mnocket Posted January 2, 2021 #1 Share Posted January 2, 2021 I'm not sure I should renew my Chase Sapphire Reserve credit card. It has a very high annual fee and I'm not sure I will have enough (any?) travel expenses in 2021 to offset this fee. I'm wondering what others, who don't foresee much traveling in 2021, are doing about renewing high fee travel cards. Thoughts? Link to comment Share on other sites More sharing options...
neverbeenhere Posted January 2, 2021 #2 Share Posted January 2, 2021 We have 18 days in Maui and eight cruises booked(who knows how many sail) for 2021. Undoubtedly, we will head to hotels to get away and to heal our wounds, if we don't get to sail. Link to comment Share on other sites More sharing options...
Charles4515 Posted January 2, 2021 #3 Share Posted January 2, 2021 51 minutes ago, mnocket said: I'm not sure I should renew my Chase Sapphire Reserve credit card. It has a very high annual fee and I'm not sure I will have enough (any?) travel expenses in 2021 to offset this fee. I'm wondering what others, who don't foresee much traveling in 2021, are doing about renewing high fee travel cards. Thoughts? I have made the Reserve card work. I used my 2020 travel expenses last January. Also I renewed Global Entry. They have Pay yourself back. https://thepointsguy.com/guide/chase-pay-yourself-back/ so I think I can use it this year. I still have 200,000 points so not canceling. AMEX Platnium is the card I am considering not renewing. Link to comment Share on other sites More sharing options...
K32682 Posted January 2, 2021 #4 Share Posted January 2, 2021 Nope. Mine is not being renewed. Link to comment Share on other sites More sharing options...
clo Posted January 2, 2021 #5 Share Posted January 2, 2021 Ours got renewed in about July. They have hadsome decent incentives this past year and some continuing til April. 1 Link to comment Share on other sites More sharing options...
Rare c-boy Posted January 2, 2021 #6 Share Posted January 2, 2021 ours is up for renewal in February. We use it frequently, and the benefits are too good to pass up. 1 Link to comment Share on other sites More sharing options...
crystalspin Posted January 3, 2021 #7 Share Posted January 3, 2021 If I don't save my points for travel expenses, I can spend them on Amazon (lesser dollar value, but keeps them from expiring)(to Sapphire Reserve points expire? Need to ask my banker...). We love the Reserve card for everything else, and it is the card we have signed up for many auto-payments, so we will keep the card. Travel will come back! It wouldn't make sense to drop it for 2021 just to reapply in 2022. For us. Link to comment Share on other sites More sharing options...
Nic6318 Posted January 3, 2021 #8 Share Posted January 3, 2021 Hi Obviously, it would depend on the card and the benefits offered. For myself, of course I will keep it. That "premium" card is one of three that I use regularly, but is the only one I "pay" a fee. They all give me benefits/rewards and I use them to get maximum benefit, if possible. They all give either cash back or what I would consider an acceptable equivalent, without expiration. The premium card, naturally gives much more. Travel and medical insurance, free stock trades, premium interest rates on GIC's, additional product protection, and the list goes on. One that I did really like using was free access to the premium airport lounges (I think 10 times a year for me). So, I am not traveling and don't need travel insurance, but I continue to get the other benefits. The value of those are still more than the premium that would be paid, for me, but this particular company/bank further sweetened the deal by waving the fee if you maintain $5000 in a checking account. Since I had normally kept close to that amount in that account and potential interest lost is close to nil, for me it was a no brainer. Like all things, you need to determine if there is value there for you, but always remember if you spend a little time researching, you might find a better product. Link to comment Share on other sites More sharing options...
Philob Posted January 3, 2021 #9 Share Posted January 3, 2021 Just a note, if you cancel your Sapphire or Reserve card and reapply within 24 months, Chase won't give you the sign-up bonuses. If you get 4(?) new credit cards in the prior 24 months you won't get any card from Chase. These policies were in place to avoid churning cards for cash/points and before CV19, so they may have been modified to attract/keep more customers. 1 Link to comment Share on other sites More sharing options...
clo Posted January 3, 2021 #10 Share Posted January 3, 2021 7 hours ago, crystalspin said: If I don't save my points for travel expenses, I can spend them on Amazon (lesser dollar value, but keeps them from expiring)(to Sapphire Reserve points expire? Need to ask my banker...). Here's the info. We each got a card for the signup bonus and when mine came up for renewal we transferred the points to Bob's account. Transferring to another person's account “You can move your points, but only to another Chase card with Ultimate Rewards belonging to you, or one member of your household. ... However, when you transfer points to someone else's Ultimate Rewards account, he or she must be a member of your household.Sep 24, 2020 How to transfer Ultimate Rewards points between accounts ... thepointsguy.com › guide › transfer-ultimate-rewards-p... Link to comment Share on other sites More sharing options...
JRG Posted January 5, 2021 #11 Share Posted January 5, 2021 On 1/2/2021 at 3:14 PM, c-boy said: ours is up for renewal in February. We use it frequently, and the benefits are too good to pass up. Ours gets us into the airport lounges but its not cheap. I have to hand it to our credit card company though because they rebated 50% back to us recognizing that we could not use the airport lounge service during COVID. What's in your wallet? 1 Link to comment Share on other sites More sharing options...
compozer Posted January 9, 2021 #12 Share Posted January 9, 2021 I never thought about it but I really lost a lot of money with no cruising last year. I usually come out ahead but not 2020. I plan to travel asap so my AMEX should start paying for itself soon. Link to comment Share on other sites More sharing options...
Joebucks Posted January 9, 2021 #13 Share Posted January 9, 2021 While I haven't cruised in a while, I have still traveled. I may have even earned more value from my CSR in the past year than normal. Between the new 5x bonus categories, pay yourself back, doordash credit, and lyft benefits, on top of everything else, I did just fine. I guess if you can't even use your $300 travel credit (which I think they let you use on other categories) or don't dine at all, then I would cancel it. 1 Link to comment Share on other sites More sharing options...
Charles4515 Posted January 9, 2021 #14 Share Posted January 9, 2021 57 minutes ago, Joebucks said: While I haven't cruised in a while, I have still traveled. I may have even earned more value from my CSR in the past year than normal. Between the new 5x bonus categories, pay yourself back, doordash credit, and lyft benefits, on top of everything else, I did just fine. I guess if you can't even use your $300 travel credit (which I think they let you use on other categories) or don't dine at all, then I would cancel it. I used my $300 last January for 2020. You can use the $300 for gas and groceries until June this year. I think I can manage that. Also I read they are giving a $100 credit on renewals this year. Link to comment Share on other sites More sharing options...
Rare c-boy Posted January 9, 2021 #15 Share Posted January 9, 2021 On 1/5/2021 at 6:48 AM, JRG said: Ours gets us into the airport lounges but its not cheap. I have to hand it to our credit card company though because they rebated 50% back to us recognizing that we could not use the airport lounge service during COVID. What's in your wallet? ..." What's in your wallet?.. " 😄 we still travel (ed) a lot, mostly business. We went from NetJets to the Wheels Up Costco plan. Used the Sapphire card to pay for membership. Link to comment Share on other sites More sharing options...
clo Posted January 10, 2021 #16 Share Posted January 10, 2021 8 hours ago, Charles4515 said: Also I read they are giving a $100 credit on renewals this year. That would be nice. And, yeah, we've had no problem justifying it. Link to comment Share on other sites More sharing options...
Joebucks Posted January 10, 2021 #17 Share Posted January 10, 2021 On 1/9/2021 at 12:22 PM, Charles4515 said: Also I read they are giving a $100 credit on renewals this year. Basically offsetting the $100 increase, keeping it at $450 for now Link to comment Share on other sites More sharing options...
compozer Posted January 10, 2021 #18 Share Posted January 10, 2021 That would be nice!! thanks for the info Joebucks Link to comment Share on other sites More sharing options...
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