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Amex Platinum – This is your moment
Was there bigger miles and points news in 2016 than the Chase Sapphire Reserve? I don’t think there is any qualms that Chase blindsided Amex with the Reserve. Amex had rested long and lethargic on its namesake…the Status quo of the credit card industry (one that long ago stopped its innovation of customer value and allowed benefits to erode). Along came Chase with a flashy premium card that splashed the industry with a 100k bonus, a litany of bennies, and to make matters fun – you can clink it on champagne glass at 35k feet – as one does 😉
National press was given to a CREDIT CARD and its demand. That is crazy.
The rock that hid the churning, hobbyist, status mongering, MSing, mileage running community was pulled back for a moment, and people applied as only we hobbyists have customarily done: with rabid fervor. They chomped the Reserve bit to such an extent that Chase lost an estimated $2-300 mill last quarter on just the Reserve – yes, JUST THE RESERVE. Don’t feel too bad tho, Chase still cleared well into the Billions. But what strikes me the most is the ideology that they would attack Amex’s Platinum customer base with essentially no consideration of cost. Who cares if we lose $300 mill – take aim at Amex and slide-kick that teetering leviathan wobbling in the aftermath of a Costco partnership that went sour. And that slide-kick made Sportscenter top 10. Let’s be honest…Chase is dapping in the end zone right now, who knows, they might even be doing the stanky leg just to rub it in.
Amex has responded, but they need a goal-line blitz. I thought when Chase instituted the 5/24 it was an enormous opportunity for Amex to at least temporarily eliminate the once in a lifetime bonus clause, match the 100k ( which they did on the Biz Plat but not personal), and respond with like force. But the response was tepid. NOW – Chase has reduced their headline getting 100k sign up bonus and will have to weather a potential storm as people cancel the card when the 2nd year annual fee hits. Perhaps this was the strategy the whole time for Amex… wait til Chase has done their damage, reduces their sign up and initiate a retaliation. I love Membership Rewards and Amex has been unbelievably good to me ( I mean I’ve earned 315k Membership Rewards bonus points in the last 2 years) so this comes from a good place:
Amex Platinum…This is your moment
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Chase Sapphire Preferred® Card
Welcome Offer
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Annual Fee
$95
Points Earned
Transferrable Chase Ultimate Rewards
- 5x on all travel purchased through Chase Travel℠
- 3x on dining, including eligible delivery services for takeout & dining out
- 3x on select streaming services
- 3x on online grocery purchases
- (excluding Target, Walmart and wholesale clubs)
- $50 Annual Chase Travel Hotel Credit via Chase Travel℠
- The begins immediately for new cardmembers and after your account anniversary for existing cardmembers
- 2x on all other travel
- 10% Anniversary Bonus
- Every year you keep the card, your total spend will yield a 10% points bonus. If you spend $10k in a year, you’ll get 1k bonus points
- Chase Sapphire Preferred continues to redeem at 1.25c in the Chase Travel℠ and the slew of other benefits remain in tact including Auto Rental Collision Damage Waiver ( primary ), purchase protections, etc.
- Points are transferrable to 14 Ultimate Rewards partners
- Redeem in Chase Travel℠ for 1.25 cents per point
- No foreign transaction fees
- Suite of Travel and Purchase Coverage
- Auto Rental Collision Damage Waiver is my favorite
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
- $95 Annual Fee
We keep an up to date spreadsheet that lists the best ever offers: You can find that spreadsheet here.
Historically 80k is a very, very good offer and hit in both 2022 and 2023. In 2021, we saw the offer hit an all time high of 100k. Who knows if that will ever come back.
Main Cast:
Cards that earn flexible points and should be used on the bulk of your purchases.
Supporting Cast:
Cards that earn fixed points in the currency of the airline/hotel and can not be transferred at attractive rates. These cards yield benefits that make it worth keeping, but not necessarily worth putting a lot of your everyday spend on.
The Chase Sapphire Preferred® is exceptional starter card and offers transferrable Ultimate Rewards, and pairs well with other Chase cards.
If you carry this card alongside Chase’s cashback cards like the Chase Freedom Flex® and Chase Freedom Unlimited® or the business versions: Ink Business Cash® , Ink Business Unlimited® you can combine the points into Preferred account and transfer into hotel and airline partners
Annual fee is quite low at $95 a year + you get a 10% anniversary bonus on points + $50 hotel credit in Chase travel.
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