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Without a doubt, the Chase Sapphire Reserve Card is one of the best consumer credit cards to ever hit the market. With its premium benefits, favorable earning structure and quality redemption options, the card has quickly jumped to the front slot of many consumers’ wallets. Now, the card is getting a new chief.
As reported by The Wall Street Journal, JPMorgan Chase has hired Barclays PLC executive Matthew Massaua to oversee the Sapphire portfolio of cards — both the Sapphire Reserve and the Sapphire Preferred cards. Massaua will take over for Lisa Walker, who is the current chief of the Sapphire cards, effective January 1, 2018. As of that date, Walker will move to another position in Chase’s card division.
While the card has been successful with consumers since its launch, that success has come at a price for Chase. In July, The Wall Street Journal reported that the bank was losing money on the card and was pushing for $200 million in cost cuts for the unit that oversees the CSR. One year after the launch of the CSR, the bank said that the card’s retention rate was better than expected — in excess of 90%. The high retention rate means good news for the bank, as the annual fee is partially where it gets its revenue, along with interest rates on carried balances and merchant fees.
It’s unclear what kind of changes, if any, Massaua has planned for the CSR. Since the card launched, there have already been some cost-cutting moves, such as reducing the card’s sign-up bonus from 100,000 points to 50,000 points, and changing the $300 in annual travel credits from calendar year to cardmember year. If any changes are made to the card, hopefully they come with plenty of warning.
Featured image by Roberto Machado Noa / Getty Images.
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This is one of the top premium cards out there since you earn 3x on all travel (excluding $300 travel credit) and dining and have access to great perks like a $300 travel credit each cardmember year, 50% more value when you redeem points for travel through Chase Ultimate Rewards and you get elite travel benefits like Global Entry application fee rebate, Priority Pass Select and special rental car privileges.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
- Named "Best Premium Travel Credit Card" for 2018 by MONEY® Magazine
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year
- 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. $0 foreign transaction fees.
- Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $750 toward travel
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,000+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select
- Up to $100 application fee credit for Global Entry or TSA Pre✓®