- Some Chase Sapphire Reserve® cardholders are receiving a $100 statement credit toward their annual fee.
- Chase recently increased the annual fee on this premium card from $450 to $550, in addition to adding new benefits like statement credits with DoorDash and perks with Lyft.
- This statement credit could convince some cardholders to keep the card, even though its travel benefits are currently less useful due to the coronavirus.
- See Business Insider’s list of the best rewards credit cards.
If you have the Chase Sapphire Reserve®, you’re probably well aware that many of its best perks, like 3x points on travel and up to $300 in annual statement credits toward travel purchases, aren’t currently relevant.
Travel is off the table for the time being due to the coronavirus, which could make it a bit harder to justify the $550 annual fee for this premium travel rewards card. But, as The Points Guy reports, Chase is providing select cardmembers with a $100 statement credit toward the annual fee – which could make hanging onto the Chase Sapphire Reserve® an easier decision.
In a statement to The Points Guy, a Chase spokesperson said that Chase Sapphire Reserve® cardholders with an account renewal date between April 1 and July 1, 2020 will receive a notification about this one-time $100 credit, and the credit will be applied to the account when their annual fee is billed.
As a Chase Sapphire Reserve® cardholder, I appreciate this gesture. I'm not anywhere close to canceling this card because I love the $300 annual statement credit for travel and the bonus points I earn on dining and travel purchases, but it's nice to see Chase responding to the reality that our daily lives have changed.
The Sapphire Reserve's annual fee increased from $450 to $550 in January 2020, as Chase added new benefits like a year of complimentary Lyft Pink membership and 10x points on Lyft rides.
While those perks aren't very useful right now, the other new benefits could actually come in handy: Cardholders now get up to $60 in statement credits toward DoorDash purchases in 2020 (and up to $60 again in 2021), and a year of complimentary DashPash membership with DoorDash, which waives delivery fees on eligible orders.
