Are You Eligible for the Chase Sapphire Reserve $100 Statement Credit?

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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.

Chase Sapphire Reserve®
Chase Sapphire Reserve®
Annual Fee$550
Welcome Bonus Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Chase's flagship Ultimate Rewards card. You get a $300 travel credit, airport lounge access courtesy of a Priority Pass membership and industry-leading travel insurance benefits. New cardholders earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year
  • 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants including eligible delivery services, takeout and dining out & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $750 toward travel
  • 10X points on Lyft rides through March 2022
  • 3X points on travel immediately after earning your $300 travel credit
  • 3X points on dining at restaurants
  • 1 point per $1 spent 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.

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Comments

  • Avatar

    Thinking if the crisis continues Chase will extend the date range.

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      It has to been extended anyway because it will take sometime for people to get back to their old habits.

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    Corey Hovanec says:

    It’s not very fair to exclude those with renewal dates outside of that date range. They are suffering, especially related to travel, just like the cardholders who are “lucky” enough to renew between those dates.

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    when downgrading, I have to think about how much value I lose in my points. If I lose less that approximately $350, it is probably worth it to downgrade. One could hopefully upgrade when this plague is over.

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    I wonder why they would have a cutoff date? Things aren’t going to be back to normal by July.

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    I think limiting the statement credit between April and July only is unfair.
    Everyone got hit by COVID19…Chase should provide the statement credit to all CSR holders.

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    I fully understand why those from April to July get the credit. On one hand (and correctly) it’s functionally delaying the beginning of the new AF but on the other hand, is it acknowledging that we’re all on hard times right now and not traveling – the reason we all have the card that we now can’t use.

    And I fully acknowledge Chase doesn’t have to do a thing so I have no leg to stand on to complain.

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    I received the credit. I’m thinking in downgrade the card.

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    Chase should give a 1-year annual fee holiday.

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    Unfortunately looks like our household is missing out on this one… Wife’s CSR renewed inFeb., and mine comes due in Oct. It would be nice if Chase would expand this to all cardholders this year.

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    ron_vaughn@hotmail.com says:

    They should do this for all cardholders. We can’t travel, so we can’t earn. Chase can easily afford it.

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      I can’t disagree with this. I feel like any annual fee that comes due through the remainder of the year should get some sort of credit.

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    Is it possible to be registered and then to have the credit?

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    I am wondering if anyone has called Chase to talk about an annual fee credit, even a partial one? If so, would love to hear how the conversation went.

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      Wow, you have presented an excellent idea!

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      The more folks that call their high fee travel cards – and use this Chase credit as an example – the more cards will offer such credits. I’m off to call AmEx regarding my Platinum. Will report back.