CSP shows its true value when combined with two things: a Freedom card, and the UltimateRewards shopping portal.
Freedom enables you to earn 5x UR points in the quarterly categories, and using the CSP to transfer them to partners makes it effectively a 7.5% or more rewards card if you're redeeming wisely.
CSP earns 2x points on travel and dining, which again makes it at least a 3% rewards card in those categories if you're redeeming wisely.
The real kicker, though, is shopping through the UR shopping portal. For example, I earned an extra 5 points per dollar recently buying some camera equipment, for a total of 6 points. That's at least 9% back on a sizable purchase. That one purchase alone earned me enough to justify the annual fee for the year.
If I were to keep only one card with an AF (and I am indieed in the process of downsizing a couple of AFs that are not nearly as valuable to me), the CSP is the one I would keep.
If I were considering the card in a vacuum, without the added benefits of the Freedom and the shopping portal, I might look harder at an alternative card. But the overall benefit of this combo is just phenomenal, especially for someone who shops online as much as I do.
Completely worth it, every year.
Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12), Total CL $1k on 2 TLs
Current: EQ 709 (CCT 2/4/15), EX 704 (CCT 2/4/15) , TU 702 (CCT 2/4/15), Total CL $110.3k on 14 TLs Goal: 740+ x3
My Wallet: Amex BCP $30k, Chase United Explorer $16k, Amex SPG $13.5k, Barclaycard Ring MC $12.5k, Chase CSP VS $12.2k, Discover it $10.5k, C1 Venture VS $6.5k, Chase Slate $3.5k, Amex Hilton Surpass $2k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Citi BestBuy $500
My Loans: Prosper $25k/36mo, Prosper $17k/36mo
My Business: Chase Ink VS $5k, Amex BRG NPSL (> 10k),
