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.
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:
- A one year Lyft Pink membership
- 10x Ultimate Rewards points on Lyft rides
- A minimum of a one year DoorDash DashPass membership
- A $60 DoorDash credit in 2020 and 2021
I’ve gotten value out of the Lyft Pink perk
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?