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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 $795 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 $795 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 100,000 bonus points + $500 Chase Travel℠ promo credit after you spend $5,000 on purchases in the first 3 months from account opening.
- Get more than $2,700 in annual value with Sapphire Reserve.
- Earn 8x points on all purchases through Chase Travel℠, including The Edit℠ and 4x points on flights and hotels booked direct. Plus, earn 3x points on dining worldwide & 1x points on all other purchases
- $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Access over 1,300 airport lounges worldwide with a complimentary Priority Pass™ Select membership, plus every Chase Sapphire Lounge® by The Club with two guests. Plus, up to $120 towards Global Entry, NEXUS, or TSA PreCheck® every 4 years
- Get up to $150 in statement credits every six months for a maximum of $300 annually for dining at restaurants that are part of Sapphire Reserve Exclusive Tables.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance, no foreign transaction fees, and more.
- Get complimentary Apple TV+, the exclusive streaming home of Apple Originals. Plus Apple Music - all the music you love, across all your devices. Subscriptions run through 6/22/27 - a value of $250 annually
- Member FDIC
- Rates & Fees
- 8x points on all purchases through Chase Travel℠
- 4x points on flights and hotels booked directly
- 3x points on dining worldwide
- 1x points on all other purchases
Our Take
Considering that Chase recently hiked the annual membership fee for the Sapphire Reserve to $795, 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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