Millennials chasing high-end credit card
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.