Update 8/14/21: Some people are being offered these retention offers again, worth a call.
Update 11/25/20: Some people’s credits are posting today.
Update 11/22/20: Readers note being able to get $150 retention offer on the Ritz card as well. And Frequentmiler reports that there are similar retention offers available on other Chase cards, such as $50 Ink Plus, $50 on Marriott Bonvoy Boundless, $50 on Marriott Bonvoy Premier Plus Business, $25 on IHG Rewards Club Select. I don’t recall there being such an array of cash retention offers from Chase in the past, seems to be a recent thing. Good to keep in mind for the future if you are considering downgrading or cancelling a card.
Update: Many readers (but not all) in the comments were able to get the $150 offer; annual fees renewed on October 1, November 1, or December 1 various renewal dates. Readers Daniel and Max got a $250 credit offer! Possibly those with balances at Chase are getting the $250 offer or maybe it’s for those who have had the Reserve card for many years.
Original Post:
Reader Sean shared that they called Chase to downgrade their Sapphire Reserve to Sapphire Preferred and were offered $150 retention offer to remain a Sapphire Reserve customer. Even more interesting is that the rep mentioned this was a new offer they were seeing, and that they’d offered this to another customer that day as well. The rep mentioned they’d never seen an offer on the card before.
So if you are thinking of closing your Sapphire Reserve card to avoid the annual fee, consider calling first to see if they can somewhat mitigate the annual fee cost. Remember, Chase has already temporarily lowered the annual fee down from $550 to $450; add another $150 back with retention offer and it’s a no-brainer to keep the card given the $300 travel/grocery credit.Â
Just keep in mind, there’s a chance you’ll get 1099ed for the retention offer.
My payment was due tomorrow. I called to cancel and was offered a $150 statement credit to keep the account open for another year, downgrade to a no-fee account or cancel.
AF posted in June. Called July 2nd and no offers for the CSR
Renewal fee $550 March 1. Called to cancel and got a $150 retention offer. Already used my $300 credit for a travel purchase for this calendar year (signed up when that was the promotion) and redeemed all my points. Canceled anyway and got my full annual fee refunded. Hoping for a 100K CSP offer to come around.
Just called, no retention offer. They said you can either downgrade to Sapphire preferred or Sappire regular. No offers on Sapphire reserve!
Chase Sapphire Reserve:
Like other(s) mentioned below, annual fee posted today (3/2/2022) and called in same day. No retention offers available. Consistently use the card for ~40k annual spend.
They went on to explain the benefits added to the card contributing to the raised AF. Will keep the card and will probably use the PYB feature for +50% more value.
Chase Sapphire Reserve: Annual fee posted today, called in same day. No retention offers available. Consistent use of card, but low volume (about $500 monthly over the last 12 months).
They highlighted basically all of the benefits (especially emphasizing the renewed DoorDash subscription) except for Peloton… not sure if its because they’re planning to drop it at the end of this month, or if its because I never used it.
That being said, I don’t really use the DoorDash subscription either, so…
Will probably try calling in again in at least once more this month to see if anything changes, otherwise probably will use PYB to defray $250 of it (the $300 travel credit takes care of the rest).
CSR. They did not have any retention offers, but the CS did give me 10,000 points for some reason. I’ll redeem it for pay yourself back and then try for a retention bonus at the end of the month, otherwise I’ll downgrade
Just called today. Got the $150 offer – they mentioned longtime chase customer (with multiple cards) played a role. Consistent CSR use.
Boo, no offers available. Cardholder since 2016 and spend a few hundred a month.
No offer for me. Had it since 2016. Minimal spend though. Fee was in October. Going to wait till my $300 credit renews (December), use it up and then downgrade it.
I don’t think you will get the annual fee back if you wait until the $300 credit renews