In a not so distant past, Chase announced that they were increasing the annual fee no the Sapphire Reserve from $450, up to $550 starting in April for existing card holders. This little bit of news rattled the credit card community as many people claimed they were going to cancel the card. The move did have me questioning what I was going to do as well. In the end, I decided to keep the card for now as I’m still getting value. In either case though, Chase is doing something pretty interesting for those people paying the new annual fee
With the new pricing structure starting in April, and with the current lockdown in effect, Chase has decided that they are going to refund the difference in annual fee. All of the new benefits like Lyft Pink and Dashpass still remain on the card. For the time being, this is for people who have renewal fees in between April 1st and July 1st.
“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 affect people in many different ways. Please check chase.com/stayconnected for updates and helpful ways to stay connected to your accounts.”
Although it’s not a complete refund in the annual fee, this is a very nice gesture from Chase. We can debate the value of the benefits that were being offered in exchange for the $100 increase in annual fee (for me it isn’t worth it). At least, for the time being, more people are able to take advantage of the new benefits before the annual fee is increased to $550. At least at the $450 price point, I think it was one of the best deals in the credit card industry. In any case, let’s hope that we can travel again soon to get some use out of credit cards like these!
Have you gotten a $100 refund from Chase? Are you in the April 1st to July 1st timeline, or outside of it? Let us know your experience in the comment section below.