Chase Is Proactively Crediting CSR Accounts With $100 Statement Credits
UPDATE 6/2/21: It appears many people are still receiving the credit on their cards at the time of renewal.
UPDATE 4/3/21: It was expected that the credits would end March 31st. Dans Deals is reporting that they are still happening in April. This is a welcomed move by Chase, as we discussed on the podcast this week the Sapphire Reserve can’t justify the $550 annual fee.
Earlier this week I wrote an article, why I am slashing credit card fees right and left. I discussed the fact that we are unable to use the perks of these premium cards right now and should downgrade the cards versus paying for something we can’t use. It appears Chase has been noticing that trend and is being proactive with their Chase Sapphire Reserve card. Miles to Memories contributor Felicia received an email this morning from Chase. It said they are proactively crediting her CSR account with a $100 credit because of Covid-19.
Details
Here is the secure message being sent out to some cardholders.
Final Thoughts
This is a brilliant move on Chase’s part. They recently raised the annual fee for the Chase Sapphire Reserve by $100 and people were already considering closing it because of that. Throw in the fact that people can not travel for months and it was ripe for the downgrade or closure. This gesture will create goodwill and make people reconsider. With the new perks people may be willing to hang on for another year. Especially when you pair it up with the easy to use travel credit.
If your annual fee posted recently I would reach out to Chase and ask for a similar credit. Hopefully they do this for the next several months as people’s annual fees post. Hopefully other lenders will follow suit with their premium cards.
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Why is the secure message dated April 1st of last year (2020)?
This was an update on the original post that ran April of last year. The update is highlighted at the very beginning of the article.
My $550 fee was charged on April 2, 2021. I didn’t see the 100 dollar credit yet.
The secure message stated that it would arrive a week after the yearly fee posts.
Did I read somewhere that the offer is only valid for cardholders whose AF is due prior to July 1? That would be just my luck because my AF is due August 1….. : (
Gary
I have heard that as well. I would have to imagine that they will need to offer people in August the same courtesy. But I do think that is when a huge amount of people renew from the original offering of the CSR so it doesn’t surprise me that they did that.
Now one wonders how many people will actually take advantage of this offer, clearly Chase sees the need to retain as many card holders as possible. Having said that in this “downtime” have used it to go through all the cards accounts etc I have consolidating along the way. It’s amazing how many accounts one accumulates over the years, cc, ff accounts all those $75 or more fees add up. One thing I am doing to making sure I have cards spread across the spectrum of card issuers having gone through the last economic downturn witnessing knee jerk reactions by card issuers.
I think that is a great way to do it. And spreading them out over issuers is a must too in case some slash limits etc.