Which Credit Cards Are on Your Wish List? TPG Readers Respond
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Every so often, we pose a question in the TPG Lounge and ask readers to respond with their own experiences and opinions. Last week we asked about your favorite award redemptions. More recently, we asked members to share which credit cards are on their wishlist — and why they haven’t gotten them yet. We received a ton of responses, and many of you shared similar dream cards and rationales for not applying yet.
Here are some of the biggest trends based on your answers:
Chase Sapphire Reserve Is Popular, But 5/24 Holds Many Back
Chase recently shared that it’s seeing more customers than expected renew the $450-a-year Chase Sapphire Reserve Card, and considering its outstanding selection of perks — which effectively lower the annual fee to $150 — it’s not hard to see why. Unfortunately, many readers who’d like to sign up are being held back by Chase’s 5/24 rule, which dictates that you almost certainly won’t be approved for one of its cards if you’ve opened five or more accounts (across all issuers, not just Chase) in the last 24 months. Our own Senior Points & Miles Contributor Nick Ewen was only just able to get approved for the Sapphire Reserve due to this restriction, so we definitely understand your pain!
However, 5/24 and a high annual fee aren’t the only things holding readers back from pulling the trigger: Some of you are holding out for a higher sign-up bonus of 100,000 points, as was offered when the card first launched. We can’t completely rule out the possibility that the elevated bonus offer will come back some day, but reader Feby M. spoke for many when suggesting, “will never happen again.”
TPG Readers Want More Chase Cards in General
The Sapphire Reserve isn’t the only Chase card that readers have their eye on. Due to 5/24, other picks like the Southwest Rapid Rewards Premier Credit Card, the United MileagePlus Explorer Card and the Marriott Rewards Premier Credit Card remain on many of your “to get” lists.
Some Wonder If the Amex Platinum Is Worth the Fee
Another card topping many a wishlist is the Platinum Card from American Express. A steep annual fee — $550, as announced earlier in 2017 — is a big deterrent. Of course, the card does offer substantial benefits that offset that fee, such as a $200 annual air travel credit and $200 in annual Uber credits, not to mention access to the Centurion Lounge network, but you’re still paying quite a bit out of pocket for the privilege of holding this card. Plus, as reader Lorretta F. explained, it’s not always easy to rationalize having multiple premium credit cards: “Amex Platinum — just received mailer for 100k points but I already have CSR… and am trying to justify having another high fee card or cancel my CSR.”
Many readers are also holding out for a higher 100,000-point sign-up bonus — luckily, in this case it’s a bit more likely than it is with the Chase Sapphire Reserve, as Amex occasionally targets select individuals for this increased offer.
Many of Us Dream of the Centurion Card
Ah yes, the holy grail in bragging rights for many credit card enthusiasts: the invite-only Centurion (Black) Card from American Express. Reader Colt M. hit the nail on the head with his comment: “Centurion card… just waiting for my offer letter and waived initiation fee.” That initiation fee is a whopping $5,000 on the business version of the card (plus a $2,500 annual fee), by the way.
Not all of us are as lucky as TPG, who was invited to sign up for the card in 2016, but we can certainly dream. And, luckily, we can get many of the same benefits, such as Centurion Lounge access, through the Amex Platinum and the Business Platinum Card® from American Express.
Unsurprisingly, premium cards top many of your wishlists, with the high annual fees and the potential (whether realistic or not) to earn higher sign-up bonuses holding some of you back from applying. Due to Chase’s restrictions on card applications, several picks from that issuer are still on readers’ lists as well.
Thanks for sharing, and if you haven’t weighed in yet, remember it’s not too late. Head over to the TPG Lounge on Facebook or post your thoughts in the comments below.
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