Chase Sapphire Preferred Increases Old Annual Fee: $85 Annual Fee Now $95 Annual Fee

The Chase Sapphire Preferred® Card has it’s fair share of benefits; double points on all dining and travel expenses, no foreign transaction fees, UR capability, all on top of a pretty attractive 50,000 Bonus Point + 5,000 AU Bonus when you accomplish the necessary requirements. This is a card that’s still revered as one of the top performers for frequent travelers and for those who sought after this card when it first made it’s appearance, those cardholders who have paid an annual fee of $85 currently receive a letter from Chase that stated quite the ultimatum. Those who still hold onto the $85 annual fee on a CSP will have to pay the standard $95 annual fee and if you rejeect the change, your card will be cancelled then and there.

Alternative Credit Cards:

• Chase Freedom Unlimited^SM
• Starwood Preferred Guest® Credit Card
• Gold Delta SkyMiles® Credit Card from American Express

 Chase Sapphire Preferred Increases Old Annual Fee Summary:

• Cardholders that are currently paying a $85 annual fee on the Chase Sapphire Preferred® Card will have to pay the standard $95 annual fee as of August 20, 2017.
• Those who do not comply or rejects the proposition will have their cards canceled.

Products worth switching to:

• Chase Freedom® Card – 5% cash back on rotating categories, max $1,500 in spend. Currently $150 Cash Back Bonus attached.
• Chase Freedom Unlimited^SM – 1.5% cash back everywhere. Currently $150 Cash Back Bonus attached.
• Chase Sapphire Reserve – 3x on Travel/Dining, $300 Annual Credit. Currently 50,000 UR Bonus attached.

Chase Sapphire Preferred Card Features:

• Earn 50,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. That’s $625 in travel when you redeem through Chase Ultimate Rewards®
• Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
• 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases
• No foreign transaction fees, plus chip-enabled for enhanced security and wider acceptance
• 1:1 point transfer to leading frequent travel programs at full value – that means 1,000 Chase Ultimate Rewards points equal 1,000 partner miles/points
• Premium Travel and Purchase Protection Benefits, including Trip Cancellation/Trip Interruption Insurance, Auto Rental Collision Damage Waiver, Purchase Protection and more
• 24/7 direct access to dedicated customer service specialists
• Introductory Annual Fee of $0 the first year, then $95

Conclusion:

This shouldn’t affect most cardholders considering that the $95 annual fee is standard, however, if you’re still paying $85 annual fee on your Chase Sapphire Preferred® Card then odds are you’ll be subject to an annual fee increase by August 20, 2017. I don’t think the increase is crucial enough for those of you to go with canceling your card as an option, however, if you’re swaying towards such methods, I recommend switching products. Find our complete list of Credit Card Promotions from our exclusive list!