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The Chase Sapphire Reserve will give a $100 statement credit to some cardholders, whose annual fee comes due April 1-July 1 2020, per DoC. This is helpful, since in early January 2020, the Chase Sapphire Reserve announced the annual fee would increase to $550 effective 4/1/20 on renewals for existing cardholders. This is a wise move, to try to reduce the number of cardholders that would otherwise cancel the card when the new $550 annual fee comes due, particularly since so many people in the U.S. are under Stay at Home orders over the coronavirus epidemic, and won't be able to use the $300 annual travel statement credit, Lyft benefit, or Priority Pass Lounge benefit.
The offer is being sent out in batches of Secure Messages, which should also prompt an email to the cardholder letting him/her know of the Secure Message.
“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...”
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FAQ
My annual fee is supposed to post within the April 1-July 1, 2020 timeframe, but I still haven't received a secure message–what do I do?
The secure messages are being sent in batches, so it may arrive later today or tomorrow. You can also send your own secure message by logging into your Chase online account and selecting “Secure Messages” from the left hand side menu. For my account, it's underneath “Find ATM & branch” and above “Give feedback.”
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My annual fee posts after July 1, 2020; is it still possible to obtain a $100 statement credit?
Chase is probably waiting to see how its retention of cardholders goes over the next few months before making a decision. That said, you could always send a Secure Message to ask; the worst that can happen is you'll be refused, such that you'll need to wait to see if Chase decides to provide this statement credit to renewals after July 1, 2020.
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Are Statement Credits Provided for Other Chase Cards?
To our knowledge no other statement credits have been announced for other Chase cards, but at least one cardholder reported asking for and receiving a $75 statement credit for a Hyatt card, so it may be that statement credits are being considered for hardship reasons on a case by case basis.
If you received an offer for a $100 statement credit toward your Chase Sapphire Reserve card, will you renew your card?
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