I always mention it’s worth asking for annual fee waivers or retention bonuses. However, sometimes it happens even without asking. I just checked my Citi Premier statement, expecting a $95 annual fee to post. Instead, the statement says “$95 annual fee waiver” and a $0 charge — a nice gesture on Citi’s part. To that effect, I called Chase about my Sapphire Reserve annual fee. Aside from being billed a reduced fee, I asked about the annual fee and they gave me a $150 statement credit. Coupled with the annual travel credit, that brought my effective fee down to zero.
Update: Chase Sapphire Reserve’s annual fee is now $795 after the card’s October 2025 refresh (it was $550 when I originally wrote this) — but the retention-offer playbook below is exactly the same.
Why it’s always worth asking
Card issuers would rather keep you as a cardholder — even at a discount — than lose you entirely, especially on a card with a high annual fee. The retention team that handles these calls has real authority to offer statement credits, bonus points, or in some cases a straight waiver, precisely because losing a customer costs them more than a one-time credit does.
Timing matters
Call in the weeks before your annual fee is scheduled to post, not right after it charges. The retention team’s offers are usually framed around keeping the fee from posting in the first place, so calling early gives them the most room to work with.
How to make the call
- Call the number on the back of your card and ask for the retention or loyalty department (sometimes reachable by saying “I’m thinking about canceling my card” to the first representative).
- Mention the annual fee specifically and ask what they can do — a waiver, a statement credit, or bonus points are all common outcomes.
- Be honest about how you use the card. If you don’t use the travel credits or lounge access, say so — that can strengthen your case for a waiver rather than a credit toward benefits you don’t use.
- If the first representative offers nothing, it’s reasonable to call back another day and try again — offers can vary representative to representative.
It won’t always work
Set expectations: some issuers and some cards simply don’t offer retention deals, and you may be told no. Only threaten to cancel if you’re genuinely willing to — and if the card’s ongoing credits already cover the fee, a waiver may not even be the best outcome to ask for.
What successes have you had with annual fee waivers?