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.
