• About
  • Contact Me
  • Disclosures & Privacy
  • Hire Me

Money Manifesto

  • Home
  • Spend Smarter
  • Destroy Debt
  • Increase Income
  • Save & Invest
  • Live Life
    • Best Credit Card Sign Up Bonuses
  • Cruising
You are here: Home / Credit Cards / Did I Get The Chase Sapphire Preferred Annual Fee Waived?

Did I Get The Chase Sapphire Preferred Annual Fee Waived?

By Lance Cothern This post may contain affiliate links. Find out more in our disclosures.

12 Jul
5shares
  • Facebook
  • Pinterest
  • Twitter
  • Reddit

chase_sapphire_preferred_credit_card_sign_up_bonusCredit card bonuses are something I chase after to earn some extra money with almost no extra effort. In fact, a little more than a year ago I signed up for my biggest credit card sign up bonus ever, the Chase Sapphire Preferred card.

At the time Chase required you to spend a few thousand dollars in the first three months to get 40,000 Ultimate Rewards points. These points were worth $400 cash or more than $400 in transfer programs. (Note: Credit card bonuses change often, so this program may not be the same today.) I spent the required minimum amount and Chase added the points to my account. It was a pretty sweet deal.

Except For The Annual Fee…

The only catch was there was a $95 annual fee that was waived for the first year and I’d have to remember to cancel if I didn’t want to pay the fee. No one wants to get stuck with a $95 annual fee if they aren’t getting the value out of the card. While I got a ton of value in the first year, I didn’t have any plans to transfer or accumulate a large number points in year two so the benefits of the Sapphire Preferred card weren’t going to be worth paying a $95 annual fee. So I had to try to get the annual fee waived.

Did I Get The Annual Fee Waived?

I did my research online and found out that virtually no one had gotten Chase to waive the full annual fee. There were a couple success stories of small Ultimate Rewards points bonuses to partially offset the fee, but there were no total offsets. This was a bummer, but Chase knows they have an awesome credit card rewards program with the Chase Sapphire Preferred card and that people need to pay to offset the benefits they offer.

So I called and asked them to waive the fee or give me a credit and the person said that they couldn’t. I asked again and she said my only option was to either cancel the card or downgrade to the regular Chase Sapphire card, which has fewer benefits and isn’t all that special. I decided to downgrade, since the downgrade doesn’t affect my credit in any way like closing a credit card would. The downgraded Chase Sapphire card doesn’t have an annual fee, so I can keep it open as long as I want.

Should I Have Tried Harder to Get The Fee Waived?

I could have tried harder by hanging up and calling again to see if a different representative could help me out, but it wasn’t worth it to me at this point in time. I could have asked to speak with a supervisor or their retention department, if they even have one, but again it wasn’t worth it to me this year.

Another reason I didn’t push for it is because if we ever need to transfer points again, Tori can apply for the card and then we can use her free year! We’ll probably do this the next time we have a vacation in the plans that involves airfare or a hotel stay that we want to get for free, because the Chase Sapphire Preferred card and its sign up bonus is one of the better credit card sign up bonuses out there right now.

My Top Secret Tip For Remembering About Annual Fees

Immediately write down a reminder 11 months from the day your credit card gets approved in whatever calendar you use. I personally put a reminder in my Outlook, Google Calendar AND my cell phone calendar. Even if I quit using one or two of the three reminder options, chances are I’ll get at least one reminder to cancel before the annual fee hits.

It also helps to always review every credit card statement, because many credit card companies will reverse an annual fee if you cancel within the first 30 to 60 days of the fee being posted. It isn’t guaranteed, but chances are you can pull it off.

What would you have done in my situation? Would you have paid the fee, downgraded to the other card or cancelled the card altogether?

5shares
  • Facebook
  • Pinterest
  • Twitter
  • Reddit

Filed Under: Credit Cards, Live Life, Uncategorized

About Lance Cothern

Lance Cothern holds a Certified Public Accountant (CPA) license in the Commonwealth of Virginia. He is a personal finance and credit expert that professionally writes for many personal finance publications including U.S. News & World Report, Credit Karma, My Bank Tracker, Choose FI, Centsai and more. He's the founder of Money Manifesto and has been writing about money as well as helping people solve their money problems since 2012. You can read more about him here or connect with him on Facebook, Twitter or Pinterest.

« 5 Clever Ways To Save Money on a Summer Vacation
Last Student Loan Debt Update Before Marriage – July 2013 »

Comments

  1. Justin @ The Family Finances says

    July 12, 2013 at 11:45 am

    I would have probably done the same thing as you, especially if you aren’t getting value from the ‘Preferred’ card. One thing to keep in mind is that even if it took you an hour on the phone going back and forth with a representative or, more likely, their supervisor to get the $95 fee waived, it would be equivalent to earning $95 an hour. That’s not too bad either.

    Reply
    • Lance Mlandm says

      July 15, 2013 at 5:56 pm

      Only if you use the perks of the card. Otherwise, you’ll have wasted an hour of your life 🙂

      Reply
  2. krantcents says

    July 12, 2013 at 10:16 am

    I did the same thing with a Marriott card. It is not a bad way to get the points and not pay for them.

    Reply
    • Lance Mlandm says

      July 15, 2013 at 5:57 pm

      Very True!

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • facebook
  • twitter
  • pinterest
  • feedburner
father, mother and son taking selfie picture on cruise ship overlooking waterHi, I'm Lance! I have a CPA license in Virginia. I am a personal finance and credit expert as well as a professional writer for U.S. News & World Report and Credit Karma. I want to help you master your finances and live your ideal life. Get started here, or learn about me.

As Seen On

logos of msn, usa today, huffpost, US News, CNBC, Business Insider, Kiplinger, The Motley Fool

travel for free text overlayed over mountain lake backdrop get out of debt overlayed over person using calculator and writing notes with pen on paper on wood desk

Disclaimers

MoneyManifesto.com may be compensated for sponsored placements or through clicking on certain links on this website. Information presented on Money Manifesto is intended for informational purposes only and is not meant to be taken as financial advice. While all attempts are made to present accurate information, it may not be appropriate for your specific circumstances and information may become outdated over time. I am not a personal finance professional and you should seek out a professional before making any financial decisions. Money Manifesto is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. I am compensated for certain paid links and advertisements on this blog. You are not obligated to click on any link or buy any products that are advertised.

Copyright © 2012–2019 Money Life Media, LLC