There is no doubt that the Chase Sapphire Preferred is the best personal Chase credit card, and just last month I wrote about keeping it through 2015. I looked over my spending patterns the last six months and it doesn’t make sense to keep the card. Here’s what I wrote about the card:
This card is getting tougher to keep. The loss of the 7% dividend after 2015 and the fact that I have an Ink Bold which gives me the ability to transfer points to the travel partners.
I used to use the Sapphire Preferred because of the 2x on dining, then Citi introduced transferrable partners and I have the Citi Forward for 5x on dining. That leaves travel for 2x, but I now have the Fidelity American Express for 2% cashback. Sure, Ultimate Reward points could be worth more than 2 cents per points, but I would need to spend a pretty penny to make up for the $95/year annual fee. Unfortunately, my membership year is in November. I am thinking of waiting until after the points dividend of 2015 hits my account, and hoping to see if I fall within the grace period of the annual fee before changing the product. If not, then I’ll use it through 2016 before the annual fee hits again and do the shift to the Fidelity AMEX.
In November, I paid the $95 annual fee which I now consider a sunk cost. The biggest reason that has swayed me to drop the Sapphire Preferred is the huge fact that I can product change into another Chase Freedom card. I spoke to a friendly customer service rep and asked her “what are my product change options” and she went over the entire list. For the record they are, as of writing this today:
- Chase Freedom
- Chase Sapphire
- Chase Slate
This year, the categories are awesome:
Groceries in Q1, Gas in Q3, and likely Department stores for Q4 is compelling enough for me to eat the $95 annual fee convert after the point dividend payout and be able to grab the Q1 category for a cool as a cucumber 7500 points. And now that I have changed my statement date to the first of the month, as soon as February rolls over, I can product change and still have some time to maximize Q1.
While it is really, really awesome to have someone answer on the first ring because of the Sapphire Preferred card, they are able to service other Chase credit cards. I have the number saved in my phone and plan to call them when I need their help.