What’s In My Wallet: October 2018

It’s been 8 months since I’ve been grooming my credit card profile to look as clean as possible. A ton of debt has been paid off, credit cards have been changed, and a slew of credit limit increases have come and went. But the real test is about to come. Will I be approved for the Chase Sapphire Reserve?

Updates

A few months back I had a “just for you” offer on my online Chase account for the Reserve card, but it actually disappeared and was replaced with a Chase Sapphire Preferred card in a months time. I figured I’d go in person just to see if maybe the Reserve was showing up as an offer in there – it wasn’t. But I didn’t come this far for nothing. I asked to apply for the card anyway. After an application that felt like a gut wrenching 30 minutes, the computer instantly decided my fate. 

I got an approval! Not only that, but unlike all that I’ve heard about Chase, they actually extended me the highest limit I have on any card, a cool $18,000. I was told that it would take about 5-7 business days to arrive in the mail, but it actually arrived at my mailbox the next day. While the packaging was discreet, the Sapphire Reserves are automatically overnighted? At least that was what happened here. With the card in hand, I applied for Priority Pass and a few other goodies that come with the card. 

Oh and there was another small update. My Firestone card increased my credit limit without asking! From $1,800 all the way up to $2,000. Definitely grateful, and will definitely buy some tires now /sarcasm. Nah but honestly I can’t complain, every little bit helps the utilization. 

Cards in My Wallet

  1. Chase Sapphire Reserve
  2. Blue Cash Preferred
  3. Chase Freedom
  4. Discover IT
  5. Citi Double Cash

Strategy

  • Every Purchase: Chase Sapphire Reserve
  • Backup: Chase Freedom / Citi Double Cash

While the update section of this article is pretty exciting, that means that the strategy portion will be a little bit boring. Every single penny that I can possibly think of spending will go on the Chase Sapphire Reserve. It’s got a sign up bonus of 50,000 points when spending a total of $4,000 within the first 3 months. This should be reasonable with my trip coming up next month, but may be a little slow in October. In either case, if we value those points at 2 cents per point, it would be a valuation of $1,000 – which is 25% return on the spend!

I can’t really think of any place in the US that does not accept Visa, but you never know. I have cards from all 4 institutions now so this should not be a concern. 

Next Card

I’m actually a little conflicted here on this one. On one hand, I could get a Chase Ink Business Preferred card. Whether I’ll get approved or not is something I’m not as confident about as I was with the Sapphire Reserve card. I think I’ll try my luck with that card, and if I don’t get it, jump to the next card I’m interested in, the World of Hyatt credit card. Both of these cards offer a ton of points and benefits, that make them long term keepers for me. 

Final Thoughts

I never thought that I would be so excited to pay a $450 fee on anything before, but wow! All of this anticipation for most of the year has come to an end. The Sapphire Reserve card is finally mine, and it sitting at the front of my wallet. It’ll be getting exclusive use for the next few months while I try and hit the minimum spend on the sign up bonus. But even after I hit the bonus, I still plan to incorporate the card as much as possible.

With the hurdle of the Chase Sapphire Reserve out of the way, do you think it’s worth going for the Chase Ink Business Preferred next? What about the World of Hyatt card? Let us know what you think in the comment section below. 

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