If you have more than one credit card it is clear that not all charge cards are created equal. Add to this fact that if you're paying an annual fee on all of your cards you need to get the most out of what you're paying for. Having to deal with an annual fee of $30 while paying an APR of 21.99% hardly seems like a good use of your money or line of credit.
Now we come to the Chase Sapphire Reserve Concierge card, which will come with a hefty annual fee of $450. Anybody who is paying that much to have that kind of credit card better understand what their benefits are, and how to make the most of those benefits. For all those unacquainted with this particular brand of Chase card, it's intended mostly for frequent travelers who definitely are able to get the most from that $450 annual fee.
The Travel Credit
First, you have a travel credit of $300 a year once you are accepted for the card. This credit is useless if you don't travel regularly, so for many Concierge card holders the annual fee drops to only $150 for all practical purposes. Then there's the $100 Global Entry bonus that permits you to speed your way through those annoying airport security check lines. Since the vast majority of frequent travelers uses the Global Entry option, the annual fee for that card drops another $100 and today costs a mere $50.
With the first two goals accomplished we now move on to how you can get the most for your $50 annual fee. If you are not traveling alone, you can add an authorized user for $75. This might not seem like an advantage, but they will have all the benefits of the Sapphire Concierge card that you do, so all those bonus points and funds back rewards associated with the card could be multiplied by two (or more).
Making Points Count
Now we arrive at one of many purposes of having a reward points card – amassing as many points as possible. One technique to maximize this number is to combine your Chase Sapphire Concierge card with your Chase Freedom credit card. (If you don't have one, now is as good a period as any to add one to your bank account.) The most important reason is to transfer bonuses between the cards and heap them into one lump sum. Another reason is to take advantage of the cash back feature of the Freedom card and employ the accumulated points to obtain a higher value when attached to the Sapphire card.
Frequent flyers know that being delayed at an airport is more of an inevitability than a matter of random chance. Here's where the choice of a Chase Freedom card in concert with your Chase Concierge card will pay off. The Concierge card will reimburse you for up to $500 if your flight is delayed for 6 hours or more for any unreimbursed lodging and meal expenses. One caveat is that your airline ticket must have been purchased using a qualified Chase card, which the Freedom card just is actually. The $500 covers the cost of an above average hotel and you don't have to accept McDonalds (unless you are stuck in a place where top shelf food is McDonalds). Still, either way you break even or possibly come out ahead.
Utilizing Your Concierge
The word that may be missed while counting bonus reward points is \”concierge.\” Yet this really is one of the most important features of the Chase Sapphire Reserve Concierge card. With your concierge services comes the opportunity to book dinner reservations, access quality seats for music concerts and sports, and potentially be eligible for a hotel room upgrade from the VISA Luxury Hotel Collection. These are perks that often come in handy when attempting to impress a potential client or simply get great seats for any concert. People who have a Chase Concierge card often speak of how they get great seats at the last minute by using this benefit.
Frequent travelers often end up frequently renting a car, and the Chase Concierge card enables you to use it as your source of primary car insurance coverage when traveling. What this means is that instead of you first having to file claims with your primary car insurance company (not Chase) you are able to file directly with Chase and speed up the claim process considerably. You are covered for up to $75,000 for damage and theft done to your car. Keep in mind liability isn't included, so you will want to have a separate liability policy to prevent any potential loss of income or assets.
Cash Back Perks
For everyday purchases, which the Chase Concierge card can also be used for with a 1% cash back bonus, you should make those more expensive purchases using your Concierge card. The reason is that contrary you purchase becomes lost or stolen it will be reimbursed for an amount up to $75,000. Chase has the choice of replacing or repairing the item depending on the merchant, and the claim should be filed with Chase within 3 months of the event. There is a limit of five claims per calendar year, though the majority of people do not approach this maximum.
At the finish you are left with the question of whether this list of features and benefits can be used to the maximum to get the maximum use from your $450 annual fee. As the card is meant for frequent travelers, if you don't have a number of friends or relatives around the world to put you up for a night or a week, the Chase Sapphire Reserve Concierge card will pay for itself – and then some. It has the trustworthiness of being one of the best overall travel cards on the market, and combined with an \”ordinary\” Chase Freedom card you are able to accumulate literally tens of thousands of points by simply doing normal traveling.