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The miles and points world has been all up in arms about finding a Chase Sapphire Reserve application over the past few weeks. Joe from As the Joe Flies joked on Twitter

And…. I have to agree!  The other day a rogue Chase Sapphire Reserve application showed up and I thought that the Internet was about to explode.  That application only lasted live for about an hour or so and currently there is a working Chase Sapphire Reserve application.

There is still speculation on whether applying for the Chase Sapphire Reserve credit card will be subject to the Chase 5/24 rule or not.  Since I am closer to 24/5 than 5/24, I am hoping that it is not :-).

Who should NOT fill out a Chase Sapphire Reserve application?

Let’s start with the easiest group of people to rule out, and it goes back to the basics of the miles and points game.  If you are working on your credit score (i.e. it’s under 700), or you have any outstanding credit card debt, you should not apply for the Chase Sapphire Reserve card.  Instead you should concentrate on raising your credit score and paying down your debt – any rewards that you get are going to be eaten by interest costs.chase-sapphire-reserve-logo

Why I’m filling out a Chase Sapphire Reserve application

Even though there isn’t a current Chase Sapphire Reserve application link, I am planning on applying for the Chase Sapphire Reserve card when it comes out next week.

Other things to think about before making a Chase Sapphire Reserve application

Although I personally am planning on applying for the Chase Sapphire Reserve credit card, I don’t think that it’s necessarily for everyone.  While I am not as “scared” of the $450 annual fee as I once was, I feel like if you’re just starting out, there may be better cards for you.

Understanding the $300 travel credit on the Chase Sapphire Reserve credit card

One of the big features (besides the 100,000 Ultimate Rewards signup bonus!) is the fact that you get a $300 “travel credit” for each CALENDAR year.  So most people have been selling that as the fact that yes, you have to pay a $450 annual fee when you make your Chase Sapphire Reserve application, but then you will get a $300 travel credit in 2016 as well as one in early 2017 (before your 2nd $450 annual fee posts).  So the $600 in travel credits (in theory) more than offsets the $450 annual fee

The devil is in the details of course.  We still don’t know exactly how the $300 Chase Sapphire Reserve travel credit will work.  Initial indications are that it will be automatically applied to anything in the (fairly broad) “Travel” category.  If that’s the case, to me at least that’s much more attractive than something the American Express Platinum $200 airline credit, which requires you to pick a specific airline each calendar year.

Making sure you’re organized enough to apply for the Chase Sapphire Reserve card

Just because the simple math says $600 in travel credits are more than the $450 annual fee doesn’t mean that it will actually work out that way.  If you’re not organized enough, you run the risk of paying the $450 annual fee and not taking advantage of the Chase Sapphire Reserve travel credits.

Plus, it’s not like this is just $600 in free money – if you’re not already spending that much in travel, then this card is “making” you spend money on travel that you wouldn’t have otherwise spent.  So in that case, you are still paying the $450 annual fee

All in all, I think that the Chase Sapphire Reserve card is a good one and I personally plan on making a Chase Sapphire Reserve application when it becomes available next week.  If you are already familiar with miles and points, understand the risks and benefits and are organized in your finances, then I think it makes sense for you to apply for the Chase Sapphire Reserve card as well. You can apply for rewards credit cards through the image below

What about you?  Will you be applying for the Chase Sapphire Reserve card?

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