Chase Sapphire Reserve Cardholders Get $100 Credit Toward Annual Fee
Chase has sent out secure messages to Chase Sapphire Reserve cardholders to let them know that they will receive a $100 statement credit toward the annual fee on the card. The annual fee for this card was increased to $550 early this year, so the statement credit just reverts it to the old fee. On the billing statement that your annul fee hits, you’ll see a $550 charge, followed by a $100 statement credit. The message seems to be sent out to those whose renewal date is April 1 though July 1, 2020.
Here is the message that was sent out:
We recognize this is a difficult time for everyone. As a way to help, we’re providing you a one-time $100 statement credit toward the 2020 $550 annual fee on your Reserve credit card. On an upcoming billing statement (based on your renewal date), you’ll see a $550 charge for the annual fee, followed by a $100 statement credit. We will continue to bill the $550 annual fee in 2021. Because this credit only applies to open Reserve accounts, if you’ve closed your Reserve account or traded to another credit card before your renewal, you will not receive the $100 statement credit. We know COVID-19 has affected people in many different ways. Please check chase.com/StayConnected for updates and helpful ways to stay connected to your accounts.
The Chase Sapphire Reserve is a travel oriented card, so it makes sense to lower the fee since most people can not travel right now. Hopefully it is not just an April fools joke.
The fee was also just recently increased as the coronavirus outbreak was just getting started. So not a good time time to start charging people $100 more when they can’t travel. If you were thinking of keeping the card long term, then this makes your decision easier. Hopefully we see other issuers do the same thing with some of their cards by offering automatic discounts on annual fees. But you can always call in and see if they can offer you retention offers as well.