$450 annual fee.

$1600 is the bare minimum.

100,000 bonus points = $1,000 cash + $300 travel credit for 2016 + $300 travel credit for 2017 (before the annual fee is due next August)

100,000 bonus points is also worth $1500 if you use it to book travel through the Chase portal. Add the $600 in travel credits and it's worth $2100.

Or if you transfer to travel partners (United, Southwest, Hyatt, British Airways), you could easily get $2500+ in value from those points, making this worth over $3000.

And this isn't even including the $100 Global Entry credit, or the other card perks. Or the 3x points on travel.