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If you have seen a $100 statement credit mysteriously appear in your Chase Sapphire Reserve® account, don't be surprised. Chase has started offering select customers the credit as a way to help customers out in these difficult times. However, not all Sapphire Reserve cardholders are going to get the credit. Here's how to know if you're eligible.
Who's Eligible for the $100 Statement Credit
Since April 1, some Sapphire Reserve cardholders have reported seeing a $100 statement credit applied to their accounts. Initially, it wasn't clear why some cardholders were getting this statement credit while others weren't. The only clue seemed to be the renewal date of the cardholder's Sapphire Reserve account.
However, in a statement to God Save the Points, Chase indicated that the cardholders with a renewal date between April 1, and July 1, 2020, will be eligible for the $100 statement credit.
There's a reason that Chase chose April 1 for this statement credit. That's the date Chase increased the annual fee to $550 for existing Sapphire Reserve cardholders. Any cardholders whose renewal date was before April 1 were charged a $450 annual fee.
Although this statement credit is meant to make the annual fee a bit easier to stomach, it is not a direct reduction of the fee. You will still be charged $550 as an annual fee, and—a few days later—you should see the $100 statement credit appear in your account.
If your renewal falls between the eligible dates, you don’t have to do anything to get the credit. Chase will apply the statement credit automatically and will notify you. Cardholders do not have to take any action to receive the credit.
- Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
- Get 50% more value when you redeem your points for travel through Chase Travel℠. For example, 60,000 points are worth $900 toward travel.
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $120 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance and more.
- Member FDIC
- Rates & Fees
- 10X points on hotels and car rentals purchased through Chase Travel℠
- 10X points on Chase Dining (including prepaid reservations and prepaid takeout purchased through Chase)
- 5X points on airfare purchased through Chase Travel℠
- 3X points on all other travel
- 3X points on dining at restaurants
- 1X points on all other purchases
Our Take
Considering that Chase recently hiked the annual membership fee for the Sapphire Reserve to $550, and the fact that the cards most-valuable benefits are travel-related, it makes sense in these times of restricted travel for Chase to effectively offset the increased annual fee.
Still, most cardmembers will not be able to take advantage of a significant number of the perks and benefits offered up by the Sapphire Reserve. So, even a $450 annual fee may be hard to justify during this time. Hopefully, Chase and other card issuers will continue to help their loyal cardholders during this time of reduced travel.
For rates and fees of the cards mentioned in this post, please visit the following links: Chase Sapphire Reserve® (Rates & Fees)
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