Chase Offering Existing Sapphire Reserve Cardholders $100 Annual Fee Credit
Chase increased the annual fee on the Sapphire Reserve card last year from $450 to $550. But, since the fee increase happened during the pandemic, the issuer started giving $100 statement credits to offset the higher annual fee. Now they are doing the same thing again. Chase is sending cardholders a secure message to let them know about the credit, if the $550 annual fee is due.
This is the message that was sent out:
We recognize this is still a difficult time for many people, and as a thank you for being a Reserve cardmember, we will be issuing you a $100 statement credit toward the $550 annual fee on your 2021 Reserve credit card. On your upcoming billing statement, you’ll see a $550 charge for the annual fee, followed by a $100 statement credit posted within a week. We will continue to bill the $550 annual fee in 2022.
With the Chase Sapphire Reserve card you get the $300 travel credit that is now easier to use, the 1.5 cents per point value that you get when you book travel or Pay Yourself Back, $60 DoorDash credit and DashPass. While $550 would be difficult to justify, unless you redeem enough Ultimate Rewards, the $100 credit makes the decision to keep the card for one more year just a bit easier.
If you don’t have the card, right now there’s a slightly increased welcome bonus of 60,000 Ultimate Rewards points. However, the Chase Sapphire Preferred could be the better option with a 80,000 points welcome bonus and a $50 credit. You can then upgrade to the Chase Sapphire Reserve if you want the extra benefits.