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Thanks to Million Mile Secrets reader Jeff, I’ve learned some interesting news about the Chase Sapphire Reserve card!
According to Chase’s CEO, Jamie Dimon, the Chase Sapphire Reserve is so popular, Chase has lost ~$300 million (yes, million!) on the card so far. That’s quite the sign-up “bonus!”
So it really IS a great deal for consumers. But we already knew that. 😉
Here’s more about this news.
The Chase Sapphire Reserve Card Is a GREAT Deal!
Link: Chase Sapphire Reserve
Lots of folks in the miles & points hobby already knew that the Chase Sapphire Reserve is an amazing deal. Especially given recent negative changes announced on other premium cards like the Citi Prestige.
And because the 100,000 Chase Ultimate Rewards point sign-up bonus after meeting minimum spending requirements is worth $1,500+ in travel booked through the Chase Ultimate Rewards Travel Portal. Or even more when you transfer points to airline and hotel partners like Hyatt or Southwest.
Plus, it comes with fantastic perks like:
- $300 annual credit for travel purchases such as airfare and hotels
- $100 statement credit for Global Entry
- Priority Pass Select for access to airport lounges
- NO foreign transaction fees
- Visa Infinite benefits like $25 food and beverage credit at the Luxury Hotel Collection and complimentary car rental elite status with Avis, National, and Silvercar
And now, Chase has confirmed what we already knew by announcing that they’ve lost up to $300 million in profit this quarter. Solely because of the overwhelming number of people who have signed-up for the Chase Sapphire Reserve card – even before the bank did any marketing for it!
So if you haven’t already considered applying for the Sapphire Reserve, you can read my full review of the card here. And if you’re looking for more great reasons to get this great travel card, check out these posts:
- Chase Sapphire Reserve Annual Fee – Worth It or Not?
- Chase Sapphire Reserve Benefits Guide
- Chase Sapphire Reserve Versus Sapphire Preferred
- 10 Ways to Meet the Chase Sapphire Reserve Spending Requirement
- Chase Sapphire Reserve Lounge Policy
- Chase Sapphire Reserve Rental Car Insurance Review
- Chase Sapphire Reserve – No Foreign Transaction Fees!
But don’t forget about Chase’s 5/24 rule, where if you’ve opened ~5 or more credit cards (from any bank) in the past 24 months (excluding certain business cards), you’re unlikely to get approved for most Chase cards.
And check out this post about what to do if you can’t get the Chase Sapphire Reserve.
While folks have been enjoying the amazing sign-up bonus and perks from the Chase Sapphire Reserve card, Chase has paid a price! They’ll lose up to ~$300 million in profit this quarter thanks to overwhelming demand for the card.
Given the popularity of the Chase Sapphire Reserve card, maybe Chase will introduce even more travel cards with great sign-up bonuses and perks? Here’s hoping!