Currently have the CSR. Got a promo offer for the SPG AMEX Luxury card with 125k points. Disregarding the signup bonus, is it worth having the SPG card if I have the CSR?

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Never disregard the signup bonus!!

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I have the Amex platinum and CSR. Both have their benefits. Just like the SPG Amex has its own compared to the CSR.

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I don’t find the SPG luxury card compelling unless you already spend hundreds at SPG/Marriott on a personal card. Could be worthwhile if you’re allowed to use a personal card when doing work travel

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if you stay at Marriott, the $300 credit reduces the $450 annual fee to $150. 125k Marriott points could be useful as you can transfer them to several airlines at 1:1 ratio.

For daily spend CSR is better choice but 125k points is a good deal. I'd jump on it, get the bonus, and go back to your CSR or Amex Platinum for daily spend. Cancel the card after your first year. (Just remember you only get 30 days to cancel your card after the annual fee posts to get the annual fee reimbursed).

Oh and as always, read the fine print before you apply. If you already have a Chase Marriott card you may not be eligible for the bonus.

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