The Chase Sapphire Reserve Card is starting 2020 with quite a few changes to its fees and benefits—some for the better, some for the worse.
On January 12, 2020, the card’s annual fee jumped to $550. To counter this increase, the card also added a suite of new benefits including a free Lyft Pink membership and DoorDash credits. Here’s the new information you need to know when deciding whether to keep the Chase Sapphire Reserve Card in your wallet in 2020.
Chase Sapphire Reserve Card annual fee is now $550
The Sapphire Reserve Card’s annual fee of $450 is now a thing of the past—well, almost. Last week, the fee officially increased $100, making the annual fee $550 per cardmember year for all applications received after January 12, 2020. However, the $550 annual fee will not hit account renewals until April 1, 2020, so if your cardmember year ends before then, consider yourself lucky, renewing at $450.
Chase Sapphire Reserve now comes with a complimentary one-year Lyft Pink membership
To soften the blow of an annual fee increase, Sapphire Reserve cardmembers get one year of Lyft Pink on rideshare service Lyft, valued at $199. The membership is valid for only one cardholder on the account, for only one year, and must be activated by March 31, 2020.
For those unfamiliar with Lyft Pink membership, it’s “an elevated Lyft experience with preferred pricing to enable riders to unlock all their city has to offer,” according to Lyft. It typically costs $19.99 per month and perks include: 15% off unlimited car rides, priority airport pickups, three cancel fees per month, waived lost and found fees, three 30-minute bike or scooter rentals monthly in select markets, and surprise offers (which, apparently, if they told us, wouldn’t be a surprise!)
Chase Sapphire Reserve will earn 10x points with Lyft until 2022
Yet another Lyft perk has been added starting in 2020. Cardmembers will earn an additional 7x points with Lyft, plus the 3x points already earned on travel, totaling 10x points on Lyft rides. This increased earning structure is valid through March 2022.
Chase Sapphire Reserve is offering generous DoorDash benefits, including membership and credits
The Sapphire Reserve now comes with complimentary DashPass membership with food delivery company DoorDash. This membership typically costs $9.99 per month or $100 per year and translates to waived delivery fees on qualifying food purchases (qualifying means an order of $12 or more at a restaurant with a blue checkmark next to it on the mobile app).
Membership is good until December 31, 2021, regardless of when you activate it, meaning activate this offer now to enjoy a full two-year DashPass membership. Membership extends to additional account holders, but the Reserve credit card must be the default payment method in the DoorDash mobile app to redeem and use this offer.
In addition, Reserve cardmembers can earn up to $120 total in statement credits on DoorDash purchases through 2021, $60 in 2020, and another $60 in 2021. Basically, you’ll get two nights of take-out (one in 2020 and one in 2012) on Chase Sapphire Reserve over the next two years.
Overall, we’re glad to see that Chase Sapphire Reserve isn’t just upping the annual fee without any new benefits. On the other hand, these benefits are only valid over the next year or two and, at this point, are uncertain to continue. For now, we’ll keep the Chase Sapphire Reserve Card in our wallets and reassess again next year!