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Big changes are coming soon to the Chase Sapphire Reserve® — and they could make a difference in the value cardholders will get from this premium travel rewards card.
The Chase Sapphire Reserve® is often considered one of the most valuable rewards cards on the market. But its value might be changing, because Chase has announced that the card’s annual fee will increase from $450 to $550 on Jan. 12, 2020, according to PR outlet Business Wire.
Other card changes include partnerships with Lyft and DoorDash. These two partnerships are designed to give cardholders benefits for rideshares and meal deliveries, which could make the card more valuable even with the bump to the annual fee.
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The most notable change to the Chase Sapphire Reserve® is a fairly hefty $100 increase to the card’s annual fee. Current cardholders will see their $450 annual fee stay the same this year if their renewal date falls before April 1, 2020. If the renewal date falls after that, the new annual fee of $550 will apply.
While not small, this increase to $550 places the Chase Sapphire Reserve® squarely in line with another premium travel card, the Platinum Card® from American Express, which has the same annual fee.
Here’s a breakdown of the other changes.
- 10 points per $1 spent on Lyft rides through March 2022
- Free annual subscription to Lyft Pink, with benefits like up to 15% off rides, priority airport pickup and relaxed cancellations
- Statement credit of up to $60 for DoorDash purchases in 2020 and another $60 statement credit in 2021
- One free subscription to DashPass for at least 12 months, which provides free delivery for DoorDash orders over $12 (cardholders have to activate by Dec. 31, 2021)
While these perks could easily offset the annual fee hike for regular Lyft and DoorDash users, they might not be much help for cardholders who typically drive themselves or cook their own meals.
Other than the higher annual fee and Lyft and DoorDash perks, many other Chase Sapphire Reserve® features, like the following, are staying the same:
- $300 annual travel statement credit
- Three points per $1 spent on travel purchases
- Application fee credit of up to $100 for Global Entry or TSA PreCheck
- Complimentary Priority Pass™ Select lounge access
- Points worth 50% more when redeemed for travel through Chase Ultimate Rewards portal
Catherine Hogan, president of Chase Branded Cards, explained in the Business Wire press release that the additions of DoorDash and Lyft perks were the result of customer feedback.
“We’ve heard from our cardmembers that food delivery and rideshare are increasingly becoming part of their daily lives and spending in these areas has grown particularly since the launch of Sapphire Reserve,” she said.
While meal delivery or rideshare perks aren’t new benefits among premium cards, these additions continue industry-wide changes in the credit card rewards space. A number of card issuers have changed or removed card benefits over the past year, possibly to increase their bottom line while nudging consumers to use their cards more often.
If you want more information about the existing benefits for this premium card, read our detailed review of the Chase Sapphire Reserve®.