Sep 2, 2017, 7:31 pm
Last edit by: kerrigjl
In 2017, at the first renewal of the 2016 Chase Sapphire Reserve card,* no retention offers have been forthcoming. It appears that Chase is not offering retention bonuses on this card at this time, and will cancel the card at the cardholders request without further ado.
*A retention offer has been reported (though it's minimal): https://www.flyertalk.com/forum/28917524-post376.html
Posts 333 and 327 discuss a fee credit issued by Chase when cancelling the card. These have been called both "Annual Fee Refund" and "Membership Fee Credit."
This thread discusses the timing of both cancelling and product changing (downgrading to Sapphire Preferred) in order to 1) Keep from paying the $450 annual fee, and 2) possibly get a 2018 $300 travel credit before cancelling.
The rules changed for the travel credit on cards issued in May 2017, making the travel credit a calendar year issuance rather than a Dec statement to Dec Statement issuance.
The nuances discussed within this thread include changing your billing date, fees posting on the 1st of the month, and the 30 day window to cancel/60 day window to product change.
09/03/17 - 72k spend, no offer.
09/03/17 - 30k spend, no offer.
09/04/17 - 25k spend, no offer.
09/05/17 - 10k spend, no offer.
09/06/17 - 24k spend, no offer.
09/06/17 - Maybe 4-5K spend. No offer, closed.
09/06/17 - Spend unspecified, no offer.
09/07/17 - 10k spend, no offer.
09/12/17 - 15k annual spend, no offer, downgraded to Chase Freedom to preserve cl
09/18/17 - No offer.
09/22/17 - 25k spend, no offer.
09/29/17 - 17k spend, no offer.
10/02/17 - 64k spend, no offer.
10/10/17 - 16.5k, 2,500 point offer, declined.
10/13/17 - 165k, no offer.
10/13/17- No offer. ~$25k
10/21/17 - No offer, maybe $10k spend, transferred CL, cancelled.
03/02/18 - No offer, ~$13.5k spend
*A retention offer has been reported (though it's minimal): https://www.flyertalk.com/forum/28917524-post376.html
Posts 333 and 327 discuss a fee credit issued by Chase when cancelling the card. These have been called both "Annual Fee Refund" and "Membership Fee Credit."
This thread discusses the timing of both cancelling and product changing (downgrading to Sapphire Preferred) in order to 1) Keep from paying the $450 annual fee, and 2) possibly get a 2018 $300 travel credit before cancelling.
The rules changed for the travel credit on cards issued in May 2017, making the travel credit a calendar year issuance rather than a Dec statement to Dec Statement issuance.
The nuances discussed within this thread include changing your billing date, fees posting on the 1st of the month, and the 30 day window to cancel/60 day window to product change.
09/03/17 - 72k spend, no offer.
09/03/17 - 30k spend, no offer.
09/04/17 - 25k spend, no offer.
09/05/17 - 10k spend, no offer.
09/06/17 - 24k spend, no offer.
09/06/17 - Maybe 4-5K spend. No offer, closed.
09/06/17 - Spend unspecified, no offer.
09/07/17 - 10k spend, no offer.
09/12/17 - 15k annual spend, no offer, downgraded to Chase Freedom to preserve cl
09/18/17 - No offer.
09/22/17 - 25k spend, no offer.
09/29/17 - 17k spend, no offer.
10/02/17 - 64k spend, no offer.
10/10/17 - 16.5k, 2,500 point offer, declined.
10/13/17 - 165k, no offer.
10/13/17- No offer. ~$25k
10/21/17 - No offer, maybe $10k spend, transferred CL, cancelled.
03/02/18 - No offer, ~$13.5k spend
Chase Sapphire Reserve: Renewal & Retention
Sep 14, 2017, 1:20 pm
#226
Join Date: Nov 2013
Posts: 406
I'm a bit surprised to see how many folks here are downgrading or cancelling now instead of waiting until your December statement cuts and capturing some of next year's travel credit. This excellent article that pallhedge posted runs down the math.
Bottom line:
Bottom line:
Sep 14, 2017, 1:36 pm
#227
FlyerTalk Evangelist
Join Date: Sep 2006
Location: Toledo, OH
Programs: Delta DM & MM, Hilton DM, Marriott gold, Hyatt Globalist, Alaska 75K, Wyndham Diamond,
Posts: 15,399
Well,most people are not rational. Also, some may get fee-based cards and then later get into debt on them--which is what the bank wants, right? After all, That is why the limit Chase gives me on each of my fee cards so much higher than on the no-fee cards that have 0% intro balance transfer or purchase rates! Debt denial is a real thing for many people. Deny the debt or have some lofty goal that you will magically pay it off--so you don't have to product change your rewards card to one with no fee and low balance transfer rates! Burying your head in the sand is a common response.
Also, purposely not withholding enough from taxes can cause the IRS to assess a penalty if the amount not withheld is too great! As a CPA, you should know that.
Also, purposely not withholding enough from taxes can cause the IRS to assess a penalty if the amount not withheld is too great! As a CPA, you should know that.
Carrying a large balance on a high interest card is a great deal for the bank (providing they aren't a deadbeat). I've heard some banks consider people like me a deadbeat because they aren't making any money in interest off me
Sep 14, 2017, 7:30 pm
#228
Join Date: Oct 2016
Posts: 1
Bad news
Beware guys. I've downgraded my card to freedom unlimited and chase not willing to waive the Annual fee $450. Obviously too many cancellations. Any suggestions how I can get the fee back.
Sep 14, 2017, 8:15 pm
#229
Join Date: Sep 2014
Location: TPA/DFW/K15
Programs: AA EXP, Mar AMB, HH LT DIA
Posts: 1,652
I'm a bit surprised to see how many folks here are downgrading or cancelling now instead of waiting until your December statement cuts and capturing some of next year's travel credit. This excellent article that pallhedge posted runs down the math.
Bottom line:
Bottom line:
I've turn many of my business associates onto this card when the sign up bonus was 100K. I don't think any plan to downgrade. This is a $150 card. My wife has a separate card for her business and I'm pretty sure she'd kill me if I downgraded it.
Between the two of us, we spend in excess of 300 nights away from home. In good conscious, I couldn't call in and attempt to ask for a retention offer. I like this card too much.
Sep 14, 2017, 10:33 pm
#230
FlyerTalk Evangelist
Join Date: Sep 2002
Location: Between AUS, EWR, and YTO In a little twisty maze of airline seats, all alike.. but I wanna go home with the armadillo
Programs: CO, NW, & UA forum moderator emeritus
Posts: 35,426
Are there really that many people who are downgrading this card or is it a very vocal minority of FT'ers?
I've turn many of my business associates onto this card when the sign up bonus was 100K. I don't think any plan to downgrade. This is a $150 card. My wife has a separate card for her business and I'm pretty sure she'd kill me if I downgraded it.
Between the two of us, we spend in excess of 300 nights away from home. In good conscious, I couldn't call in and attempt to ask for a retention offer. I like this card too much.
I've turn many of my business associates onto this card when the sign up bonus was 100K. I don't think any plan to downgrade. This is a $150 card. My wife has a separate card for her business and I'm pretty sure she'd kill me if I downgraded it.
Between the two of us, we spend in excess of 300 nights away from home. In good conscious, I couldn't call in and attempt to ask for a retention offer. I like this card too much.
Sep 14, 2017, 11:48 pm
#231
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,082
Welcome to FT. Give us some actual dates and data pts on closed & converted cards first. You may have to HUCA. Or just cancel the FU.
Sep 15, 2017, 6:02 am
#232
Join Date: Sep 2011
Posts: 1,857
Thanks for the DP. As I suspected, the reddit post about no more pro-rated CSR refunds was just another case of misinformation from a Chase phone rep.
Last edited by mia; Sep 15, 2017 at 9:50 am Reason: Combine consecutive replies.
Sep 15, 2017, 7:35 am
#233
Join Date: Aug 2012
Location: SEA
Programs: Bonvoy Gold
Posts: 1,946
Are there really that many people who are downgrading this card or is it a very vocal minority of FT'ers?
I've turn many of my business associates onto this card when the sign up bonus was 100K. I don't think any plan to downgrade. This is a $150 card. My wife has a separate card for her business and I'm pretty sure she'd kill me if I downgraded it.
Between the two of us, we spend in excess of 300 nights away from home. In good conscious, I couldn't call in and attempt to ask for a retention offer. I like this card too much.
I've turn many of my business associates onto this card when the sign up bonus was 100K. I don't think any plan to downgrade. This is a $150 card. My wife has a separate card for her business and I'm pretty sure she'd kill me if I downgraded it.
Between the two of us, we spend in excess of 300 nights away from home. In good conscious, I couldn't call in and attempt to ask for a retention offer. I like this card too much.
Sep 15, 2017, 7:42 am
#234
Join Date: Aug 2007
Location: Truth or Consequences, NM
Programs: HH Diamond, Marriott Titanium, Hertz President's Circle, UA Silver, Mobile Passport Unobtanium
Posts: 6,193
Sep 15, 2017, 8:20 am
#235
Join Date: Sep 2015
Location: flyover country
Posts: 2,435
Several years ago, I heard that banks used the term deadbeat for people who pay their credit card balances in full each month. It hurts to be called a deadbeat, but it would hurt a lot more to pay interest.
Sep 15, 2017, 8:45 am
#236
Join Date: Sep 2011
Posts: 1,857
The pro-rated refund is a function of how much time has past since the last annual fee. Using Diplomatico's example to illustrate, the last annual fee was 10/1/16 so s/he used 11 months and got 1 month refunded (September 2017).
My recommendation to those in the same situation is to wait until late December to downgrade, that would be <60 days from the 10/1/17 annual fee posting, so the $450 that would be paid in October would be fully refunded.
Ultimately, in this example, the opportunity to monetize the full $300 2018 travel credit would have only cost the $37.50 that was refunded yesterday.
Last edited by pallhedge; Sep 15, 2017 at 9:15 am Reason: Removed personal references
Sep 15, 2017, 8:48 am
#237
FlyerTalk Evangelist
Join Date: Sep 2006
Location: Toledo, OH
Programs: Delta DM & MM, Hilton DM, Marriott gold, Hyatt Globalist, Alaska 75K, Wyndham Diamond,
Posts: 15,399
The banks are still making a lot off my transaction fees. I'm sure the bank would rather have someone pay in full every month with no interest than to have a true deadbeat that didn't pay at all.
Sep 15, 2017, 8:49 am
#238
Join Date: Aug 2007
Location: Truth or Consequences, NM
Programs: HH Diamond, Marriott Titanium, Hertz President's Circle, UA Silver, Mobile Passport Unobtanium
Posts: 6,193
I'm not sure that's of any note since whenever you downgrade, it's always prior to your next annual fee (whether that's 11.5 months or 30 days away).
The pro-rated refund is a function of how much time has past since your last annual fee. Yours was 10/1/16 so you used 11 months and got 1 month refunded (September 2017).
Had you waited until late December to downgrade, that would be <60 days from the 10/1/17 annual fee posting, so the $450 that you would have paid in October would have been fully refunded.
Ultimately, in your case, the opportunity to monetize the full $300 2018 travel credit would have only cost you the $37.50 you were refunded yesterday.
The pro-rated refund is a function of how much time has past since your last annual fee. Yours was 10/1/16 so you used 11 months and got 1 month refunded (September 2017).
Had you waited until late December to downgrade, that would be <60 days from the 10/1/17 annual fee posting, so the $450 that you would have paid in October would have been fully refunded.
Ultimately, in your case, the opportunity to monetize the full $300 2018 travel credit would have only cost you the $37.50 you were refunded yesterday.
Sep 15, 2017, 9:02 am
#239
Join Date: Sep 2011
Posts: 1,857
We'll see. Ultimately, in my case, you don't know my personal situation or the reasons I chose to take the course of action I did rather than act upon the advice from anonymous internet Yak. (There's also another DP in this thread of someone being denied a refund of the annual fee.)
FYI, I've edited my earlier post.
Last edited by mia; Sep 15, 2017 at 9:54 am Reason: Combine consecutive replies.
Sep 15, 2017, 11:59 am
#240
Join Date: Sep 2005
Location: JZRO
Posts: 9,169
How do you figure it makes sense for both you and your wife to have this card? Simply make her an AU on your card and she'll get all the benefits she gets now, but it will cost you $75 instead of $150.