Chase Sapphire Reserve Offering $100 Annual Fee Credit

Filed Under: Chase, Credit Cards
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There can be huge value in having premium credit cards that offer great travel perks, though it goes without saying that at this point many of us are struggling to justify the annual fees on some cards.

I expected we’d see credit card issuers get a bit creative (we are seeing this from Brex, for example), and it looks like that’s what Chase is doing.

Chase Sapphire Reserve adds $100 statement credit

The Chase Sapphire Reserve® Card (review) is one of the most popular premium credit cards out there, and it offers all kinds of great travel perks. This includes 3x points on dining and travel, a Priority Pass membership, and much more. Suffice to say that many of us aren’t getting much value out of those perks at the moment.

Chase recognizes that, and it seems like they have a solution. I just received a secure message from Chase with the following subject line:

“Important: A $100 statement credit toward the annual fee on your Reserve credit card”

The secure message states that I’ll be issued a one time $100 statement credit towards the annual fee on my Sapphire Reserve. That means I’ll get the credit when the next annual fee comes due.

From Chase’s perspective that’s smart — that way people will be more likely to renew the card, rather than cancelling it.

It’s my understanding that this is initially being made available to those with card renewal dates between April 1 and July 1, 2020, though I imagine this has the potential to be extended as this situation unfolds. Keep in mind that this isn’t a published benefit, so you’ll want to check your Chase secure messages.

If you don’t have a secure message yet I’d be patient, as I imagine they’ll be reaching out to more people over time.

The Sapphire Reserve lounge access perk isn’t worth much right now

This comes after Chase raised the annual fee by $100

Ironically this $100 credit comes just weeks after Chase increased the annual fee on the Sapphire Reserve by $100, from $450 to $550. Essentially Chase is postponing the annual fee hike for most by an additional year.

When Chase increased the annual fee they also introduced some new perks, including:

I’ve gotten value out of the Lyft Pink perk

Bottom line

It would appear that those with the Chase Sapphire Reserve will get a $100 credit towards their next annual fee in light of the current situation. I think it’s smart for premium travel card issuers to give cardmembers something, and frankly this seems pretty fair.

I’m certainly getting outsized value with the card — I’ve used the $300 travel credit, I’ve used the $60 DoorDash credit, I’ve gotten significant value from my Lyft Pink membership, and earning 10x Ultimate Rewards points with Lyft is the icing on the cake.

Obviously the value of all of this has decreased in the past several weeks, but for me I was already “ahead” when it comes to the value of this card before all of this started.

What do you make of Chase issuing a $100 statement credit towards the annual fee on the Sapphire Reserve? If you have the card, were you going to keep it before this? If not, will you be keeping it now?

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Comments
  1. Might make me keep it. I was definitely downgrading to the Preferred this year due to the increased fee, though mine doesn’t renew until August so I have some time yet. Probably still downgrade but we’ll see how things are looking in a few more months.
    Thanks for the heads up though!

  2. No message for me yet either (fee is due in September)

    Still a potential downgrade for me as I have largely moved on to Amex for dining and Citi for general “travel”. I’m getting more use out of the Freedom cards these days, and Preferred works just as well for transfers to Hyatt.

  3. So basically they are saying you get one more renewal at $450 net? And thereafter it will be $550?

  4. My annual fee was charged in March. When I called yesterday, they gave me a $100 statement credit. So I suggest if you have not received the message (I did not), just call them and politely ask for some relief.

  5. Never received the secure message either. Annual fee due in September. However, I have also not received any change in terms & conditions notifying me that the annual fee is increasing to $550 either, however.

  6. Makes sense seeing as you really can’t use the benefits of the card at the moment. Tough to use the travel credit or lyft in this environment. If I get the $100 credit, I’d keep the card for another year. $60 doordash credit in 2021 effectively puts the annual fee at $90. I’ll downgrade in 2022 to preferred.

  7. That’s potentially good news. I sent a secure message to Chase about my Hyatt card, and was refused any accommodation. Decided reluctantly to cancel. Maybe once I’m under 5/24 in a year or so I’ll apply for the world of Hyatt card.

  8. Wish Amex would do this. My Plat annual fee just hit this month…

    I only held onto it because I got a decent retention offer, which of course now I may not hit the spend threshold on since I’m at home and barely spending…

  9. Interesting. My annual fee is due in Sept so no message for me yet, but I was indeed planning a downgrade because of the new higher annual fee in conjunction with significantly reduced travel and restaurant expenses for the foreseeable future. This credit would definitely influence me to keep.

  10. Just got the message right now. So seems like it is taking them a little bit to communicate to everyone, but we should all probably expect to get it.

  11. Good move by Chase to avoid a huge wave of card cancellations by consumers. Will it be enough? The market and appetite for premium card fees are quickly shrinking and many people are going to think long and hard about just paying those kinds of fees for a long while. The last $100 increase still left a bad taste.

  12. My annual fee was due to be charged today, but I downgraded to the regular sapphire on Monday. FML. I would have kept the reserve @ $450 too! And to pour some more hurt on, I even got the same secured message this morning, even though my account reflects the new card.

  13. My fee is due in May and i got the message and the $100. I had no intention of downgrading CSR like im going to with my platinum so i am very appreciative of the credit.

  14. Looks like Chase got rid of a few weeds. lol

    As for me, I still paid $450 for the year. I’ve just started to use Doordash, and if this $100 credit makes it to my account, then it would be a good offset from the lost value I’m seeing (less travel – less lounge access). My AF would be fully paid off with just credits

  15. My understanding is this is just for renewals to July 1. Of course I renew July 20.. I imagine I can get it, but will downgrade if I can’t

  16. My AF was scheduled for 5/1. Got the message today. I was strongly considering downgrading. For the same $450 I’ll put off the decision for another year. My Amex plat gave a $500 statement credit so it’s a good year for holding in another year.

  17. Thanks for writing about this. I got the message today. Since I have a May 1 renewal, I had planned to cancel my CSR in the next week. I wonder if this is to stop mass canceling, or due to Covid-19? Or both?

    So this is basically a pause on the rate increase for a year?

  18. I think chase and other Premium card carriers should just credit all cardholders for this year. No questions asked. Even those with later due dates haven’t really been able to use for this year.

    A simple good well gesture would make a difference at least for me. Otherwise I’m canceling it. Have too many premium cards and it’s lost it’s thunder.

  19. Can we all unite together, like the Friends cast that demanded and received a huge pay raise, to request $200 AF upon renewal due to half year of shelter at home? We are still waiting to see the rapidly escalating infected cases and deaths in India, Africa and South America. I guess it will be remotely successful because many people always put their self interests above all, especially at the federal level. I know I won’t fly anywhere this year, and possibly before 2021 fall, out of abundant precaution. Economic recovery is secondary to victory over pandemic casualties.

  20. They did not consider additional users on the account which cost $75 each. Compare this to Platinum Amex where additional users cost $150 for 3 (e.g. $50 each if you use all three). I think that there needs to be some additional compensation if you have additional cardmembers because justifying the annual fees for this year is difficult enough, let alone if you have other cardholders on your account.

  21. It’s on my list to cancel this, andmaybe some others. This is the time marginal businesses get trimmed… and CSR is marginal.

  22. well, it said i would be charged $550 followed by a $100 credit.

    On my bill i was charged $550—-yet guess what —-no $100 credit

  23. Words around the office at Amex is indicating a $650 million investment towards a similar annual fee waiver/reimbursement is coming soon

  24. @Lucky – My Delta Reserve AF just hit today, and it was only $450 instead of the expected $550. Amex sent no communication about it – they just did it. Unfortunately, the companion pass expires 5/31/21 and the Sky Club guest passes expire 4/4/21, so I’m not sure how useful these will be – particularly if we have another wave of covid this fall/winter.

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