Best Credit Card of 2010: Chase Sapphire
After having exhausted almost every financial websites' resources, I finally happened upon the Chase Sapphire card. I've been looking for a credit card that would insure me while traveling, have no annual fee, and offer the greatest benefits.
I've had the Citi Dividend and AMEX Premier Gold for quite some time now, but I don't want to pay for the AMEX annual fee when it comes time. The Citi Dividend card has a low APR of 12.24%, and comes with cash back program of 2% on supermarket, gas, etc. and 1% on everything else. The AMEX card has no pre-set spending limit, but the more I understand the complexities of the system, the more I'd rather have a definitive credit limit. Also, the card is set to charge me $175 a year, just to have it. It's definitely going to be the first one to go.
I pay my bill every month and never carry a balance. If you do, don't look at cash back or rewards cards -- look at basic, low APR cards.
I've built a strong credit rating, which led me to search for the best cards available. The Chase Sapphire card has consistently stuck out and impressed me.
Here's the point system:
- 1 point for every $1
- Points are actually 1% unlike AMEX. AMEX points can sometimes be about .75 of a point per dollar.
- Gift cards start at just 2,500 points for $25
- Or, you can pay off your bill in credits -- 2000 points for $20
- 2 points for every $1 on airline ticket purchases
- Like every other program, they have a bonus points mall
Just looking at the above, I'm not interested. My Citi Dividend card pays better and I get 2% cash back on common purchases. But, if you look at the insurance, things get interesting:
- Trip Cancellation Insurance
- "Offers reimbursement for travel due to covered cancellations, losses and emergencies when you purchase tickets with Chase Sapphire."
- 24/7 Dedicated Customer Service
- This isn't your everyday phone tree. Call the number and reach someone -- anytime.
- "For direct access to a real person, just call the number on the back of your card. You'll be connected to a Chase Sapphire customer service advisor immediately -- without pressing '#.' Guaranteed."
- Chase Global LifeLine
- AMEX has features like this, but as I prefaced earlier, I can't reconcile paying a $175 fee just to have a card.
- "Whether you're traveling within the U.S. or abroad, emergency service assistance -- including Emergency Card Replacement and Cash Access -- is available to you around-the-clock."
- Concierge
- Usually, you'd have to pay $450 at AMEX for this service. In this case, it's free -- anytime.
- "Chase Sapphire comes with a complimentary concierge service. Call anytime, 24/7, and a personal concierge can give you recommendations on restaurant reservations and entertainment, and even help you select the perfect gift."
- Travel and Emergency Services
- You might be liable for fees, but at least you'll get help.
- "Get help coordinating medical, legal and travel services while you're away from home."
- Travel Accident Insurance
- Most cards have something like this, and it's essentially a basic life insurance for the worst.
- "Receive coverage for covered common carrier accidental death or dismemberment when you charge your travel fare on your Chase Sapphire credit card."
- Trip Delay
- This is truly unique for such a cost friendly card. Once again, something you'd usually have to pay an annual fee for.
- "When a covered trip is delayed more than 12 hours due to a covered event, expenses incurred as a result of the delay, such as meals and lodging, are reimbursed."
- Lost Luggage Reimbursement
- "Carry-on or checked luggage is covered if lost or stolen when you purchase your common carrier ticket with your Chase Sapphire credit card."
- Baggage Delay
- Yet another benefit/feature that's unique to this card and gives such tremendous value.
- "If your checked bags are delayed for a period of 18 hours or more by a common carrier, you will be reimbursed for the emergency purchase of covered essential items."
- Auto Rental Insurance
- "Receive coverage for covered damage due to collision or theft up to the actual cash value of most rental vehicles. Remember to charge your entire rental transaction to your Chase Sapphire card and decline the rental company's collision damage waiver."
- Purchase Protection
- "Eligible items of personal property will be replaced, repaired or reimbursed within ninety (90) days from the date of purchase due to covered reasons."
- Extended Warranty Protection
- "Extend the length of the free repair period under the original manufacturer's U.S. warranty up to one additional year on eligible warranties of three years or less."
- Price Protection
- "Receive a refund of the difference between the price you paid for an item on the card and a subsequent covered lower advertised price for the same item within the first 90 days of purchase."
- Return Protection
- "If a retailer will not accept a return within the first 90 days of purchase, you can get reimbursed for the cost of an item purchased on your card."
All-in-all, these benefits add up to one great card. While there is a preferred, annual fee version, I wouldn't recommend it unless you're traveling year-round or for your business. The basic, Chase Sapphire card is an excellent choice for those with excellent credit.
Feel free to check out the card here: http://www.chasesapphire.com/ and if you signup today, it looks like you'll get 10,000 bonus points (equal to $100).
For a complete list of benefits: http://www.chasesapphire.com/card-benefits/view-benefits/
