SKYPASS Select Visa Signature® Card Review

The SKYPASS Select Visa Signature® Card is a premium travel rewards credit card tailored to frequent flyers, especially those who often fly with Korean Air or its SkyTeam partners. This card offers a robust mile-earning structure, substantial bonus miles, and a suite of travel-related perks that can make your journeys more comfortable and rewarding. However, it also comes with a hefty annual fee and high-interest rates, which means it’s essential to weigh the benefits against the costs to determine if this card is the right fit for your financial situation and travel habits.

SKYPASS Select Visa Signature® Card Key Takeaways

1. Generous Mile-Earning Potential: Earn 2x miles per dollar spent on Korean Air ticket purchases, airline tickets, car rentals, and hotels, and 1x mile per dollar spent on all other purchases.
2. Substantial Sign-Up Bonus: Receive 60,000 bonus miles after spending $5,000 within the first 90 days of account opening.
3. Annual Bonus Miles: Earn 10,000 bonus miles at renewal after spending $35,000 annually.
4. High Annual Fee: The card comes with a $450 annual fee.
5. No Foreign Transaction Fees: Enjoy traveling abroad without worrying about extra fees on purchases made outside the U.S.
6. Travel Perks: Includes TSA Pre✓® or Global Entry application fee credit, trip cancellation and delay reimbursement, KAL Lounge access, and auto rental collision damage waiver.
7. High Regular APR: Variable APR ranging from 23.24% to 29.99%.

SKYPASS Select Visa Signature® Card Pros and Cons

Pros:

– No Foreign Transaction Fees: Save money on purchases made abroad.
– Earn SKYPASS Miles: Accumulate miles for award travel and upgrades on Korean Air and SkyTeam partners.
– No Cap on Miles: Unlimited earning potential for miles.
– Travel Perks: TSA Pre✓®/Global Entry credit, trip cancellation and delay reimbursement, auto rental insurance, and more.

Cons:

– High Annual Fee: $450 annual fee, which may be prohibitive for some users.
– High Regular APR: Variable APR of 23.24% to 29.99%, which can be costly if you carry a balance.
– No Intro APR Offer: Lack of introductory APR on purchases or balance transfers.
– Additional Fees: Balance transfer and cash advance fees can add up.

SKYPASS Select Visa Signature® Card Benefits

Mile-Earning Structure

The SKYPASS Select Visa Signature® Card offers a robust mile-earning structure that can significantly benefit frequent travelers. Cardholders earn 2x miles per dollar spent on Korean Air ticket purchases, airline tickets, car rentals, and hotels. For all other purchases, you earn 1x mile per dollar spent. This structure allows you to accumulate miles quickly, especially if you frequently travel for business or leisure.

Sign-Up Bonus

One of the standout features of this card is the substantial sign-up bonus. New cardholders can earn 60,000 bonus miles after spending $5,000 within the first 90 days of account opening. This bonus alone can be enough for a round-trip international flight or several domestic flights, providing substantial value right out of the gate.

Annual Bonus Miles

In addition to the sign-up bonus, the SKYPASS Select Visa Signature® Card offers 10,000 bonus miles at renewal after spending $35,000 annually. This benefit encourages cardholders to use the card frequently and provides a nice mileage boost each year.

Travel Perks

The card comes with a suite of travel-related benefits designed to make your journeys more comfortable and convenient:
– TSA Pre✓®/Global Entry Credit: Receive one statement credit for the TSA Pre✓® application fee ($85) or Global Entry application fee ($100) every four years. This perk can save you time and hassle at the airport.
– No Foreign Transaction Fees: Enjoy your trips abroad without worrying about extra charges on international purchases.
– Trip Cancellation/Interruption Reimbursement: Get reimbursed for travel expenses if your flight is canceled for a covered reason.
– Trip Delay Reimbursement: Receive compensation for additional transportation costs or expenses for meals and lodging if your flight is delayed due to inclement weather or other covered reasons.
– Auto Rental Collision Damage Waiver: This benefit provides insurance coverage for automobile rentals made with your Visa card, covering damage due to collision or theft.

Exclusive Coupons and Lounge Access

The card also offers exclusive coupons and lounge access to enhance your travel experience:
– $100 Off Korean Air Ticket Purchase: Receive a $100 off coupon for Korean Air ticket purchases each year.
– Korean Air In-flight Duty-Free Coupons: Get 25 coupons each year for in-flight duty-free purchases on Korean Air flights.
– KAL Lounge Access: Receive two lounge coupons each year for access to Korean Air lounges in North American gateway cities and the KAL Prestige Lounge at Incheon Airport.

Purchase Protection and Fraud Prevention

The SKYPASS Select Visa Signature® Card includes several features to protect your purchases and prevent fraud:
– Purchase Protection: Coverage for eligible purchases against damage or theft.
– Fraud Protection: Zero liability for unauthorized transactions.

Conclusion

The SKYPASS Select Visa Signature® Card offers a wealth of benefits for frequent travelers, particularly those who often fly with Korean Air or its SkyTeam partners. The generous mile-earning potential, substantial sign-up bonus, and suite of travel perks can provide significant value, making this card an excellent choice for those who can maximize its benefits.
However, the high annual fee and regular APR are important considerations. If you don’t travel frequently enough to take advantage of the card’s perks or if you tend to carry a balance, the costs may outweigh the benefits. Additionally, the lack of an introductory APR offer and the presence of balance transfer and cash advance fees are potential downsides.
Overall, the SKYPASS Select Visa Signature® Card is best suited for avid travelers with good to excellent credit who can fully leverage its rewards and benefits. By carefully evaluating your travel habits and financial situation, you can determine if this premium travel rewards card is the right fit for you.