How can I downgrade my Chase Sapphire Reserve card?

To get a Chase Sapphire Reserve retention offer, call Chase at (800) 945-2000. Make it known that you are considering closing your account and ask for any available retention offers, if necessary.

What you should know about retention offers:

• 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 – usually in the form of a statement credit. ... read full answer
• 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.
• It’s probably particularly common to get a retention offer with a card like Chase Sapphire Reserve, whose hefty $550 annual fee can become a drain if you don’t make purchases often.
• Chase doesn’t disclose any particular policies with regard to retention offers.

Here’s how to get a Chase Sapphire Reserve retention offer:

1. Call (800) 945-2000, enter your card number and follow the prompts to get connected with a customer service representative.
2. Let the customer service representative know that you are considering closing your account.
3. The representative might present available retention offers, but in case this does not happen, you could request one yourself.
4. Mention the positive aspects of your experience with Chase Sapphire Reserve and the main reason(s) you’re planning to close your account. Then, ask whether those specific terms could be improved for you.

Hopefully, you’ll be able to get a Chase Sapphire Reserve retention offer that appeals to you. Some people report being offered a reduction in their annual fess (in the form of statement credits of up to $250).

In case you don't get an offer, you can always close the card to avoid having to continue paying the $550 annual fee. Just make sure to pay your card in full and redeem your rewards before closing your account.

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. ... read full answerChase 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 $900 in travel through Chase, 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.

Yes, Chase does refund annual fees, as long as cardholders cancel their account within 30 days of when the fee is assessed. It’s sometimes possible to get a Chase annual fee refunded or waived due to financial hardship or active military status, too. Otherwise, if you try to get a refund on your annual fee after 30 days, Chase will not offer you any full or prorated refund. At that point, you might as well keep the card open to take advantage of the benefits until it’s time to pay another annual fee.... read full answer

How to Get a Chase Annual Fee Refund

1. Call credit card customer service at (800) 432-3117 within 30 days of the fee being charged.
2. Ask the representative to cancel your account.
3. Request a refund for the annual fee.
4. Receive the refunded fee as a credit or check.

If you decide to cancel your Chase card in order to get an annual fee refund, just make sure you’ve redeemed any credit card rewards and paid your balance in full before you cancel. And if you want to see how this move might affect your credit score, try WalletHub’s free credit score simulator.