A Higher Annual Fee Could Be Coming to the Chase Sapphire Preferred Card

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A Higher Annual Fee Could Be Coming to the Chase Sapphire Preferred Card

Million Mile SecretsA Higher Annual Fee Could Be Coming to the Chase Sapphire Preferred CardMillion Mile Secrets Team

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According to Wandering Aramean, Chase is doing market research on higher annual fees for the Chase Sapphire Preferred card.  The fees being tested are $125 and $149.  That is is a big increase from the current $95 annual fee!

The application page looks the same, except for a different annual fee and phone number.  The annual fee you get could be $95, $125, or $149.  So be careful if you apply for this card directly through Chase!

If you apply through my link, you will still get the $95 fee.  For now at least.

Chase Sapphire Preferred

Link:   Chase Sapphire Preferred

Link:   My Review of the Chase Sapphire Preferred

The Chase Sapphire Preferred gives you:

  • 40,000 Chase Ultimate Rewards points when you spend $4,000 within 3 months
  • 5,000 Chase Ultimate Rewards points when you make your first purchase and add an authorized user within 3 months 
  • 2X points on travel and dining
  • Annual Fee waived the 1st year, then $95 (for now)
  • NO foreign transaction fees

I like the Chase Sapphire Preferred card because you can transfer the points you earn to airline and hotel partners at a 1:1 ratio.  We’ve taken some great trips – to Paris, India & Macau – because of these transfers such

Pros Cons Of Changing Your Sapphire Preferred To The No Annual Fee Sapphire Card
Chase Sapphire Preferred Transfer Partners

You can also redeem your points for gift cards at 1 cent per point.  So the 40,000 point bonus is worth $400 in gift cards.  And you get an extra 5,000 points for adding an authorized user.

But I prefer to transfer Chase Ultimate Rewards points to airlines and hotels because I can get much more than $400 worth of travel from the points.  This is 1 of the main ways Emily and I can have Big Travel with Small Money!

Bottom Line

Chase is testing out higher annual fees of $125 and $149!  So if you plan on applying for the Chase Sapphire Preferred card, you may want to apply now to avoid paying a higher annual fee later.

That said, remember that the annual fee is waived for 1st year.

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Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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my renewal just hit with a $125 annual fee. I chose to cancel the card.

If Chase increases the annual fee for the Chase Sapphire Preferred from $95 to whatever, you will will be billed the new amount when your credit card hits its anniversary date. You can either cancel the card or downgrade/convert your credit card to a Chase Sapphire or Chase Freedom Credit Card.

Chase is allowed to change the annual fee because it is in the cardmember agreement (that 15-20 page pamphlet that they mail out every few months). If you do not read and respond to the new cardmember agreement, you are essentially agreeing to the new terms that Chase sets and will be charged whatever annual fee and other interest rates as specific in the cardmember agreement.

I personally highly doubt Chase will increase the annual fee. Most of their other credit cards and business credit cards have a $95 or lower annual fee.

Daraius, can Chase increase the annual fee for existing customers who have applied with the $95 fee, or people who do so between now and the fee increase? Or is the “contract” for a $95 fee and cannot be changed?

My math keeps me right on the edge of the keep/cancel decision on this card. Any fee hike and the card topples out of my wallet.

@Ken They’ll give you a replacement card with chip if you ask. However, it’s Chip & Signature instead of Chip & PIN.

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