October 23, 2016

Patience Wins the Chase Sapphire Preferred Card

I was previously denied an application for a Chase Sapphire Preferred card.    I was humiliated and ashamed.  (not really)     But at the time I found out about Chases 5/24 rule for credit cards.   They deny you if you've applied for 5 cards in the past 24 months.     So I simply waited until I was past that and applied again.   My second application was approved.  

The card gives you 50,000 points bonus after spending $4,000 in the first 3 months.    Thats a pretty hefty amount of money to spend in 3 months on one card, but we had a summer trip that helped get me to the total among other things.   I also tried to maximize my rewards by using other cards for 5% bonuses so I didn't put all our spending on this card.    I think I also got 5,000 points for adding my wife as an authorized user.   The spending on the card also tallies up points.

In total I ended up with 60,820 points which is good for $608.20 credit to my account.

I could also use the points to get 1.25 worth of travel or $760.25.    I plan to hold on to the points for as long as possible so I can get that 25% bonus on any travel expenses we might have.

On top of that I can also transfer the points over to airline programs on a 1-1 basis if I want to.  Southwest Rapid Rewards are one of the options.    If I needed to fly to Vegas I could book a flight for abut 7,500 rewards points plus $11 taxes.   Paying for the flight would be about $135.   That would be more like 1.67 cents per point.  

Unfortunately the card has a hefty annual fee so I'll cancel it before the year is up.

$608-$760 is a pretty great haul from one card.  


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