Here's What Happens When You Ask Chase to Waive Your Annual Fee

Chase offers several premium credit card products, with annual fees that can be as high as $550 in the case of the Chase Sapphire Reserve®. But what if your credit card's annual fee has become too high, or if you simply feel that after years of being a good customer, you deserve a break?

The good news is that you can ask Chase to waive your annual fee. There's no guarantee that the company will do it, but there are some reliable sources that report consumers being successful in getting Chase to at least lower their fee. Here's the process, and what could happen when you call.

How to ask Chase to waive your annual fee

First, there are several ways to get in touch with Chase, including mail, live chat, and phone. But if you want your credit card fee waiver request to be taken seriously, the only way to do it is to call.

Specifically, call the number on the back of the card. Tell whoever answers (or the automated prompt) that you'd like to speak to the retention department. Say that the card has become too expensive and you're considering canceling it, and it can help to give a couple reasons why. For example, maybe your card includes a TSA PreCheck membership credit, but you already get that from another card.

You then might be given some sort of retention offer (more on that in the next section), but one key concept to know is that Chase will be more inclined to go out of its way to retain a great customer. If you've had the card for years, you might be taken more seriously than someone who is just approaching their first account anniversary and clearly just wants to avoid the fee. Or, if you spend $50,000 per year on your card, Chase might be more inclined to keep your business than someone who just occasionally makes a purchase with their card.

What can happen when you ask?

One key point to know is that when you ask Chase to waive your annual fee, it isn't necessarily a yes or no question. There are a few different possibilities:

1. The representative says yes and waives the annual fee.
2. They say no, and you then must decide whether to keep the card or cancel it.
3. You're offered a reduced annual fee or statement credit to help offset the cost.
4. You get some sort of retention offer (like a welcome bonus), where you get a certain number of points or miles after meeting a spending goal.

What does Chase usually do?

Not surprisingly, Chase doesn't publicly discuss its retention strategy for its various credit card products. Think of it this way -- if Chase publicly acknowledged the possibility of a fee waiver, all cardholders would call and ask. So, we must rely on consumer stories to get a sense of how Chase handles fee waiver requests.

There are various reports, with most indicating that Chase is more likely to give a retention credit instead of simply waiving the annual fee on its higher-end products. For example, personal finance website Upgraded Points reports they've seen statement credits ranging from $25 to $250 (depending on the card product) that don't require any spending -- they just help to offset the annual fee.

Of course, you won't know unless you ask. The worst thing Chase can say is no, so if your credit card's annual fee no longer works in your budget, it could be a good idea to make the call.