Chase offering select Sapphire Reserve customers a $100 annual fee credit due to coronavirus
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Chase appears to want to keep its loyal customers during the uncertainty caused by the novel coronavirus by offering a sweet statement credit on one of its most popular cards.
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If you’re a Chase Sapphire Reserve cardholder with an annual fee renewing from today through July 1, listen up, because you’re getting a $100 statement credit towards your annual fee.
TPG was the first to confirm the move from Chase. In a statement, the card issuer said that existing Sapphire Reserve cardmembers will start to see the updated annual fee on their next card renewal date after April 1, 2020.
“Given this very unique time, we are providing a one-time, automatic $100 credit towards the new annual fee,” a Chase spokesperson said. “At this time, Sapphire Reserve cardmembers whose renewal date is April 1 – July 1, 2020 will receive a notification on this, and the $100 statement credit will appear when the fee is billed. There are no changes to the value of the card. No action is needed from cardmembers.”
This information was also provided to select cardholders via Chase’s secure message feature online. Here’s the note Chase sent to a TPG fan:
“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.”
We previously reported that the Chase Sapphire Reserve added a slew of new perks, including one free year of Lyft Pink, 10x points on all Lyft rides and up to $120 in DoorDash credits. Chase also upped the annual fee from $450 to $550, making it one of the highest personal card annual fees — though this announcement effectively delays this annual fee hike for those with renewals through July 1, 2020.
The Sapphire Reserve is one of the most well-received travel rewards cards of all time. Offering 3 points per dollar on travel and dining, it earns incredibly valuable Ultimate Rewards points that can be transferred to 13 hotel and airline partners or redeemed directly for flights at a rate of 1.5 cents per point. Add in a $300 annual travel credit, airport lounge access and a free concierge service, and this card is guaranteed to upgrade your travel lifestyle.
Here’s the link to apply for the Chase Sapphire Reserve with a 50,000-point bonus after spending $4,000 on purchases in the first three months from account opening.
Featured image courtesy of Wyatt Smith/The Points Guy
WELCOME OFFER: 60,000 Points
TPG'S BONUS VALUATION*: $1,200
CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.