It's worth it when you're already spending and get a $500 rebate for spending the $4K anyway. It's $625 if you redeem for travel and even more if you convert to a CSR after your first year but, then you have to wegh the AF over the increased redemption amount.
Congrats on your CSP approval, I remember just a few weeks ago when you were weighing options. Considering that the CSR is a minimum $10,000 starting limit and you were approved below that, going with the CSP seems to be the optimal choice.
CONGRATS @TammyTwo on your Chase CSP approval, the AWESOME SL, and Welcome to the FORUMS!!!
Congratulations on your approval!