Chase is providing some Chase Sapphire Reserve cardholders with a statement credit to help offset some of the card’s $550 annual fee. Existing cardholders are receiving a secure message offering a $100 statement credit to help provide value for cardholders impacted by the coronavirus pandemic. Here’s what you need to know:
COVID-19 Makes Holding a Premium Travel Card Difficult
The coronavirus pandemic has reduced the actual value of travel rewards credit cards significantly. Premium credit cardholders have been impacted the most, with very little to justify the lofty annual fees these cards charge.
The Chase Sapphire Reserve is one such product. The card features an annual fee of $550 and earns 3X points per dollar on travel and dining. However, the card’s value has significantly reduced for one of its key features: travel. This includes the $300 annual travel credit and complimentary Priority Pass Select membership.
Chase Offering $100 Statement Credit to Existing Sapphire Reserve Cardholders
Now, Chase is hoping to entice current Sapphire Reserve cardholders to renew their card through a statement credit. Existing cardholders are receiving a secure message from Chase offering a $100 statement credit to help offset that $550 annual fee.
The messaging from Chase states:
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.
COVID-19 Bonus Offers
The coronavirus has seen many credit card issuers provide additional perks and credits for premium credit cardholders. Chase rolled out Peloton statement credits for Sapphire cardholders in November, while Amex recently unveiled several credits for Platinum Card members. These limited-time statement credits include PayPal, hotel stays, food and beverage credits, and more.
Related Article: Amex Platinum Card Limited-Time Statement Credit Offer
Featured photo by Shopify / Burst