I love surPRIZES of all kinds…especially ones that come in the mail. You never know what you are going to get (insert Tom Hanks image here in your head) and hope that it’s something really cool. However, yesterday I got a surprise from Chase which I didn’t really like. It was a notice of an annual fee increase on one of my favorite cards – the Chase Sapphire Preferred VISA card. I have had this card for sometime, and enjoy the many benefits, which include 2x on dining purchases, 2x on travel purchases, which include rental cars, hotels, and airfare. Just with the dining perks alone, I rack up tons of points because those morning lattes & raspberry scones can add up.
Currently, I am paying $85 annually to keep this card, which I think is fair, but starting late summer, the fee will be $95. Like any other institution, Chase has to make a profit…okay, I get that. However, its the terms of the increase that I am not happy about. The letter states:
Rejecting this change: you the right to reject the change in the Revised Terms table. You want to reject it, you must contact us by 08/20/17. If you reject this change, we will close your account and you will not be able to use it for new transactions.
For this loyalty, I am not compensated for the upcoming increase. They are not offering any other alternatives, other than to close the account, if I am not in agreement with the new fee. This in my opinion is just bad customer service, from a customers point of view. If you get a bad meal at a restaurant, rest assured your bill will decrease, or that chocolate molten lava cake will be given to you at the end, for compensation. Chase isn’t doing anything, according to this letter, for those who signed up early for this card. An additional $10 is not going to bring the house down, but money is money. It’s also fair to note I actually had decided to cancel this card after two years, but the Chase rep on the phone raved about how I was special and only paying $85 rather than $95, which made my mind to keep the card ever since.
In all fairness, they should compensate folks who are on the old annual feel structure with additional Ultimate Reward points for the increase. I have not reached out to them, yet, but will do so in the coming days and see what they propose to do on compensation, if any. I will update this post with my results. Anyone else get this letter, or similar? I’d love to hear what strategy you took on it.