One of the most popular travel credit cards is changing its benefits and fee structure. If you currently hold the Chase Sapphire Reserve®, or are considering the card for a spot in your wallet, the following changes may affect your decision to apply for or keep the card.
We’ll break down the changes for the Chase Sapphire Reserve®, and how to consider these when you decide if the card is right for you.
Increased Annual Fee
The annual fee is increasing from $450 to $550. The $550 mirrors the annual fee of The Platinum Card® from American Express, a major competitor of the Chase Sapphire Reserve®.
The raised annual fee will also affect current cardholders. If your annual fee posts after Apr. 1, 2020, you will see the revised fee on your statement. If the annual fee posts before Apr. 1, you will have one more year of the original annual fee.
With an increase in the annual fee, you will receive additional perks that are new to the card.
Free Food Delivery With DoorDash
DoorDash is a popular food delivery service that is growing rapidly. With the Chase Sapphire Reserve® you will receive a DashPass. The DashPass gives you free delivery on orders over $12 from DoorDash for two years. The service has a price tag of $9.99 per month, which adds up to nearly $240 in value over the two years.
And to get you started, you will be given $60 in DoorDash credit in 2020 and 2021. So if you haven’t used food delivery services in the past, this is a great incentive to give it a try.
Discounts and Perks With Lyft Pink
Similar to The Platinum Card® from American Express's Uber credits, Chase Sapphire Reserve® is adding a complimentary membership for Lyft Pink.
Lyft Pink is a monthly subscription plan within Lyft that gives riders a list of benefits including: 15% off all rides, priority airport pickups, a more lenient cancellation policy on rides, surprise offers such as seasonal discounts, waived lost and found fees and three free 30-minute bike or scooter rides per month.
Since the service normally costs $19.99 per month, this adds nearly $240 to the Chase Sapphire Reserve®'s annual value.
Earn Bonus Points on Lyft Rides
In addition to Lyft Pink, you will earn 10 Chase Ultimate Rewards points per dollar on Lyft rides through March 31, 2022.
With this bonus in conjunction with the Lyft Pink 15% discount, there is an opportunity for great Ultimate Rewards earnings and cash savings for frequent Lyft riders.
If the Chase Sapphire Reserve® is a staple in your wallet for its earnings and travel benefits, it could be worth paying the extra $100. However, the new benefits are angled towards a specific audience, and may not fit your needs.
Overall, the annual fee going up by $100 with these benefits is going to be disappointing for many. Unless you enjoy food delivery and use Lyft regularly, you may want to reevaluate the value of the card.