Cardholders of Chase Sapphire Reserve will get a $100 annual fee credit if their account renewal date is between 1 April and 1 July 2020.
Chase Sapphire Reserve cardholders are expected to have their $550 annual fee reduced to $450, amid coronavirus COVID-19 pandemic.
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A Chase spokesperson told CNBC Select: “Given this very unique time, we are providing a one-time, automatic $100 credit towards the new annual fee.”
A Chase spokesperson confirmed that at this time, only cardholders with account renewal dates between 1 April and 1 July 2020, are eligible for the $100 annual fee credit.
Its notification on the $100 statement credit reads: “We recognize this is a difficult time for everyone.
“As a way to help, we’re providing you with a one-time $100 statement credit toward the 2020 $550 annual fee on your Reserve credit card.
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By GlobalData“On an upcoming billing statement (based on your renewal date), you’ll see a $550 charge for the annual fee, followed by a $100 statement credit.
“We will continue to bill the $550 annual fee in 2021.
“Because this credit only applies to open Reserve accounts, if you’ve closed your Reserve account or traded to another credit card before your renewal, you will not receive the $100 statement credit.
“We know COVID-19 has affected people in many different ways. Please check chase.com/StayConnected for updates and helpful ways to stay connected to your accounts.”
Cardholders are not required to take any action on their part to receive the $100 credit.
