【TLDR 升降机】如何获得 Chase Sapphire Reserve 的净负年费

Below is a method to have the Chase Sapphire Reserve card (DashPass, Priority Pass, etc.) with a net negative annual fee.

Obviously, if you are eligible for the sign-up bonus, it is better to go that route and downgrade after 1st annual fee posts.

Call to change/upgrade Freedom card to Sapphire Reserve.
Spend first $300 travel expenses (eg refundable ticket), get reimbursed.
Wait for 2nd annual fee to post.
Spend second $300 travel expenses, get reimbursed.
Product change to Freedom Ultimate Rewards within 30-41 days of statement with second annual fee, get second annual fee reimbursed.
Net annual fee = $550-300x2 = -$50.


  1. Take your existing Chase card (have done with Chase Freedom 5% Visa = “Chase Freedom Ultimate Rewards” cards but others likely work) and find number on back of card. For Freedom it is 1-800-524-3880. Go ahead and call.

  2. After verifying yourself, ask representative to change to the Chase Sapphire Reserve card. Listen to their required disclosures and say “Yes.”

  3. You can probably start enjoying the benefits within 1-3 days of above call, but I just wait to receive card and activate it first. The $300 travel credit should work right away (definitely once card is received and activated), so go ahead and use that. You have plenty of time so probably do it organically, but in a pinch can buy a refundable ticket and cancel sometime later.

  4. A few months in (NOT immediately), the $550 annual fee will post. You have already redeemed your first $300 travel credit so net fee paid will be $250 at this point.

  5. Continue to enjoy your Chase Sapphire Reserve benefits. Note: the $300 travel credit MAY actually reset a year AFTER your upgrade and BEFORE the next annual fee posts, but I just wait for the second annual fee to post.

  6. Once the second annual fee posts, go ahead and use the NEW $300 travel credit. Here you have limited time so the refundable ticket method followed by cancellation a few days later works perfectly. Once the STATEMENT containing the second annual fee posts, you have somewhere between 30-41 days to downgrade the card and get it refunded. I probably would not push it out too much, but that is just me.

  7. When ready to downgrade, go ahead and call the number on the back of your Sapphire Reserve card 1-800-436-7970. Authenticate yourself and tell them you are no longer using the benefits (have other travel cards, reviewing all of your annual fees, etc.) and would like to change to the “Chase Freedom Ultimate Rewards” card (this is the term for the old Chase 5% rotating category VISA card). Sometimes I remind them that this is the 5% rotating category VISA card but probably not necessary. Go ahead and accept all their disclosures. As long as you are within 30-41 days of the close of the statement when the SECOND $550 annual fee posted, you will get it refunded.

Your net annual fee paid = $550 - $300 travel credit #1 - $300 travel credit #2 = -$50 hence Chase Sapphire Reserve with net negative annual fee.

I’ll note that:

  • If you have a 2 person household, best to alternate who uses this method just to avoid too much suspicion
  • We have NOT been shutdown for doing this repeatedly yet, whether one could just for this who knows, but I would guess it likely depends on what ELSE you do with your Chase cards


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