In 2020, Chase offered Sapphire Reserve cardholders a $100 discount on their annual fee, bringing it down from $550 to $450. The bank said earlier this year that the benefit would be extended through March 2021, but some customers have seen the full fee hit their account.
- The Chase Sapphire Reserve is one of the best travel cards on the market, but the $550 annual fee is steep.
- Early in the coronavirus pandemic, Chase offered a discounted annual fee of $450 as part of a campaign to retain customers.
- The bank later said the $100 discount would last until March 31, 2021, but some cardholders are reporting otherwise.
- While Chase hasn't confirmed anything, reports indicate that only cardholders who have had the Sapphire Reserve longer than a year are eligible.
Cardholders Who Joined in Early 2020 May Be Out of Luck
Chase Sapphire Reserve cardholders may have expected a $100 discount on their annual fees through the end of March 2021. However, based on online reports, customers who opened their accounts in 2020 are not eligible for the promotion. In contrast, those who opened their accounts in 2019 or earlier have paid the discounted fee.
When Chase first announced the perk, which was designed to retain customers during the COVID-19 pandemic, it was only good for those with cardholder anniversaries from April through June 2020. Later, the bank extended it through the rest of the year, and then through March 2021.
However, the bank apparently didn't explain that cardholders who opened their accounts in early 2020 would not receive the discount, according to the complaints.
Based on online reports, some customers called customer service to ask about the missing perk, but with no luck.
Although Chase hasn't confirmed the caveat, Chase Sapphire Reserve cardholders with one-year anniversaries through the end of March can likely expect to pay the full $550 annual fee.