Primary/Secondary mean? Doesn't most of our own personal auto insurance cover rental? Could someone enlighten me

Primary means that the credit card insurance will pay first, and your personal insurance may not have to get involved (reducing premium hikes). This applies only to damage to the rental car though, damage to other vehicles, people etc will have to be paid by your insurance.

Re: Changes to the CSP

Closingracer99 — Thu, 07 Aug 2014 18:46:39 GMT

@vpae wrote:
@Closingracer99 wrote:
@Anonymous wrote:
Does nobody notice that CDW becomes Primary? Isn't this supposed to be such a good news for travelers?
+1
I've never paid much attention to Rental Coverage.

What exactly does Primary/Secondary mean? Doesn't most of our own personal auto insurance cover rental? Could someone enlighten me

I pay zero attention to it since I don't drive at all Living in NYC I don't feel the need to pay for gas lol.

Also the 7% is minor nerfing imo

Re: Changes to the CSP

Closingracer99 — Thu, 07 Aug 2014 18:47:49 GMT

@IcEWoLF wrote:
For me the 7% dividend was a huge incentive, chase is truly annoying me now. I might also consider canceling my card after next year. I have the Arrival+ WE and that card is great!

This is a huge nerf, also the fact you won't earn extra points on when booking through chase for airfare and hotel is big too...

then get the Chase Freedom and a checking account?

Re: Changes to the CSP

Anonymous — Thu, 07 Aug 2014 18:49:25 GMT

@IcEWoLF wrote:
For me the 7% dividend was a huge incentive, chase is truly annoying me now. I might also consider canceling my card after next year. I have the Arrival+ WE and that card is great!

This is a huge nerf, also the fact you won't earn extra points on when booking through chase for airfare and hotel is big too...

Huge nerf? Compared to what? When Cash Plus was nerfed they:

1) Removed the best 5% categories (bill pay, airfare, home improvement)

2) Put a $2K a quarter spending cap, from unlimited

3) Reduced the $25 bonus from unlimited to once a year

4) Removed bank account enhancements.

To me, that is a true nerfing! This doesn't come close. US Bank offered no positive changes, here they are adding primary coverage and increasing insurance limits. May not be useful to you, but may be to others.

Re: Changes to the CSP

mongstradamus — Thu, 07 Aug 2014 18:50:04 GMT

@Closingracer99 wrote:
@IcEWoLF wrote:
For me the 7% dividend was a huge incentive, chase is truly annoying me now. I might also consider canceling my card after next year. I have the Arrival+ WE and that card is great!

This is a huge nerf, also the fact you won't earn extra points on when booking through chase for airfare and hotel is big too...
then get the Chase Freedom and a checking account?

This is one of the prime reason why i like diversification of rewards points.

Re: Changes to the CSP

vpae — Thu, 07 Aug 2014 18:50:44 GMT

@Anonymous wrote:
@vpae wrote:
@Closingracer99 wrote:
@Anonymous wrote:
Does nobody notice that CDW becomes Primary? Isn't this supposed to be such a good news for travelers?
+1
I've never paid much attention to Rental Coverage.

What exactly does Primary/Secondary mean? Doesn't most of our own personal auto insurance cover rental? Could someone enlighten me
Primary means that the credit card insurance will pay first, and your personal insurance may not have to get involved (reducing premium hikes). This applies only to damage to the rental car though, damage to other vehicles, people etc will have to be paid by your insurance.

Ah, gotcha. Thank you. Good to know. I will have to compare my other cards to see which has the 'best' Rental coverage as I have 2 coming up.

And as far as the nerfing. Well, I'm sure any positive changes that is not applicable to us we don't see a value in so losing *anything*, 7%, the extra pt/$ on travel, will seem like a downgrade however minimal the impact may be.

While I use this card pretty heavily, I'll have to go back and see how many points I got last year, I'm sure it's not even noticible. Still nice though, of course.

Re: Changes to the CSP

Networth — Thu, 07 Aug 2014 18:52:38 GMT

The rental insurance is usless to me I can count on one hand how many times I have rented a car oversea's and I travel a lot. I would much rather have the 7%

Re: Changes to the CSP

Anonymous — Thu, 07 Aug 2014 18:54:42 GMT

For me the rental coverage is moot I get a very generous rental discount as a perk at work but it requires using the rental agency's cdw. I mostly road trip and Amtrak so CSP was fairly comparable to Arrival +. But to the avg person this is a medium or mild nerf.

Re: Changes to the CSP

Anonymous — Thu, 07 Aug 2014 18:55:55 GMT

@Networth wrote:
The rental insurance is usless to me I can count on one hand how many times I have rented a car oversea's and I travel a lot. I would much rather have the 7%

To be clear, if I was asked "Do you want to keep the 7%" I would of course say yes. I am just saying that I don't see how it changes the card from good to bad (presumably those talking about cancelling thought it was good and now don't). The Cash Plus was an example that went from world class to OK, and when BCP added the cap, it went from great to sort of ok. I don't see that here.

Re: Changes to the CSP

heyarrnold — Thu, 07 Aug 2014 18:58:49 GMT

@Networth wrote:
The rental insurance is usless to me I can count on one hand how many times I have rented a car oversea's and I travel a lot. I would much rather have the 7%

Unless you get 135,714 UR points each year, the 7% does not really make a difference. At that point, sure. That would cover the annual fee entirely.

Re: Changes to the CSP

Closingracer99 — Thu, 07 Aug 2014 19:00:35 GMT

@Anonymous wrote:
@Networth wrote:
The rental insurance is usless to me I can count on one hand how many times I have rented a car oversea's and I travel a lot. I would much rather have the 7%
To be clear, if I was asked "Do you want to keep the 7%" I would of course say yes. I am just saying that I don't see how it changes the card from good to bad (presumably those talking about cancelling thought it was good and now don't). The Cash Plus was an example that went from world class to OK, and when BCP added the cap, it went from great to sort of ok. I don't see that here.

If you were planning on or considering this 7% might be the iceberg but isn't a big reason to cancel the card

Re: Changes to the CSP

Networth — Thu, 07 Aug 2014 19:02:30 GMT

@heyarrnold wrote:
@Networth wrote:
The rental insurance is usless to me I can count on one hand how many times I have rented a car oversea's and I travel a lot. I would much rather have the 7%
Unless you get 135,714 UR points each year, the 7% does not really make a difference. At that point, sure. That would cover the annual fee entirely.

Last year I earned 189,352 points with CSP so I would of lost 13k or so in points it not huge just enough to be annoying.