The only surefire way to get the $550 Chase Sapphire Reserve annual fee waived is if you’re an active servicemember and you check that box on the application. As long as Chase can confirm your active duty status, they won’t charge you any fees. Otherwise, your odds of getting a Chase Sapphire Reserve annual fee waiver are next to none. Chase Sapphire Preferred Card also has a $95 annual fee. But it’s not like Chase will penalize you for asking for a fee waiver, so why not give it a shot?
There are a few details you should be aware of before calling and asking for a fee waiver, though. And in the likely event that you don’t get one, you’ll need to know what perks are available to determine whether Sapphire Reserve is worth it.
Here’s what you should know about Chase Sapphire Reserve annual fee waivers:
If you’re in the armed forces full-time, you’re eligible to have all Sapphire Reserve fees waived, except for the returned check fee. You can get this benefit by indicating your service on the application (there’s a box to check off) or by calling Chase customer service at 1-800-432-3117. Chase will have to verify your status.
If you want to try for a fee waiver or reduction, you can call the number on the back of your card or the general Chase customer service line: 1-800-432-3117.
According to people who’ve had luck with fee waivers on other credit cards, having a high income and spending a lot can help. Since the issuer is already making a lot of money from the fees it charges merchants when you make purchases, the thinking goes, they might be more willing to give you a break.
The Chase Sapphire Reserve initial bonus is worth $750, which covers more than a year and a half of annual fees. And if you’re a frequent traveler, you should always get more than $450 in value per year, between the $300 annual travel credit, free airport lounge access, 3 points per $1 spent on travel and more benefits.
While it’s unlikely that you’ll get the Chase Sapphire Reserve annual fee waived, you might as well try. The worst that can happen is Chase will say “no.” But if you do have to pay $550 every year, just make sure you take advantage of the card’s huge list of benefits in order to get your money’s worth. That or get one of the many credit cards with no annual fee.
A Chase Sapphire Reserve retention offer is a special deal to convince you not to close your account. It could be something like bonus points or a reduced (even waived) annual fee. Such an offer is possible with any credit card because it usually costs a lot more to acquire a new customer than to keep an existing one with this type of incentive. But it’s probably particularly common with a card like Chase Sapphire Reserve, whose huge $450 annual fee can become a drain if you don’t make purchases often. Naturally, Chase doesn’t advertise any policy on this. If they did, everyone would call pretending to close their card just to get some extra perks. But are a few things you can learn from customer reports posted online.… read full answer
Here’s how to get a Chase Sapphire Reserve retention offer:
Call 1 (800) 432-3117,enter your card number and tell the customer service rep you want to close your account.
Let the customer service rep question your decision and begin trying to convince you to reconsider.
Mention whichever feature you want a deal on as one of the main reasons you’re planning to close your account. For example, complain about the annual fee if you want a break there.
Stress the positive aspects of your experience with Sapphire Reserve and your relationship with Chase to create some goodwill.
Give the customer service rep an opportunity to suggest a Chase Sapphire Reserve retention offer first. If they don’t, tell them what it will take to keep you as a customer and see what they say.
Hopefully, you’ll be able to get a Chase Sapphire Reserve retention offer that appeals to you. Some people report being offered a $60 statement credit or 10,000 extra points for spending $4,000 in three months. But if you don’t, you can always close the card to avoid having to continue paying the $450 annual fee.
The Chase Sapphire Reserve annual fee is $550. Its effective annual fee is a lot lower, though, because the Sapphire Reserve card also comes with a $300 annual travel credit. Reserve’s initial bonus of 50,000 points for spending $4,000 in the first 3 months is worth another $750 in travel too. Between the initial bonus and the $300 annual travel credit, Sapphire Reserve’s annual fee is covered for the first few years.… read full answer
Chase Sapphire Reserve tacks its annual fee onto your first month’s bill when you open an account and charges it again each year on your account anniversary. In addition to the card’s bonuses, you’ll get 3 points per $1 spent on travel and 1 on all other purchases. To round it out, you’ll get free access to 1,000+ airport lounges worldwide with a free Priority Pass Select membership. That has an annual value of $429.
If you take advantage of all the card’s benefits and travel often, the card becomes worthwhile. But if you’re not a frequent traveler, a travel rewards card with a smaller fee probably makes more sense. For example, Chase’s Sapphire Preferred card offers fewer perks than Reserve but only charges a $95 annual fee.
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