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Approved for Chase Sapphire Preferred...

ujocka
Valued Member

Approved for Chase Sapphire Preferred...

Just got approved for a Chase Sapphire Preferred for $26k. Looking for one more card and I'm done.I'll use the Sapphire for all expenses for the points but just want a second card for any other general purpose, hopefully with some interesting perks. Im told Amex is generous with CLIs so maybe i will go that route. Can't see the value in gold/platinum based in the AFs. Any words of wisdom?

From Chapter 13 discharge and low 500s in 2015 to EQ: 781 TU: 767 EX: 794 in 2017...Make your vision your reality.
Message 1 of 10
9 REPLIES 9
CreditContractor
Established Contributor

Re: Approved for Chase Sapphire Preferred...

Congrats!  This card is way better than the Reserve.  Nice starting limit.  $100 a year fee is not much more than Sam's Club membership or a renewal for a Sportman's Guide membership.

 

You will enjoy this card.  Sure you don't wanna do a PC to a Reserve for the same limit with a $450 annual fee?

 

You made the right choice.

Message 2 of 10
WaveRider
Established Contributor

Re: Approved for Chase Sapphire Preferred...

What card do you want? 

Message 3 of 10
newhis
Valued Contributor

Re: Approved for Chase Sapphire Preferred...


@ujocka wrote:

Just got approved for a Chase Sapphire Preferred for $26k. Looking for one more card and I'm done.I'll use the Sapphire for all expenses for the points but just want a second card for any other general purpose, hopefully with some interesting perks. Im told Amex is generous with CLIs so maybe i will go that route. Can't see the value in gold/platinum based in the AFs. Any words of wisdom?


Yes, Amex is great with CLIs. Discover too.

 

You have to decide what will help you get more back for your normal use. Check Amex pre-qual site, you may get an offer for $100, $150 or even $250 welcome bonus plus 10% restaurants on BCE (the no AF version).

 

I think Discover still double your first year cash back, that's good too.

Message 4 of 10
wanderingbuilder
Valued Contributor

Re: Approved for Chase Sapphire Preferred...


@ujocka wrote:

Just got approved for a Chase Sapphire Preferred for $26k. Looking for one more card and I'm done.I'll use the Sapphire for all expenses for the points but just want a second card for any other general purpose, hopefully with some interesting perks. Im told Amex is generous with CLIs so maybe i will go that route. Can't see the value in gold/platinum based in the AFs. Any words of wisdom?


Congrats! With that large of a limit, your credit and income must be pretty great. 

While the Preferred is a good card in it's own right, I'm a bit curious why you didn't go for the much better Reserve? Even if you didn't use most if it's much better perks, it only ends up being $55 more per year and is better all the way around.

 

Either way, you can always upgrade or get that one later if need be Smiley Happy

Message 5 of 10
ujocka
Valued Member

Re: Approved for Chase Sapphire Preferred...

I was really struggling between the reserve and preferred and didn't see the reserve being that much more beneficial for me. Just curious how came to a difference of only $55.  I calculated $150. I also saw that the reserve adds $75 a year for an authorized user (wife) and the preferred doesn't.

From Chapter 13 discharge and low 500s in 2015 to EQ: 781 TU: 767 EX: 794 in 2017...Make your vision your reality.
Message 6 of 10
wanderingbuilder
Valued Contributor

Re: Approved for Chase Sapphire Preferred...


@ujocka wrote:

I was really struggling between the reserve and preferred and didn't see the reserve being that much more beneficial for me. Just curious how came to a difference of only $55.  I calculated $150. I also saw that the reserve adds $75 a year for an authorized user (wife) and the preferred doesn't.


Preferred = $95 AF, no travel credit

Reserve = $450 AF - $300 travel credit = $150

 

150-95 = 55

 

I guess it makes sense if you only travel once a year or so, and only within the country. Anything more than that though and the Reserve is a pretty clear winner, especially since it increases the point value by 50% over what you'd get with the Preferred, and it earns 50% more points on the same categories.

 

No worries though, you will still enjoy it either way Smiley Happy

Message 7 of 10
ujocka
Valued Member

Re: Approved for Chase Sapphire Preferred...

Timing is everything. Mine was off by a mere 6 hours. Didn't realize that if I had applied in a branch yesterday (2 block from my house) vs online last night I would have been eligible for 100k points instead of 50k. Promo ended yesterday Smiley Frustrated

From Chapter 13 discharge and low 500s in 2015 to EQ: 781 TU: 767 EX: 794 in 2017...Make your vision your reality.
Message 8 of 10
kidink1911
Established Contributor

Re: Approved for Chase Sapphire Preferred...

Congratulations and welcome to the CSP family!!

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Message 9 of 10
CreditContractor
Established Contributor

Re: Approved for Chase Sapphire Preferred...

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Message 10 of 10
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