Update 4/2/21: Annual fees are posting at $550 again, but cardholders are receiving this secured message again stating that they will receive a $100 statement credit.
Many readers got a Secure Message from Chase on their Sapphire Reserve card telling them that they’ll be crediting them back $100 from their $550 annual fee due to the COVID-19 situation.
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.
As of now, they are only crediting those whose annual fees are due between April 1 and July 1 (including those due on July 1). The credit will show after the annual fee shows up.
Oddly, some readers who have annual fees due on June 1 and July 1 did not get the Secure Message. Perhaps the message is being sent out in batches.
The implication is that since many of the Reserve benefits are travel-related, and people aren’t getting those benefits, they are minimizing the fee. I wouldn’t be surprised to see other issuers make similar moves, or at least to offer such credits upon request. Worth calling in.
Thanks to all readers who sent this one in.