Chase recently revamped the Chase Sapphire Reserve and increased the annual fee to $795. It hasn’t been well received, especially after the American Express Platinum revamp added significantly more value. It seems like Chase is feeling the pressure and possibly high cancellation rates are there are some (1,2) reports of cardholders receiving retention offers of a $400 statement credit with no spend required.
It’s always worth calling retention before cancelling a card, but in this case it might be worth more than one call as several people had no luck at first but eventually got offered a credit. Chase has sent out 1099s in the past for these retention offers as well.
Hat tip to DDG
