I just received an email from Chase Card Services to check my secure messages concerning “A $100 statement credit toward the annual fee on your Reserve credit card”.
Chase has announced back in January that they would up the annual fee for Chase Sapphire Reserve cards that renew April 1 and beyond to $550 per year (from the previous $450).
While not sure if this is an extra bonus for all card members including those that barely undercut the new annual fee or only those (like myself) who were over it, this is a pretty nice gesture from Chase and likely based on their fears that people will start cancelling these expensive cards in the current economic climate.
Here is the text in my Chase Secure Messages box:
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.
To give this to everybody without even calling in to ask is pretty good marketing I’d say. Maybe too many people already put the cutter to their Sapphire Reserve Card and Chase wants to avoid losing more CSR cardholder.
Maybe one of our readers with the old annual fee can chime in and tell if they received this bonus as well or just the accounts that were destined to be milked.
At $450 I’ll definitely keep the CSR card active considering I’m getting $300 back in travel credits. I wasn’t sure to keep it at $550 as I mentioned in the initial January article. Let’s see how this year goes in terms of spending.