I just got a secure message through my Chase account regarding the upcoming $550 annual fee on my CSR. “We recognize this is a difficult time for everyone. As a way to help, we’re providing you a one-time $100 statement credit toward the 2020 $550 annual fee on your Reserve credit card. 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.
I wasn’t super worried about the increased fee as I still get value out of the travel credits, insurance and increase in Ultimate Rewards points redemption but had considered closing my account. This is enough to keep me a customer for another year. I don’t find much value in the new Doordash or Lyft credits as I will only use those when I travel but neither service is available in my rural town, yet.