Posted by William Charles on August 24, 2017
Credit Cards

Published on August 24th, 2017 | by William Charles

68

[Rumor] Chase Will Offer At Least Some Chase Sapphire Reserve Cards Retention Offers (CPC only?)

A well connected reader has let us know that Chase would be offering some Chase Sapphire Reserve cardholders retention offers if they wanted to cancel after their first year of being a card member. The offers will be individualized by account and it’s possible that only Chase Private Clients will be eligible to receive a retention offer. Chase has already sent out letters to cardholders tallying the value they have received in their first year in an effort to proactively reduce cancellation rates when the second years annual fee becomes due. Chase has been looking to cut $200M in costs due to concerns that the card isn’t profitable.

If anybody successfully receives a retention offer on this card (or doesn’t) please share your experiences in the comments below, as well as things such as whether you have CPC status or not. You can read our complete guide to retention offers here. You’re unlikely to get an offer until after your annual fee posts, so wait until then. Keep in mind you have 30 days after the annual fee posts to cancel and receive a refund.



68 Responses to [Rumor] Chase Will Offer At Least Some Chase Sapphire Reserve Cards Retention Offers (CPC only?)

  1. Cain says:

    I called yesterday to product change at the one year mark and received no offer. Product change was completed in only a couple minutes with only a cursory question of why I was changing.

    • Deb says:

      What did they offer…what did you take as product change? Thanks~

    • Brad says:

      But when was your AF posting? A number of us who got the card as part of the leaked link or the live link are being billed on 10/1. You may have called in too early.

      • Cain says:

        I probably did call early, but for me it didn’t really matter. Last year my annual fee posted on 9/1 and I didn’t want to have to deal with the annual fee being credited back (although it sounds like that is painless from what others are saying). I wasn’t clear on when you need to cancel by to not have to pay the annual fee so I just called at the 1 year mark.

    • Better to call after the AF has posted, will add this to the post.

  2. Justin says:

    Are there any downsides or ramifications of downgrading now and then upgrading at a later time? Obviously you lose the 3x and 1.5x and PP etc. but any other downsides?

  3. Marco says:

    Last week, I product changed my Chase Sapphire Reserve to Chase Freedom Unlimited a few days before the 1 year mark. I wasn’t offered anything during my phone call. I received a credit of $37.50 for 1 month of annual fee refund though.

  4. Andrew says:

    I similarly PC my CSR to the Freedom a few weeks before my annual fee and noticed a $37.50 credit.

    • Andrew says:

      I am a CPC and I was not given a retention offer. But as stated before, I did receive a partial refund on the annual fee which was unexpected.

  5. East Dome says:

    Just closed my CSR yesterday. No retention bonus was offered with more than 30K spending lasting year

  6. VR says:

    Will downgrading give us same credit limit as Sapphire Reserve card? does it hit for Credit score for downgrading?

  7. J says:

    Hmm wonder if I will get anything as I spent almost $200K on the CSR.

    • Brad says:

      Jesus…

      I hope it wasn’t your only daily driver.

    • J says:

      Just called Chase about the AF for my CSR and Ritz:
      CSR: $150K spend, no CPC = No offer
      RC: $90K spend, no CPC = No offer

      Seems like Chase doesn’t want to offer any retention on either card. With the annual travel credits, the AF for both cards are really $150 for me. I probably will keep the cards as I value having UR points instead of MR points. The RC card is pretty good for Marriott/SPG status but don’t find much use with the club lounge certs due to the restrictions on the qualifying rates.

  8. Maria says:

    For those who have asked for retention offers, DoC is asking if you are Chase Private Client. Please do so in your comments. Thank you.

  9. Jeremy says:

    Any news about return to 100k sign up bonus?

  10. Superchurn says:

    Apparently, Chase lets people in the same household transfer URs between accounts. If both spouses have the CSR, might be worth consolidating URs under 1 CSR and ditching 1 AF and still retain the 3x and 1.5x.

    Anyone see any downsides to this?

    • tedbrogen says:

      Only downside I see is if the other spouse is not an AU on the CSR you keep and this is the only Chase card you have with the ability to transfer to partners, then you wouldn’t be able to transfer to that spouse’s accounts with transfer partners. If that makes sense.

    • Tracie says:

      Spouse loses priority pass so only has lounge access when you travel together. Otherwise, PC one to a Freedom for earning potential.

  11. Jim says:

    Not sure whether I should be happy for CPCs or feel sorry for them.

    On the one hand, they may get a retention offer here. On the other hand, they could do SO much better handling their finances and investments if they just learned to do it themselves. Having Chase do it for them is expensive, and makes me sad.

    • David says:

      how expensive? only $50 annual fee

    • Brad says:

      A lot of people get CPC because they had money from selling a home in a Chase account and were targeted.

    • Beth says:

      Not necessarily. I am CPC. Qualified by transfer over of an IRA with Vanguard funds in it. I pay no management fee to Chase, and since I was only ever leaving that money in place, not intending to trade and play around, it is exactly the same as when the funds were at Vanguard.

      However, if I did choose to open a brokerage account they do not “manage” the money unless asked to do so. Also a CPC gets all trade fees refunded.

      • Brad says:

        Just curious – what’s the rough amount you transferred?

        • Beth says:

          my private client banker seemed to indicate that the rough guideline to be offered CPC is about $250,000 in assets. But the private banker has discretion and can offer it to someone with less assets at Chase, who seems to have the potential for more.
          I’ve enjoyed the service more than expected, she’s has done some nice things, including keeping an eye on my daughter’s new bank account and calling her when a pre-approval came up for a credit card she wanted, and overnighting a debit card (to use at ATM to get cash) to our hotel in Prague at no charge.

          • Brad says:

            I’m aware of the guideline and I know not everyone will move that much to get the account type.

            That’s the kind of soft touch I wish I got from my current financial service (a local CU). I don’t have that warm, happy feeling about them.

            I feel bad tying up money with Chase after everything I’ve done to get away from big banks but they’ve won me over again. Maybe I just need to stop in at my branch more often to get to know the bankers (and dress nicer than just t-shirt and jeans).

    • A lot of people are CPC without Chase managing much/anything.

  12. Frank says:

    Today, I called to downgrade my CSR to Freedom 2 weeks before the AF gets charged again. I told her that I would consider keeping it if they would lower the AF. She was unable to lower it. I have zero UR in that account. I’m not a CPC.

  13. JT says:

    I am pretty sure my CSR AF will post on Sep 1. I plan to downgrade, but would definitely be open to retention offers as well. Any tips to get “targeted”?

  14. Brad says:

    Below the Account Summary.

    http://imgur.com/a/0VzJo

    If It was going to post in September it would show up on your July statement, not August. If it’s not on either of those you weren’t getting billed your AF until later.

    • Cain says:

      Still nothing on August statement. That’s weird that it wouldn’t post the same time for year two, but I guess I know better for next time. You would think they’d be prompt on the annual fees if they are trying to make up that two hundred million.

  15. Aaron says:

    Make sure y’all PC/cancel within 30 calendar days of annual fee posting date. NOT STATEMENT DATE. They will NOT refund if more than 30 days.

    • Maria says:

      I don’t know about the Reserve, but for other Chase cards, I was refunded the annual fee after 35 days. So I don’t know if it’s a hard 30 day rule.

  16. James S says:

    I called for retention bonus, rep said there is no retention bonus for me. I am CPC with 80k in my checking.

  17. kleo says:

    I’ll be joining the “Because…AMEX Platinum!” bandwagon:
    **Meanwhile thinking to myself: “Hmm I wonder if this Chase rep noticed / can notice that I already have both the Personal and Biz AMEX Plats– bc if so, awkward). Good thing I have a backup plan.

    And I am actually quite optimistic about receiving a decent/good retention offer.

    Why?

    Well, a month ago I was resigned to the consensus view, e.g. that I’d be lucky if Chase offered me 200 Ultimate Monopoly points, (the Chase rep would then, while hanging up the phone on me, yell “don’t forget to pass by your recent statement and GO COLLECT $450, from your own bank account, and hand it over, thanks bye.”

    But that all changed. And in the past week I’ve gone from (1) resigned to: offer of Nada; to (2) an optimistic, “sir, may I please have som’more?” Les Miserables style; to (3) my CURRENT state: Because as of today, I feel almost *entitled* (not really, but for lack of a better word) to –at least(plz??)– a decent/good offer from Chase.

    WHY?

    Simple. When it comes to, you know, the 15 other cards I have…let’s just say that I am not a saint. But, “what about my Chase Reserve?!!” I’m glad you asked. My Reserve is the freaking pope, 100% legit purchases, foregoing any giftcard and other MS, and racking up over $380k and counting in all legit purchases for the year. My Pontiff Reserve played by the books. And he deserves to be rewarded accordingly. It would, indeed, be shame on Chase if they tried to besmirch Pope Reserve simply because of certain [alleged] activities on 15 completely different cards (aka my other cards).

    So as for me, I’ve got Pontiff Reserve’s back. Either a full fee waiver or $50k UR points is appropriate here. [*Let’s all hope Chase doesn’t cancel every single one of my accounts as a result of this convo]

    Your Thoughts?

  18. Alex Do says:

    CPC for 5+ years, AF due 10/1, called this week, no retention. Transferred all UR points to another card and called again two days later, still no Retention. Almost 100k spend on card last year.

  19. Peddi says:

    Me and my wife both applied on the same day last year. I see $450 annual fee on my account but on my wife’s account I see $450 Credit but not fee. Should I call them and ask or wait for them to correct it and then call? Thank you

  20. hiro protagonist says:

    My CSR comes up for annual renewal this month. I probably average 2-3K spending on the card per month.

    I called to try to get a loyalty bonus, threatening to cancel my card. The rep. offered me numerous downgrades but said there was no loyalty promotion on this card at this time.

    I have several other Chase cards.

    I also spoke with a “supervisor” who took the same hard line.

    I got the feeling this is firm policy. If anybody has better luck than I did please let us know.

  21. Aaron says:

    My CSR AF posted on 9/1. I am not CPC. I called to inquire about downgrading or canceling my card and received no retention offer.

  22. SQ says:

    No retention offer for me as well. I hung up the first time and tried again, when the rep said he ll go ahead and cancel it, i asked for a retention bonus directly. He said there are no retention bonus offers for this card.

    • Feb S says:

      Someone else has come out and shared his story on FlyerTalk: his wife also received the same kind of credit labelled “MEMBERSHIP FEE CREDIT”. He hasn’t contacted Chase because he also doesn’t know if this is a real deal or a mistake. But this means that I’m not the only one and there could be more people out there getting this same credit.

      The Transaction Name is different from an Annual Fee refund that you may get if you cancel your CSR. This kind of refund is labelled “ANNUAL FEE REFUND” instead.

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