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)

Applying for Global Entry // Details for Hawaii Residents

WHAT IS GLOBAL ENTRY?

Global Entry is the US government’s way of approving "trusted travelers" to gain quicker access through customs after international travel. Global Entry includes TSA Precheck, which provides an expedited passage through security at many US airports.

Global Entry makes traveling much quicker and more seamless. Landing from an international trip is a breeze, with just a few moments on the fast-pass line at customs through the Global Entry kiosks.

Also included is the TSA Precheck benefits, which are frequently used when traveling domestically. You will really appreciate the time you save not having to wait in long security lines. Also, you don’t have to fill up three bins with personal items, since you can keep my shoes, coat, and belt on and don’t have to remove liquids and laptop from your bag.

The way it works is, you go to these kiosks, present your machine-readable passport or U.S. permanent resident card, have your fingerprints scanned for identity verification, and complete a customs declaration. You’ll then get a receipt and be sent on your way to the baggage claim area.

If it works the way it should, you'll be off the plane, reunited with your baggage, and on your way home in no time. Just be aware though that even if you're accepted into the Global Entry program, CBP does caution that "members may still be selected for further examination when entering the United States." You should also know that if you apply for and get accepted into Global Entry, you’ll automatically be enrolled in TSA PreCheck.

HOW TO ENROLL:

1. Visit the U.S. Customs and Border Protection Trusted Traveler Program website and create a Login.gov account.

Before starting your Global Entry application, you must create a Login.gov account here.

2. Complete your Global Entry application

The application takes about 20 minutes to complete. You’ll need several documents, including your valid passport or U.S. permanent resident card and driver’s license or other ID. You’ll have to fill out a comprehensive history, including your current and previous addresses for the past five years, employment history for the past five years, and international travel history for the past five years.

Once you complete your application and are “conditionally approved,” you will be asked to schedule your in-person interview.

3. Pay the $100 Fee

The fee for applying for Global Entry is $100. When you consider the time you save going through security with TSA Precheck and going through US customs after traveling internationally, it’s well worth the money. BELOW is a List of Credit cards that will reinburse you the Global Entry Fee.

4. Schedule and attend your in-person interview

After completing the Global Entry Application and paying the fee, you must now check the interview availability for your closest Global Entry Enrollment Center location (most are at airports) before applying. Alternatively, you can complete your Global Entry interview on a return flight from an international trip, which you don’t need to make an appointment in advance for. *This applies those at the HNL International Airport. 

5. Attend Your in-person Interview

My interview was scheduled 2 months after my application was submitted at the Daniel Inouye International Airport. Yelp didn’t help much getting me there, so I provided some pictures and direction on how to get there. *HAWAII RESIDENTS, LOOK BELOW

You will need to bring your valid passport and driver’s license or other ID to your interview. They will also take a copy of your fingerprints. The interview itself takes a mere 10 minutes! I was expecting heavy screening and interrogation, but all they did was confirm my identity and take a picture.

Once you’ve completed your interview, you will be approved to begin using Global Entry. You will receive your Global Entry card in the mail 7-10 business days after approval, but don’t have to wait for it to arrive to have the benefits.

BEST CREDIT CARDS FOR GLOBAL ENTRY AND TSA PRECHECK

Here is a list of credit cards that re-imburse your Global Entry Fee.

1. Capital One® Venture® Rewards Credit Card

   • Global Entry/TSA Pre✓® fee reimbursement details: Receive up to a $100 credit once every four years when you use your card to pay your Global Entry OR TSA Pre✓® application fee.

2. The Platinum Card® from American Express

   • Global Entry/TSA Pre✓® fee reimbursement details: Receive up to a $100 credit once every four years when you use your card to pay your Global Entry OR TSA Pre✓® application fee. This benefit is also available to additional card members on the account. 

3. The Chase Sapphire Reserve

   • Global Entry/TSA Pre✓® fee reimbursement details: Receive up to a $100 credit once every four years when you use your card to pay your Global Entry OR TSA Pre✓® application fee.

4. Bank of America® Premium Rewards® Visa® credit card

   • Global Entry/TSA Pre✓® fee reimbursement details: Receive up to a $100 credit once every four years when you use your card to pay your Global Entry OR TSA Pre✓® application fee.

5. Mastercard® Black Card

   • Global Entry/TSA Pre✓® fee reimbursement details: Receive a $100 automatic statement credit for the cost of the Global Entry and TSA Pre✓® application fee.

6. Citi® / AAdvantage® Executive World Elite™ Mastercard®

   • Global Entry/TSA Pre✓® fee reimbursement details: Receive up to a $100 credit once every five years when you use your card to pay your Global Entry OR TSA Pre✓® application fee.

7. United℠ Explorer Card

   • Global Entry/TSA Pre✓® fee reimbursement details: Either $100 or $85 statement credit for the application fee when you apply for either Global Entry or TSA Pre✓®, every four years.

8. IHG® Rewards Club Premier Credit Card

   • Global Entry/TSA Pre✓® fee reimbursement details: Receive up to a $100 credit once every four years when you use your card to pay your Global Entry OR TSA Pre✓® application fee.

FOR BUSINESSES

1. The Business Platinum® Card from American Express

   • Global Entry/TSA Pre✓® fee reimbursement details: This card reimburses you once every four years for your TSA Pre✓® or Global Entry application fees, and that credit is available to each cardholder on the account so your employees can also take advantage of this offer. 

2. Southwest Rapid Rewards® Performance Business Credit Card

   • Global Entry/TSA Pre✓® fee reimbursement details: This card reimburses you once every four years for your TSA Pre✓® or Global Entry application fees.