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Chase is making a nice gesture towards its Sapphire Reserve cardmembers.
If you have the Chase Sapphire Reserve and your $550 annual fee is due between April 1 and July 1, they are offering a $100 credit to offset your annual fee (essentially back to the $450 fee that it used to be).
Your annual fee will hit as a $550 charge but then you will receive a $100 statement credit.
This is being done presumably because that increase of $100 could add an additional financial strain on many people who are already being hit hard by the coronavirus pandemic.
Also, perks like Priority Pass are now virtually impossible to use so there is a lot of lost value with this card that could make a lot of people think about canceling their card.
Here is the message that card members are receiving in their secured messages:
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.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.