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Is it worth keeping the premium credit card for 2021?

BKMD

OK class, for our next discussion...

I have had a Chase Sapphire Reserve card for almost 4 years. Mine renews Jan 1 and the fee goes up from $450 to $550. In these times of no travel, is it worth keeping? One option is downgrading it to a Sapphire Preferred. Its fee is $95 and you keep your UR points. Benefits aren't quire the same, obviously, but not bad. The first travel expense you book with Sapphire Reserve, you get a $300 credit, so the card's annual fee is really $250, assuming there will be travel in 2021.

I wonder if Chase will lower the fee in the upcoming months. I haven't found anything on the Internet about people negotiating the fee down.

Comments?

Comments

Ken from Vegas

Looked at my Sapphire Reserve account today. Like BKMD (see his Jan 6 post in this thread) I was charged the $450 annual fee rather than the $550 fee quoted for new cardholders. So it looks like they are grandfathering existing cardholders at the lower fee, at least for now. Glad I decided to keep the card.

BKMD

I just completed my $300 travel credit for the year with grocery store purchases. I believe that temporary benefit expires in April, but it wouldn't surprise me if they extend it with travel still on hold for the most part.

Portolan

Triple points for grocery purchases through April, as well. Valuing points at 2 cents/per, this (conservatively...we only use them for premium cabin flights), this alone will go a long way toward the $150 net cost (after travel & grocery $300 credit). Always triple points for restaurants and we're doing a lot of carry-out, too.

BKMD

Oddly, I did one takeout a few weeks ago that didn't count as a restaurant. The order was placed online through a third party service which wasn't categorized correctly by Chase. I changed the category manually on the Chase web site, but that didn't affect the points. it was a cheap meal, so not worth bothering to call them over it.

Portolan

Yup. That was a purchase from a delivery service, not the restaurant. They also pay the restaurant at reduced rates so, if possible, much better for the restaurant to order curb-side delivery and pick it up yourself.

Having said that, I forgot that another current incentive is $60 towards a DoorDash delivery this year (and there was $60 for last year). So. it'll be the one delivery order we place this year.

BKMD

The 3x points on groceries and pay yourself back options were set to expire on Apr 30. They've been extended to Sept 30, 2021, per The Points Guy and CNBC artciles I read.

Ken from Vegas

BKMD-
At this time, the Chase website shows them still expiring on 4/30. I looked on the Points Guy's website and couldn't find any mention of an extension.

NancyCohen

The AMEX Platinum card has offered some favorable incentives: spend $100 at Best Buy online and get a $50 credit (this can be done twice); some promotion for purchases online at Home Depot. Also cardholders can get a $30 credit every month in 2021 for PayPal transactions. You must first enroll in these promotions in the AMEX site. This certainly goes a long way in paying for the card!

British

We have used all three promotions that Nancy mentioned. The Home Depot one was $50

AlanS

I think I outfoxed myself. We have the Platinum Delta/AMEX card and during negotiations about keeping it they made various offers to reduce the renewal fee, one of which required a certain spend by a certain date. If our trips had gone the spend would have been no problem, but you know how that turned out. Bottom line, if you call they will deal.

NancyCohen

British - you can get the $50 credit twice at Home Depot. But this offer expires mid-June.

BKMD

Ken - this first article includes info on the Pay Yourself back extension:
https://thepointsguy.com/news/chase-pay-yourself-back-travel-credit-extensions/

I can no longer find info on groceries being extended. Perhpas the articles were in error and they were pulled. If so, my apologies on the misinformation

British

Thanks Nancy, apparently we have had the two lots of $50 from Home Depot already. Mr B is the master of the credit cards

Ken from Vegas

BKMD- Re: Sapphire Reserve Card
Well the pay yourself back on groceries extension to 9/30/21 finally showed up today. They were just slow in updating the website. Also, I was able to pay myself back for my annual card fee (with 50% bonus points), as well. That just showed up today. From what I can tell. the 3X points on grocery purchases has gone away. That's Okay. So long as I can burn through some of my points buying groceries, I'm happy.

BKMD

I had a grocery store purchase on may 3 and it did not get awarded the 3x points, so this confirms the grocery store multiplier was not extended beyond 4/30. Back to using cash...