Rumor: Chase To Introduce Competitor To Amex Platinum & Citi Prestige

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In general the cards from three of the biggest US issuers — American Express, Chase, and Citi — match one another:

  • Each has co-branded hotel and airline credit cards, which offer special perks
  • Each has cards that accrue a transferrable points currency
  • Each has cards that accrue bonus points in many categories and are among the best for everyday spend, with annual fees around ~$100

However, if you look at the card portfolios from issuers, you’ll notice there’s one area where Chase doesn’t compete.

Premium credit card options…

There’s The Platinum Card® from American Express and the Citi Prestige Card, both of which are “premium” cards issued by American Express, and Citi, respectively:

  • They each have a $450 annual fee
  • They each offer an annual airline credit, in the range of $200-250
  • They each offer a Priority Pass membership
  • Then there are several other perks on each card

Chase hasn’t historically offer a product that competes with this. Well, at least until now…

The Sapphire Elite Card could be coming soon…

While it hasn’t been officially confirmed, Doctor of Credit suggests that Chase will be launching a new premium credit card on August 21, 2016, called the Sapphire Elite Card. As of now we don’t know many details, though it’s suggested that:

  • The annual fee will be in the range of $300-400
  • The card will offer a sign-up bonus of up to 100,000 points (though we don’t know the minimum spend)

Beyond that everything is pretty unclear at this point. We don’t know what the points earning structure will look like, or what the perks will look like. But I imagine the card is getting its inspiration from The Platinum Card® from American Express and the Citi Prestige Card, so I imagine benefits will be similar. It’s interesting that the annual fee will supposedly be $50-150 lower, though, given that typically all these issuers just match one another.

This card will obviously be a premium version of the Chase Sapphire Preferred Card, which offers double points on dining and travel, and is considered one of the all around best cards out there for everyday spend.

Bottom line

At this point it’s all speculation and rumors, though I guess we’ll soon find out the details of this card. I’ve always been surprised that Chase hasn’t competed in this market, so I’m curious to see what they come up with.

What would you like to see from a “premium” Chase credit card?

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Comments

  1. Well sh*t. If I knew this was coming, maybe I would have been a little more careful about the 5/24 rule. The Ritz Carlton from Chase is a premium card with tons of great benefits- just not transferable points.

  2. 100k UR alone would be huge. As for benefits, I hope this card has decent lounge access for guests.

    Chase already has their Luxury Collection for CSP holders (I believe even Freedom users can access it) and CSP already has primary rental car coverage, so I don’t see much room for improvement there, other than allowing those only for the new elite members.

    I really don’t care about niche perks like free golf (which I’d never use). Airline credit is a wash since I just treat it as a cash equivalent.

  3. Doesn’t matter to me at all, since most likely they won’t give this card out to anyone who has applied for more than 5 new accounts in the past 24 months. If so, it’ll be a cold day in hell before I qualify for one. ;(

  4. I would love to see a 100k sign-up bonus and 3x UR points on travel (matching Citi’s structure). I would sign up in a heartbeat.

  5. The 100,000 miles alone is a great perk! I have been waiting until September/October to start signing up for more cards, so this is great timing for me, especially since the Citi Prestige just got a lot less lucrative.

  6. I (and many others) probably won’t be approved because of Chase’s 5/24 rule. But I will use this new card as leverage when calling for a retention offer at Amex or Citi (whenever they get retention department back).

  7. This is awesome news. I haven’t applied for a new card at all for the last year and a half, so I should be good to go on getting this card. Perfect time to do another round of applications

  8. I am waiting for good bonus for amex platinum, but now that this card is in the works, let’s see what lounge benefits this has..haven’t signed up for a new card in a while.

  9. @MO Citi Retention appears to be back.

    My wife called to cancel her Premier last Saturday due to AF being due, and there is currently no sign up bonus for a second card, so no reason to consider the 24 month opened closed rule. Without asking, the CSR proactively put her on hold to check for any “offers”. But she came back and said ‘sorry, no offers apply for you’. Probably because she hadn’t spent much on it beyond the min spnd.

    So the good news is Retention is back, but the bad news is they have gotten much tighter making Retention offers.

  10. These cards make me curious… how big is the market, and if you’ve already got a Citi or AmEx product in the same league, how likely are you to want to keep the Chase card beyond the first year?

    What doesn’t excite me: Global Entry and airline fee credits. Everybody else is doing it, so what’s your niche? What makes your card a better *value* than the competition?

    AFAIK, Chase is usually a bit more lenient with a new product offering… and if they aren’t, who are they trying to target?

  11. At least it sounds intriguing. I am not in any danger of running afoul of the 5/24 rule. Took a breather from applications as I mostly haven’t needed any points/miles and have been spending down some points balances. 100K would be awesome, but I’d have to put in an awful lot of work if the spending requirement is $10K/3 months. I just don’t spend money on that level without easy ways to goose it. I don’t even think I have anything that I need/want that would add up to that. I’m too simple.

  12. I believe this is correct or at least on the right track. The other day I called Chase to cancel my United MileagePlus Club card and they said just keep it open as you can still cancel up to 180 days after the annual fee hits, and the agent told me that I’d want to keep it open since there was something big coming and she absolutely would not give me any hints.

    On the one hand, since the CSRs for United branded cards are different than just standard Chase CSRs, that might suggest that there is a special new United branded card coming up. Or the agent might have gotten the lines crossed and have been hinting at this new possible Elite Sapphire card? Or maybe Chase is releasing multiple new cards.

    Please do keep us updated if you hear any new scoop on this, very interested to know.

  13. Well I guess not many people will qualify for this card based on the stupid 5/24 rule.

  14. Interesting. I’m glad I haven’t hit the 5/24 rule yet, if just for those 100k points alone. I hope it offers United Club access. That would probably be enough for me to ditch the Amex Platinum, since (for better or worse—no, wait, definitely worse) I’m locked into flying United and rarely fly Delta. The only additional benefit of the Platinum at that point for me would be the Centurion Lounges, but eh, not worth an extra $450 (or even $250 post-credits) I could otherwise save.

  15. “What would you like to see from a “premium” Chase credit card?”

    Eliminate 5/24. Add Etihad Guest as a transfer partner. I’m churning my way to a RTW Residence trip, baby!

  16. This sounds very interesting to me as I would like to shift my primary spending/points currency from Citi to UR but can’t get traction due to 5/24. If this card clears the 5/24 rule + 100K bonus + any reasonable category bonuses would make it a no-brainer for me as a long-term keeper (assuming annual fee isn’t way out of whack with benefits).

  17. This is good news. The primary reason I have kept the Amex plat has been the Centurion lounge in SFO. But that place is now a cramped zoo and not a pleasant place to be. I would jump ro another card that offered good traveller benefits. I would pefer an expanded Sapphire rather than a copy of Amex plat.

  18. This card may have been the reason behind 5/24. If I’m wrong, then it will be a dismal failure because most people will not be approved.

  19. “most people will not be approved.”

    “Most people” do not apply for 5 cards in 24 months.

  20. The 5/24 rule will need to waived if Chase wants to begin to compete. Unlike the AMEX Platinum $200 credit that they make you jump through hoops, choose an airline, can only be used for baggage fees, food & incidentals, the Prestige covers $250 for any airline and can be applied to the cost of buying a ticket. I just downgraded my Platinum to green as I found it totally worthless versus the Prestige. The 3X travel points, 2X restaurants no FOREX & primary car insurance all blow away the Platinum BUT the real biggie is the fourth night FREE. We have recovered thousands of dollars on this alone. Yeah, they are making changes that take away some benefits but not substantially and that is a year away. No brainer, Citi Prestige, oh if you are a Citi Gold account holder then the $350 annual still applies.

  21. Already exists: Chase Palladium. It’s very close to Prestige but not quite as good. I think you have to be a Private Client member.

  22. @Jimravello, I generally agree…but I think the Prestige does not offer primary car insurance (“CDW”) (Chase Sapphire Preferred does). I may be mistaken, so would appreciate clarification. Also, Prestige offers 3x Hotel and Airfare (not all travel, as the Premier does). Cheers.

  23. @danc potassium is for chase private bankersi believe its $3m dollar minimum investments also the rewards aren’t much diffrent then sapphire preferred i think there isn’t even double for restaurants.

  24. I cannot confirm or deny any of the following 😉

    5/24 limitation applies to this new card
    30%+ Discount when booking travel using Chase Rewards portal
    $300 credit on airline fees
    3% cashback on purchases
    etc….
    Macy

  25. With the gutted and diminished Prestige the Saphire already beats it. A new Chase card would be awesome but only if it earns UR.

    Sounds simply like a mainstream version of Palkadium. I hope they keep the look though, the Palladium is hands down the coolest looking card out there. Meaningless I know but still fun.

  26. The perfect card

    3x travel
    2x restaurant
    1x everything else

    -Primary auto collision coverage
    -200-250 airline credit (the way Citi Prestige does it
    -Credit on TSA Application
    -Priority Lounge
    -Hyatt Platinum Status and Gold Marriot status
    -No Foreign Transaction fees
    -Free Wifi
    -4th (or 5th) night free

    Charge $500 if you have to.

  27. Every savvy, high-income traveler I know would be excluded by the 5/24 rule and yet, this is their target demographic. Your average consumer would never swallow a $400+ annual fee.

  28. I don’t know that Chase really needs anything “higher” than the CSP.

    Hear me out on this: The $400 Premiere fee is a joke — $250 “airline credit”, so the high annual fee becomes just for bragging rights. CSP already offers a better rental car policy, has better price protection (90 days vs. 60), UR points instead of TY points, MUCH better CSRs, a better trip delay benefit (only partial spend for award tickets needed, and any “overnight” delay counts).

    What I’d like to see out of Chase: 2 year instead of 1 year extended warranty, a shorter timer on the trip delay benefits (love this one), and full lounge membership to multiple lounge programs…and the option for the heavier metal card like the Ritz one — not for the penis-extension factor, but because my CSP cards keep separating from use.

    I’d like to see it be a buy-up of the existing CSP card, wherein your existing CSP can be upgraded for an additional annual fee to include the extra benefits, possibly higher points earnings rates as well.

    And above all… I want CHIP AND PIN, damnit! It if it’s supposed to be a “World Traveler” card, then it should work around the world. Even just using a US card in Canada, away from tourist areas, is a pain.

  29. Most of us here won’t be able to get the new card due to Chase’s 5/24 rule debacle (unless they lift it or fix it) unless we decide to modify our credit card applications to suit Chase’s rules.

    Personally I’d love to get 100k URs for a credit card app, but I won’t be modifying my credit card behavior (which I think is very moderate compared to many other people around here) in order to get it.

    If they are trying to improve their portfolio there are many other ways they can do that without 5/24.

  30. The Palladium was a nice card, all metal and heavier than the Amex Centurian. (Which my wife had). The annual fee was $550 and it said JP Morgan on the front, no markings from Chase. They had a concierge number that was supposed to mirror the Amex. Used it a few times and it was meh, Amex’s was way better. The Palladium had all the benefits of the CSP so we cancelled both and I went CSP and she went United Club card and saved on the fees.

    I do miss the reaction when you would hand the card to someone. A few times servers dropped it on the floor and it would make a loud “ting” sound. It was entertaining.

  31. Unless I can upgrade from my Chase Sapphire and still get bonus points this will be useless. I’ve got more than 5 cards now. And they’re not opening up Platinum Lounges like AMEX has, so that’s a minus.
    Unless this card gives you free lounge access I’ll just have to keep my AMEX.

  32. Some further updates:
    5/24 limitation applies to this new card
    30%+ Discount when booking travel using Chase Rewards portal
    $300 credit on airline fees
    Upto 3% UR Points on purchases
    United Lounge Access
    Status award on United or BA
    Macy

  33. I cannot confirm or deny any of the following:

    – Macy doesn’t get enough attention.

  34. Most significant benefits of this “Reserve” card over the Sapphire Preferred
    1. earn 3X points on travel and dining (versus 2X)
    2. earn a 50% bonus when said points are redeemed for travel via the Ultimate Rewards portal (versus a 20% bonus on the Preferred card).
    3. That’s effective rate of 4.5% per dollar spent when points are redeemed for travel

    Factor in all the misc rebates ($300 here, $100 there) and this card actually has a LOWER annual cost than the Sapphire Preferred.

    As Citibank announces a significant devaluing of their Prestige card beginning next July, Chase enters the $450-annual-fee marketplace and hits a grand slam.

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