How to choose the right credit card for your wallet?

How to choose the right credit card for your wallet?

There are a lot of credit cards that offer with good or free financial tools, and it is very tough decision to choose which one is the right credit card for your wallet. I have both Citi Premier and Chase Sapphire, now I am thinking to apply either Citi Prestige or Chase Reserve. I spend a lot of times to research and compare the benefits between the Prestige and Reserve to give me the best choice. After finishing my research, here is what I know and what I can advise to you.

Annual fee

Both Prestige and Reserve come with the annual fee which is $450. It is actually a very high annual fee, but if we know and understand well the benefits, we will have advantages on what we use. You will pay extra $75 for additional card holder for the Reserve; however, there is only extra $50 for additional cardholder for Prestige.

Sign up Bonus

Chase Reserve offers 50,000 points bonus after you spend $4000 in the first 3 months account opening. This is $750 for air travel, you actually have extra 50% if you redeem in travel categories. One thing that I know is the 50,000 point bonus is available to you if you do not have any Chase Sapphire card and have not received a new cardmember bonus for any Sapphire card in the past 24 months. If you are an existing Sapphire customer and would like this product, you should call the customer service number on the back of your card to see if you are eligible for a product change.

Citi Prestige has cut the sign up bonus, they used to have 75,000 bonus but it is no longer available. It is too bad since I am thinking to apply. Hopefully, Citi will have the offered bonus in the recent day.

Point Earning

With Citi Prestige, you’ll earn 3x points on Air Travel and Hotels, 2x points on Dining at Restaurants and Entertainment and 1x per $1 spent on other purchases.

With Chase Reserve, you’ll earn 3x on Travel and Dining and 1x on other purchases.

Travel Benefits

For the Reserve, you will receive up to $300 in statement credits as reimbursement for travel purchases charged to your card each year. For the Prestige, it is $250 for the travel purchases. Both have the offer $100 application fee credit for Global Entry or TSA Pre✓. Also, enjoy complimentary access to hundreds of VIP lounges through Priority Pass Select. There will have no foreign transaction fee for both Reserve and Prestige. There is a PLUS on Prestige which is you can extend your trip with a complimentary 4th night stay at any hotel of your choice after a minimum 4-consecutive night booking through ThankYou.com or the Citi Prestige® Concierge.

Coverage

Both cards also provide various coverages and protections when you’re traveling or making purchases such as Car Rental Coverage, Travel Assistance, Baggage Loss or Damage, Baggage or Trip Delay/Cancellation, Roadside Assistance, Purchase Protection within 90 days purchasing to return, Extended Additional Warranty, Price Protection within 60 days for Prestige and 90 days for Reserve.

Overall, you might think that it is crazy to pay $450 per year for the credit card. I used to think that way as well. However, think about all the benefits that you can get with $450 annual fee, you will gain more than the loss.

 

Author

Amy Nguyen

Amy Nguyen

I feel happy to share my experiences with you about Travel - Food - Life around the world. I hope to inspire you to Live-Love- Laugh :)

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