Chase Sapphire Review

The Chase Sapphire credit card is a fairly new, potentially great option for higher income individuals who enjoy traveling (hence Chase Sapphire's heavy promotion on The Travel Channel lately). I'm working on making my posts shorter and more to the point (less ranting!), so here's what you need to know in order to decide if you should get one.

The good: 

-- Your reward points "never expire"

-- No annual fee for this card (basic Sapphire version only)

-- 10,000 bonus points after your first purchase using Chase Sapphire (click here to take advantage of that promotion)

-- Higher-end Preferred version of the card has an $85 annual fee, waived the first year, and also offers a 7% annual points dividend, 25% greater travel rewards, & you earn 15,000 points after spending $1,000 in 3 months. That's not much at all, especially if you travel (only $333 and change per month). 

-- Ability to use the Chase Blueprint service with both basic and Preferred Sapphire versions (allows you to choose "full pay" for transactions you want to pay off immediately without accruing interest).

The bad:

-- Appears to be no 0% APR intro period for either the basic or Preferred Sapphire cards. At time of publication, both cards had a 12.24% variable purchase APR (not bad, but certainly lame to see a lack of a 0% promo APR here).

The verdict:

A seriously solid, and attractive looking, card to have in your wallet. Chase Sapphire will be especially valuable to frequent travelers, either business or pleasure, since the card's rewards revolve around hotel/flights and the Preferred version offers enhanced travel rewards...

So a good card for the affluent jet set, but not necessarily my first choice for those new to the credit card game. Also an attractive looking card that is looking to "brand" itself as for the wealthy only; compare to American Express high-end charge cards like the Platinum and Gold, or the Visa Signature line of credit cards.

Instead, if you're new to credit, look for a card that offers a substantial 0% promotional APR period of at least 6 months, or preferably 12 months, with a reasonable purchase APR thereafter. Chase Sapphire has no 0% APR intro, and this is, in my mind, a small drawback.

But if you already have good credit, I would definitely apply for the regular Chase Sapphire card, to get those 10,000 bonus points -- and since it doesn't have an annual fee.

Overall score: 8 / 10

Disclosure: As of June 3, 2010, we now have a financial relationship with this company. This web site participates in their affiliate program. Someone has to make money from all this Internet stuff, right?

Comments

[Anthony]

Excellent information. Only a couple of additional points I'd like to add for anyone considering this card.

1. This actually IS a visa signature card. It's one of approx. 12 (I think) offered in the US.

2. This card offers a whole lot of benefits outside of standard point rewards that appeal to a "higher-end" clientele.

a dedicated concierge, and a dedicated customer service line. When you call the number on the back of the card you don't get an automated system...you get an actual person who's whole job is to help sapphire card holders. And they speak english!!!

this card has a revolving credit limit, but "no spending limit". What that means is that this card is like a hybrid between an amex charge card and a standard credit card. You can charge up to a very high amount (far exceeding your revolving limit) without the card being declined. You must, however, pay the balance down below your revolving limit by the end of the month.

automatic travel insurance on par with what amex offers.

Chase's press release on the card said minimum requirements are 750 credit score, and annual income of 120K or more. However, in this economy, I'm more than certain that they have lowered those requirements quite a bit.

...and yes, I have this card.