What the Chase Sapphire Reserve changes mean to you

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On January 12, 2020, Chase Sapphire Reserve® added new limited-time benefits and increased its already high annual fee from $ 450 to $ 550. And that’s not good news for cardholders who appreciate the Premium General Travel Card for its versatility.

The new extras – perks for the DoorDash meal delivery platform and Lyft rideshare service – are relatively niche and not worth $ 100 for the most part. And in some places, they may be unusable, especially in more rural areas. Perks are also only available for a limited time, making the map more unpredictable. What will the card offer after these benefits expire? It’s unclear.

Overall, however, the main benefits of the card remain the same, and it’s still a smart choice for travelers. It’s just a little less valuable than it used to be. Here’s what you need to know about the changes and how they will affect existing cardholders.

Before and after

The new version of Chase Sapphire Reserve® has all of the same features as the old version – just with a higher annual fee plus the Lyft and DoorDash perks. Now, for a limited time, the card will offer:

  • $ 60 annual credit for DoorDash in 2020 and 2021.

  • Free Rose Lyft one-year subscription, which gives you discounts and benefits with the carpooling service.

  • 10 points per dollar spent on Lyft purchases through March 2022.

Here is an overview of the changes.

The changes are inspired by the lifestyles of cardholders, according to the issuer.

“Our cardholders have told us that food delivery and carpooling are becoming more and more part of their daily lives and that spending in these areas has increased especially since the launch of Sapphire Reserve,” said Catherine Hogan , president of Chase Brand Cards, in a statement. Release.

Other high-end cards have recently added similar benefits. In 2017, following the launch of the Chase Sapphire Reserve®, for example, The American Express Platinum Card® credits added for Uber. In 2018, the American Express® Gold Card added catering credits for certain purchases, including purchases made through the Seamless and Grubhub meal delivery services.

Annual fee increase

From January 12, 2020, new Chase Sapphire Reserve® cardholders will have to pay an annual fee of $ 550, down from $ 450 previously. For existing cardholders, the annual fee depends on when your card is renewed:

  • Cards that renew after April 1, 2020 will also be billed $ 550.

  • Cards that renew before this date will be billed $ 450 for an additional year, followed by the new annual fee of $ 550.

Lyft Benefits

The new version of Chase Sapphire Reserve® comes with two Lyft perks: a Lyft Pink membership and bonus rewards on Lyft rides. For existing cardholders, both benefits will be available from January 12, 2020. Namely:

Earning bonus rewards on Lyft is automatic.

Cardholders will automatically start earning 10 points per dollar spent on Lyft rides, until March 2022, according to Chase. No activation is required as long as you’ve set the card as your default payment method in the Lyft app.

Lyft Pink requires activation. Cardholders benefit from one year of Lyft Pink, Lyft’s membership program, upon activation and receive up to 15% off car rides, casual cancellations, priority transfers to l airport and up to three 30-minute bike and scooter rides per month.

Is it worth it? Ten points per dollar spent for a limited time is the highest reward rate you can currently earn on ridesharing spending with a credit card, making this a great deal for those who use Lyft often.

Lyft Pink membership offers low value for the most part, although the company normally charges $ 19.99 per month, or about $ 240 per year for it. Its core value is a modest 15% reduction, so if you had a paid membership, you’ll have to spend $ 1,600 per year on Lyft just to break even, setting other perks aside.

DoorDash advantages

With the new version of the card, you’ll get $ 60 in DoorDash credit in 2020 and 2021 and free access to DashPass for at least a year, which can help you save on shipping costs. For existing cardholders, the $ 60 credit will be available from January 12, 2020. The DashPass advantage is available from January 7, 2020. Keep in mind:

DoorDash credit is automatic.

  • You will receive the $ 60 credit for DoorDash purchases with no activation required. Chase confirms that the credit will not be staggered; everything is available immediately. When you use that $ 60 credit, you’ll still earn 3 points for every dollar spent on meals on your card.

  • You will get another $ 60 DoorDash credit on January 1, 2021. This promotion is valid until 2020 and 2021.

  • Free DashPass membership requires activation. You must activate it before December 31, 2021. You will benefit from a subscription of at least one year. Once the free subscription ends, you will need to pay to continue using the service. With DashPass, you won’t have to pay shipping charges for orders over $ 12, but service charges and other charges will apply.

Is it worth it? If you are using DoorDash – or could use DoorDash – you will have no problem getting $ 60 worth of $ 60 credit, which is automatic and easy to use. The DashPass free trial might also offer some value for those who use DoorDash often. However, the savings from these perks alone won’t justify the increased annual fee, unless you are already a very frequent DoorDash user.

To consult the rates and costs of the American Express® Gold Card, see this page. To consult the rates and costs of The American Express Platinum Card®, see this page.

About Eric Harris

Eric Harris

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