Credit card issuers have been making all kinds of adjustments to their cards in light of the coronavirus pandemic, some temporary, and some permanent.
Since the start of the pandemic, Chase has been offering a reduced annual fee on the Sapphire Reserve for existing cardmembers. While this is ongoing, we now know when this policy is expected to change.
Sapphire Reserve $100 renewal 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 during the peak of the pandemic, many people didn’t get value out of some of those perks, given how travel focused they are.
In light of that, since April 2020, Chase has been offering a $100 statement credit towards the annual fee for those renewing their card. In other words, this coincides with when the annual fee is due on the Chase Sapphire Reserve.
This has been an unofficial policy, but not for much longer, as reported by Chris Dong. For those who had the Chase Sapphire Reserve before January 12, 2020, a $100 renewal credit will continue to be applied through July 2021. As of August 1, 2021, that credit will no longer apply, and the standard $550 Chase Sapphire Reserve annual fee will kick in, with no credits.
From Chase’s perspective this $100 discount has been smart — that way people have been more likely to renew the card, rather than canceling it. However, with life slowly returning back to normal in the United States, clearly Chase thinks this is no longer necessary.
The Sapphire Reserve lounge access perk isn’t worth much right now
Sapphire Reserve annual fee increased in 2020
Chase increased the annual fee on the Sapphire Reserve by $100 in early 2020, from $450 to $550. In retrospect the timing of that wasn’t ideal, so by offering this $100 credit, Chase has essentially postponed the annual fee hike for existing customers.
In addition to this, we’ve seen Chase introduce all kinds of great limited-time perks, including:
- A one year Lyft Pink membership
- 10x Ultimate Rewards points on Lyft rides (through March 2022)
- A minimum of a one year DoorDash DashPass membership (register by 3/31/2022)
- The “Pay Yourself Back” feature, offering more flexible redemption options beyond travel
I’ve gotten value out of the Lyft Pink perk
The Chase Sapphire Reserve has been offering a $100 credit upon account renewal for existing cardmembers. This policy will be ending as of August 2021, as Chase will start charging the standard $550 annual fee on account renewal.
For the past year I’ve certainly gotten 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.
Whether that continues to be the case remains to be seen, though we do know some changes are coming to the Sapphire Reserve soon.
Have you benefited from the $100 statement credit on renewal with the Sapphire Reserve?