Cult of Chase Sapphire: Credit-Card Churners Have a New Love
Within days, Chase ran out of its fancy new card, a favorite of deal-seeking obsessives.
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The rumors began more than a month ago, on blogs and internet forums: Chase was preparing to unveil a new credit card. Within the thriving online subculture of credit-card churning, obsessed with maximizing reward programs, expectations were high.
The new Chase Sapphire Reserve card, released last week, more than met them. Despite its whopping $450 annual fee, so many people signed up amid the online frenzy that on Wednesday, the bank ran out of the actual cards.