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In an effort to assist its Reserve cardholders during the coronavirus pandemic, Chase has announced that it will be offering customers a credit towards their annual fee.
If your Reserve card’s renewal date falls between April 1st and July 1st, you will automatically receive a $100 credit towards your annual fee. A spokesperson from Chase said that the customers will be notified of the credit and that there is nothing they need to do in order to receive it.
“Given this very unique time, we are providing a one-time, automatic $100 credit towards the new annual fee … At this time, Sapphire Reserve cardmembers whose renewal date is April 1 – July 1, 2020 will receive a notification on this, and the $100 statement credit will appear when the fee is billed. There are no changes to the value of the card. No action is needed from cardmembers.”
According to the announcement, cardholders will see a $550 charge on their account for the annual fee, then a $100 statement credit immediately afterwards. Chase says that the credit is a one-time courtesy and that it does plan to charge the full annual fee in 2021.
“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.”
This is just another way businesses are trying to do what they can to help their customers during the pandemic. While its a small gesture, its good to know that Chase did this proactively for its customers and speaks to their commitment to keeping cardholders loyal through the crisis.