Mil­len­ni­als chas­ing high-end credit card

Baltimore Sun - - NATION & WORLD - — As­so­ci­ated Press

The de­mand has been so over­whelm­ing that the man­u­fac­turer ran out of raw ma­te­rial in days. The Chase Sap­phire Re­serve Card is a high-end, high-fee, high-re­ward credit card made of a metal­lic al­loy that gives it a sat­is­fy­ing heft and an im­pres­sive thunk when you toss it onto the ta­ble. It car­ries a $450 an­nual fee, and JPMor­gan Chase spent noth­ing on ad­ver­tis­ing it. Like so many crazes these days, this one has been fu­eled by so­cial me­dia, word of mouth and the in­ter­net. Chase has ap­proved tens of thou­sands of ap­pli­ca­tions for the card, said spokes­woman Lau­ren Fran­cis. Most of the cus­tomers are mil­len­ni­als, who typ­i­cally shun credit cards and are not usu­ally a tar­get for high-fee, ul­tra­premium plas­tic. Chase of­fers a 100,000point sign-up bonus if the cus­tomer meets cer­tain spend­ing tar­gets. Those points can be worth up to $1,500 in travel re­wards. The card also comes with a $300 an­nual credit to­ward travel, which ef­fec­tively makes the an­nual fee re­ally $150. It has a gen­er­ous points-earn­ing pro­gram, with triple points on travel and din­ing, and gives ac­cess to air­port lounges.

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