Over the last week, I received several requests to do a more in depth review on my Chase Sapphire Reserve Credit Card. Specifically, many military members wanted to know how to receive the Chase Sapphire Reserve military fee waiver. I recently received the Chase Sapphire Reserve and American Express Platinum Credit Cards. My goal is to blog about these credit cards and give you my opinion on whether or not an elite travel credit card is worth it–especially if you have to pay the large annual fees.
First, a little background and responsibility as a financial advisor. There are very few people who I believe should actually consider paying an annual fee for a credit card. Unlike other financial advisors, I don’t have the extreme opinion that credit cards are evil. I believe if budgeted properly and paid off in full on a monthly basis, credit cards are a manageable tool. If you are not in a financial position to pay off your credit cards on a monthly basis and control your expenditures, then please do not continue reading about this card.
Criteria for Choosing an Elite Travel Reward Credit Card
I am new to the travel reward credit card game. Until recently, I thought credit cards should be avoided like the plague. However, I realized that I am disciplined enough to only purchase budgeted items. Therefore, I figured I needed to see what features I could receive from an elite travel credit card.
The reward aspect of the credit cards is what appeals most to my wife and me. I wanted a credit card that would allow me to earn points that I could use towards airfare. More importantly, I wanted to earn points at a better rate than 1:1. Up until this point, my credit cards would earn 1 point for every 1 dollar spent.
Additionally, this card had to give me an annual travel credit. My goal is to take one vacation a year where the credit card rewards covers half of the cost. With premium reward travel cards, many of them offer an annual travel credit.
Lastly, I only wanted a credit card that would waive the annual fees for active duty military members. For me, the annual $450+ fee associated with elite travel reward credit cards make the card less appealing.
Once I found a few cards I was interested in, I developed a credit card reward strategy that would maximize the value I would receive from these cards once I received them.
Introducing the Chase Sapphire Reserve Credit Card
All of the features I was looking for are found in the Chase Sapphire Reserve Credit Card… and then some (referral).
The Chase Sapphire Reserve Credit Card has an annual fee of $450. For active duty military members, Chase is willing to waive this annual fee. I’ll discuss this in more detail momentarily.
Some of the incredible benefits I receive are 3x points on travel and dining worldwide, $300 annual travel credit, and $100 TSA pre-check credit. So, when we purchase a flight, I earn 3x the points for every $1 spent and I’m automatically refunded up to $300 on a travel purchase. Some other travel benefits are access to certain airport lounges, trip cancellation and trip interruption insurance, auto rental collision damage waiver, baggage delay insurance, trip delay reimbursement, increased statuses at National Car Rental, Avis, and Silvercar, roadside assistance, lost luggage reimbursement, travel and emergency assistance, emergency evacuation and transportation.
Oh, I forgot to mention, this card has no foreign transaction fees and access to the Luxury Hotel and Resort Collection.
The current sign-up bonus I was offered would earn me 50,000 bonus points if I spent $4,000 on the card in the first three months.
The Luxury Hotel and Resort Collection
With The Luxury Hotel and Resort Collection, the Chase Sapphire Reserve Credit Card (referral) gets you free breakfast for two, room upgrades, early check-ins/late check-outs, and a special amenity unique to each of their 900 luxury hotels and resorts worldwide.
To further explain some of the benefits, I searched for hotel results in Miami, Florida. Most of these premium hotels and resorts offer daily breakfast for two and a $100 spa or resort credit.
Chase Sapphire Reserve Military Fee Waiver
To get the Chase Sapphire Reserve military fee waiver, you need to contact their military department directly. If you don’t, it is very unlikely the Chase phone operator will know what you are talking about and they will tell you that you cannot waive the annual fee.
To get the Chase Sapphire Reserve Military Fee Waiver, call the Chase Military Department directly at 877-469-0110.
You first need to understand that Chase is not obligated to waive the annual fee. I’m not a lawyer but the following is a quick summary of my understanding of these Acts. The Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA) do not force credit card companies to waive the annual fees. It is my understanding that the MLA gives the option for Chase to consider the annual fee as part of the Annual Percentage Rate (APR). The MLA restricts the APR to 36% or less. Therefore, Chase is willing to waive the annual fee so that they do not bust the 36% APR requirement.
Now, the Chase Military Department will not tell you that your annual fee will be waived. They are very sure to say that if you qualify, the annual fee will be waived. I decided to apply for the card not having a guaranteed answer that the annual fee would be waived. Once I was approved for the card, the annual fee was immediately waived.
If you enjoyed the post, please subscribe to the website to receive updates and more on new articles and products on Budget Chaos!