$300 Million Sign-Up “Bonus” With the Chase Sapphire Reserve

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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 Card.

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.

Bottom Line

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!

Chase Sapphire Preferred® Card

APPLY NOW

Chase Sapphire Preferred® Card

• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases.

• 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases.

• Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.

• With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.

• Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash’s subscription service. Activate by 12/31/21.

• Earn 2x total points on up to $1,000 in grocery store purchases per month from November 1, 2020 to April 30, 2021. Includes eligible pick-up and delivery services.

Intro APR on purchases

N/A

Regular APR

15.99%-22.99% Variable

Annual Fee

$95

Balance Transfer Fee

Either $5 or 5% of the amount of each transfer, whichever is greater.

Rates & Fees

Annual Fee $95

Other

Credit Needed Excellent / Good

Issuer Chase

Card Type Visa

MORE INFO