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Chase Bank will increase the annual Membership Fee on its Sapphire Reserve credit card to $550. The company made the announcement about two weeks ago.
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In addition to its high annual fee, the Chase Sapphire Reserve credit card is super expensive. The credit card charges 18.49% to 25.49%, based on your creditworthiness
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Perks such as $120 in statement credits for DoorDash Food delivery and 15% off Lyft rides don’t justify that hefty Chase Sapphire Reserve credit card’s annual membership fee.
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Chase Bank will increase the annual Membership Fee on its Sapphire Reserve credit card to $550. The company made the announcement about two weeks ago. Existing customers will pay the current $450 annual fee if their renewal date is on or before April 1, 2020.
The 550-dollar annual membership fee will make the Chase Sapphire credit card the two most expensive credit cards to carry, based on the yearly membership fee. The Platinum Card from American Express also charges a $550 annual membership fee.
There is an old saying on Wall Street that “credit card is the only good business left in finance.” and credit card issuers believe that saying cold-heartedly.
Although premium credit cards such as the Chase Sapphire, the Platinum Card from American Express, and others target the upper-middle class and above, paying a ridiculous annual membership fee for the luxury to use any credit card is asinine.
The target socioeconomic class, for premium credit card issuers, is as financially insecure as the socioeconomic classes below them. According to the St. Louis Federal Reserve, the majority of six-figure households can’t handle a $400 emergency
In addition to its high annual fee, the Chase Sapphire Reserve credit card is super expensive. The credit card charges 18.49% to 25.49%, based on your creditworthiness. This an extremely high APR for a premium card.
Snapshot of The Chase Sapphire Reserve Credit Card’s Benefits
The Chase Sapphire Reserve Credit Card comes with 50,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. The bonus points are equivalent of $750 toward airfare, hotels, car rentals and cruises when you redeem through Chase Ultimate Rewards.
You also get up to $300 in statement credits as reimbursement for travel purchases charged to your card each account anniversary year. You can find a laundry list of The Chase Sapphire Reserve Credit Card’s Benefits here.
The Chase Sapphire Reserve is a popular credit card, especially with cash-strapped millennials. Perks such as $120 in statement credits for DoorDash Food delivery and 15% off Lyft rides don’t justify that hefty Chase Sapphire Reserve credit card’s annual membership fee.
