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The Chase Sapphire Reserve easily wins the best new credit card of the year. Between the 100,000 signup points and the plethora of other benefits it offers it’s pretty much a must have.
But did you know that Chase will take a $200-$300 million hit to their 4th quarter profit due to handing out all of those goodies?. I’d say to take advantage of the 100,000 point signup bonus while you still can…
Lots of the comments on the post I made a few days ago on the ways to spend the $300 Sapphire Reserve travel credit were about statement timing, as 2016 travel spend needs to be completed before your December statement closes. Once your December statement closes it starts counting for your $300 in 2017 travel spend.
Here’s how Chase’s statement timing system works.
If you see that your payment due date is the 1st of the month then your statement will always close on the 4th of the month beforehand. The same formula works through the 25th of the month, just add 3 days to the month beforehand. If the payment is due on the 12th then the statement will always close on the 15th of the month beforehand. If the payment is due on the 25th then the statement will always close on the 28th of the month beforehand.
Any payment due date of the 1st-25th will have up to 28 days before the payment due date (though to improve your credit score on consumer cards, you should always try to pay off your whole bill except for a dollar or 2 before the statement even closes).
Payment due dates on the 26-28th get a bit trickier. If you have the 26th then your statement will close on the 1st of that month. If you have the 27th then your statement will close on the 2nd of that month. If you have the 28th then your statement will close on the 3rd of that month. There are no payment due dates from the 29-31st.
These dates only have 25 days before the payment due date.
You can always call Chase to change your payment due date. Just tell the rep that you want to align all of your payment due dates on the same day.
As for people applying now or who want more time to spend the $300 travel credit in 2016, some people who applied today got a due date of 1/25 while others have a later date. The 25th is perfect as it allows you to spend until 12/28, though you should try to finish spending a few days before the statement closes. You can always try calling to change your due date to the 25th as well to maximize the time you have to spend the 2016 credit. That’s not guaranteed to go through for the first cycle, though often times it does.