Posted by William Charles on August 24, 2017
Credit Cards

Published on August 24th, 2017 | by William Charles

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[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.



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

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Cain
Cain

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
Deb

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

Brad
Brad

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
Cain

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.

Justin
Justin

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?

Tracie
Tracie

If you don’t have another premium card you lose the ability to transfer UR to travel partners.

Marco
Marco

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.

Marco
Marco

By the way. I am not CPC.

Papas
Papas

Marco, what state do you live in? Trying to gather DP’s, some have indicated it’s only in MA that prorated refunds apply.

Marco
Marco

I’m in NY. I’m pretty sure that the refund isn’t state restricted.

Ben
Ben

Received in LA also

Andrew
Andrew

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

Andrew
Andrew

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.

East Dome
East Dome

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

VR
VR

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

Cain
Cain

Credit limit and APR stay the same. I think credit score isn’t affected because it appears as the same account it’s just now a different product.

J
J

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

Brad
Brad

Jesus…

I hope it wasn’t your only daily driver.

J
J

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.

Maria
Maria

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.

MoreSun
MoreSun

Uh- no one has even asked for a retention offer yet while the AF is charged to their account because the first round of AFs won’t hit for another week…

Brad
Brad

Actually, don’t expect any DP until middle or late September. I got mine as part of the leaked link and my AF posts on 10/1.

Jeremy
Jeremy

Any news about return to 100k sign up bonus?

Chase
Chase

lol

Kevin
Kevin

Yup, I would expect it to return right after they find the Loch Ness Monster

SB
SB

Why you gotta bring Nessie into this

Superchurn
Superchurn

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
tedbrogen

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
Tracie

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

Jim
Jim

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
David

how expensive? only $50 annual fee

Brad
Brad

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

Beth
Beth

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
Brad

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

Beth
Beth

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
Brad

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).

Frank
Frank

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.

Brad
Brad

Did you confirm when your AF would post? Go check and make sure it wasn’t going to be in October.

JT
JT

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”?

Brad
Brad

Check your most recent statement. I thought the same and it’s actually 10/1.

JT
JT

I see. Mine is confirmed 9/1. My INK+ statement does not have this feature, but I assume it will be 9/1 as well. Got it at the same time as CSR w/ waived 1st AF.

Brad
Brad

Interesting. Did you apply in August or September? I was part of the leaked link and figured it would be 9/1 but I get an extra month.

JT
JT

I applied several days after official release in branch. It was in August.

Cain
Cain

Where do you see when the fee will post before it does?

Brad
Brad

It’s in the comment you replied to – your most recent statement.

Cain
Cain

Yeah I’m asking where on the statement because I see nothing on my statement about the annual fee for the coming year. Last year posted on 9/1 so I assumed this year would be the same.

Brad
Brad

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
Cain

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.

Aaron
Aaron

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
Maria

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.

James S
James S

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

kleo
kleo

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?

Alex Do
Alex Do

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.

Peddi
Peddi

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

hiro protagonist
hiro protagonist

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.

Aaron
Aaron

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.

SQ
SQ

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
Feb S
Feb S
Feb S

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.

John K
John K

Not CPC. Called 12/7, did not receive a retention offer. Downgraded to a second Chase Freedom category card (already had one, she said no problem downgrading to a second, she’s seen it before). It was a fun ride, CSR, I’ll miss cashiers saying, “This card is so heavy!” 🙂

and at last, I say goodbye to my CSR. I think this moment deserves a haiku:

~~
Sapphire Reserve
One Thousand, Plus Six Hundred
Gone, Not Forgotten
~~

XD

Mike
Mike

Just called to cancel my CSR in hope of getting a reduced AF or some sort of retention offer. No dice.

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