It’s the hottest thing in plastic — sort of speak. That’s because the Chase Sapphire Reserve credit card, with a hefty $450 annual fee, is in such high demand that Chase ran out of its metal stock in just a few days after its recent launch. It had to deliver temporary plastic cards to disappointed customers.
The card has some striking benefits, including a 100,000-point bonus after you spend $4,000 in the first three months.
Chase values these points at $1,500. You can redeem them for flights, hotels, rental cars and cruises at a rate of 1.5 cents each when booking travel through the Ultimate Rewards portal.
The “sticker shock” tied to that annual fee has not slowed its demand. The bank has signed up “tens of thousands” of
customers, a spokeswoman for Chase told The New York Times, since the Sapphire Reserve’s debut last month.
Among its many benefits, the Reserve card comes with a $300 travel credit reimbursement awarded each calendar year. This would reduce the card’s annual fee to $150.
Many media reports have the Sapphire Reserve in high demand among Millennials who like the travel rewards.
Additional rewards include:
- 1 point earned for every $1 spent
- 2 additional points earned for every $1 spent on travel (includes airfare, hotels, Airbnb, taxis, Ubers, etc.)
- 2 additional points earned for every $1 spent on dining (includes Seamless, bars, cafés, restaurants, etc.)