Chase announces 2020 Q3 bonuses for the Sapphire Credit Cards

Chase Sapphire Update:

Starting July 1 and running through Sept. 30, both chase sapphire cards will earn between 3 and 10 bonus points for every dollar spent on purchases at gas stations, on select streaming services and on Instacart grocery delivery and pickup orders.

Gas stations:
3x on the CSP
5x on the CSR

Streaming Services:
5x on the CSP
10x on the CSR

Sapphire Cardholders will also get up to $50 in statement credits toward an Instacart Express membership, which offers unlimited $0 delivery fees and reduced service fees on all orders over $35. There is No activation required for Sapphire cardholders to access these limited-time benefits.

These credits are enough to cover either three months of a monthly membership or up to half off an annual membership.

Today is also the last day to earn bonus points on grocery purchases with Chase Sapphire credit cards. CSP holders can earn 3x and CSR holders can earn 5x, so don’t forget to load up on gift cards today ;-).

*Thoughts: I’m happy to see chase rolling out useful spending bonuses during this covid-19 pandemic, although I will really miss the 5x on groceries!

Get $20 off at Amazon after you make a single purchase of $50 or more using your AMEX card.

There is a new AMEX offer available for cardholders when you spend at Amazon! Use an American Express card to make a single purchase of $50 or more on Amazon and get $20 off a future purchase. This offer is available from Amazon using their link, rather than an Amex offer activated on their site. The $50 spend required under this limited-time Amex offer can be on anything shipped and sold by Amazon except Amazon gift cards. Below are the steps you earn and use your credit.

Here are the Steps 

1. Purchase $50 or more using your American Express Card on Amazon.

2. Receive a confirmation email with the reward link once your order has shipped.

3. Follow instructions on the redemption link to purchase from the Moments store.

What does the FINE PRINT SAY?

• The offer can only be redeemed once per customer/account and expires on July 22nd. 

• You will have until August 22nd to make use of the $20 credit. 

• If you return any of the items involved in the promotion, Amazon reserves the right to remove the promotional credit.

• The $20 off will only work on purchases made on the Amazon Moments store.

What is the AMAZON MOMENTS STORE?

The Amazon Moments store is a curated list of items with 4 stars or above”. The list includes over 60,000 items so you’ll have a nice variety to choose from. 

BOTTOM LINE:

Take a browse through the Amazon Moments store before taking up this offer. If you see any items that interest you, then this deal would be worth it.

These 4 credit cards can help you pay off your debt on time!

Do you have existing credit card debt or have accumulated credit card debt due to COVID-19?

STRATEGY: Pay off credit card debt by opening a credit card with an introductory period of 0% APR

One way to alleviate the stress of accumulated credit card debt is to transfer an existing credit card balance to a credit card that offers the benefit of no transfer fees and 0% interest on balance transfers and purchases for a period of time.  An added bonus is that all of the credit cards listed below currently do not have an annual fee! As this article was being published, the Chase Slate card was removed from the Chase website, probably as a result of COVID-19 changes by chase. We added an extra BONUS card that can help you transfer your debt.

1. Amex EveryDay® Credit Card

BENEFITS:

• No balance transfer fee for transfers within 60 days of account opening

• 0% intro APR for 15 months on purchases and balance transfers from account opening

• Earn 10,000 membership rewards points after you use your new card to make $1,000 in purchases within the first 3 months of account opening.  If you’re saving money to pay off your credit card debt, but want to take advantage of this introductory offer (which you should), contact The Credit Hacker for creative ways on achieving the minimum spend requirement

• Approx minimum credit score 660-700

2. Chase Slate

* Currently removed from the Chase Website as of 4/16/2020

BENEFITS:

• No balance transfer fee for transfers within 60 days of account opening

• 0% intro APR for 15 months on purchases and balance transfers from account opening

• Approx minimum credit score 690

CON:

• No rewards

3. Citi Simplicity Card

BENEFITS:

• Balance Transfer Fee: Either $5 or 5% of the amount of each credit card balance transfer, whichever is greater

• Get 0% intro APR for 21 months on balance transfers and for 12 months on purchases.  Balance transfers must be completed within the first 4 months 

• Approx minimum credit score 670

CON:

• No rewards

4. U.S. Bank Visa® Platinum Card

BENEFITS:

• Balance Transfer Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater.

• Get 0% introductory APR on purchases and balance transfers for the first 20 billing cycles.  Balance transfers must be within 60 days from account opening

CON:

• Approx minimum credit score 750

• No rewards

Transferring debt between cards with the same issuer is typically not allowed. 

Please note that introductory rates on credit cards increase SUBSTANTIALLY after the introductory period.  Please check the terms of your credit card agreement.  Minimum credit score thresholds may vary and are at the discretion of the credit card company you’re applying to.  The information provided above is current as of the date of the blog post.

We at The Credit Hacker want to emphasize that we encourage EVERYONE out there to eliminate credit card debt and develop healthy spending habits by utilizing a budget.  The credit cards listed above are a tool to get you out of debt, but the reality is that spending habits may need to be adjusted in order to alleviate the debt that was accrued.

Annual Fee increase for the Chase Sapphire Reserve from $450 to $550

Photo by CNBC

It’s confirmed! Chase has raised the annual fee for the Chase Sapphire Reserve from $450 to $550. Although this seems like bad news, Chase has added additional benefits to Sapphire card holders. Lets take a look to see if it’s worth it.

Increased Annual Fee increase starts on January 12

Rumors of the increase were confirmed by The Points Guy, which learned that the increase will start on January 12. If you already have the card and are due to renew before April 1, 2020, you’ll be able to renew at the $450 rate; after April 1, everyone will pay the $550 annual fee.

Apply before January 12 to pay the $450 annual fee for the first year. This is an incredible opportunity, since you’ll not only recieve the lower annual fee for the first year, but you’ll get both the old and new perks.

Added Benefits to Chase Sapphire Reserve Users.

With the increased annual fee come a few extra perks for users to take advantage.

DoorDash DASHPASS Membership

• Free DashPass for up to 2 years, immediately upon activation. Normally $9.99/month.

  • Save an average of $4 - $5 per order

  • Enjoy zero delivery fees and reduced service fees on orders over $12.

• Up to $120 in statement credits, $60 through 12/31/20 and $60 through 12/31/2021, on DoorDash purchases. No activation required.

Lyft Pink

• Free Year of Lyft pink membership (actual cost $19.99 per month)

  • 15% off unlimited car ridesSave on every car ride you take — any time, anywhere. 

  • Priority airport pickups Get picked up faster at the airport when it’s busy.

  • Relaxed cancellations We’ll cover three cancel fees per month if you rebook within 15 minutes.

  • Surprise offersGet seasonal discounts and exclusive savings.

  • Waived lost and found feesWe’ll take care of the return fee every time. 

  • Bikes and scootersEnjoy 3 free 30-min. bike or scooter rides per month (in select markets).

So is it Worth it?

Bottom line, this isn’t good news for Chase Sapphire Card holders. The perks seem to be very identical to American Express Platinum Uber credit and the American Express Gold Door Dash credit, but does it justify the $100 annual fee increase? No, unless you already use Lyft & DoorDash on a regular basis.

Even though the annual fee will increase, we still find incredible value through the Chase Sapphire Reserve earning potential and redemptions for the UR portal and transfer partners.

Are there other options?

Yes! If you feel like the annual fee increase doesn’t justify your expenses and you’re getting a negative ROI, here are some options for you.

1. Downgrade to the Chase Sapphire Preferred.

   • The Annual fee is still $95 and you have 25% increase value in the UR portal and the same transfer partners as the Reserve.

2. Move to American Express.

   • American Express has a great network of cards that can yield just as much or more than the Chase card system. You also pay a bit more for better travel partners and travel perks.

3. Move to Citi Bank

   • Why?? because the CITI trifecta is an amazing point yielding system that has been under the radar the last few years. The newly changed benefits to the Citi Thank you card to 2x back, the ability to combine CITI ThankYou points, and CITI’s transfer partners makes the ROI for first class flights even better than the Chase Trifecta! (We go over this in the Credit Hacker Mentorship)