Release The Kraken: Chase Sapphire Reserve Becomes The Hottest Coolest Premium Card To Have
The first thing you will want to know is that the application is live; click here (not an affiliate, but maybe Chase will see I am sending applicants their way and toss me a bone). And yes, I’m late to the party. Casually late.
Now Back To Our Program Already In Progress
Greetings fellow readers. The Internet is ablaze with the release of the hottest product to hit within the last decade. No, I’m not speaking of the re-release of Crystal Pepsi; which is apparently a thing again. I am referring to the Chase Sapphire Reserve. The new gold standard for travel reward cards.
Okay, the gold standard might be a bit too much, but this card is an excellent step up from the Chase Sapphire Preferred which I can humbly attest to as a great card to hold in your wallet.
Now I know the BBOI’s (Big Bloggers on the Internet) will automatically push this card (affiliate links are how they stay afloat…and yes, I am affiliate-less-ly jealous), but I want to put my best foot forward and make sure you make the best of your best asset, your credit. A wasted hard app is no bueno; which is Portuguese for ‘don’t do it’.
Beware The Ides of 5/24
Let’s just get this out of the way. Chase has an unwritten rule in circulation lovingly called the 5/24 rule or as I like to call it, ‘the-rule-that-must-not-be-spoken’. This rule serves as a gatekeeper to future Chase credit card accounts. In short, you cannot have more than five credit cards issued (from any bank) within a 24-month period. The reason for this rule is to stop the massive amount of card churners which cost the bank money.
How Do I Know If I Pass The 5/24 Test? Should I Apply?
First, let me have a quick personal conversation with you reader. If you don’t know how many cards you have applied for in the last 24 month, then waste a hard pull applying. You are more than likely not going to get approved. Also, get familiar with your credit.
Second, if you have a monthly credit report service, you can easily see your last handful of applications in the last two years and roughly determine if you qualify or not.
Third, don’t apply if you do not think you can make the minimum spend.
Fourth, don’t apply if you do not need the Chase Sapphire Reserve. Yes, the $450 annual fee is offset by the $300 airline credit, reducing your out-of-pocket cost to a manageable $150, but if you are not going to make use of the card, then don’t get it. As tempted as I was to get both the Amex Platinum and the Amex SPG, I didn’t. Why? I neither value Membership Rewards points enough right now nor stay at enough Starwood properties to warrant burning a hard pull for bonus points.
Will I / Have I Applied?
Yes, I will apply for the card, but I will wait until October if the bonus is still around. I am well under the 5/24 rule as I am not a card churner, and my website does not bring in any income, so I have to manage my credit cards just like 99% of the country, one card at a time. As soon I figure out what my work is doing I will be able to proceed. Who knows, maybe I will be able to blog full-time.
Apply, but think about your long-term credit goals and if you even need this card. If you are still going to move forward, I encourage you to check out some of the other bigger blogs for 5/24 data points. If you have any questions, I will try my best to answer.