The many benefits and rewards associated with Chase Sapphire Reserve® help counterbalance the hefty $550 annual fee of the card. But given that the majority of the card’s best benefits and rewards are travel-related, they have become far less relevant in today’s COVID-19 world.
To retain customers who are doubting the card’s worth, Chase Sapphire Reserve added some perks to help cardholders through the early months of the pandemic. For cardholders hit with Chase Sapphire Reserve’s annual fee between April 1 and July 1, 2020, the credit card company offered a $100 statement credit to help lower this fee. In addition, the card added a short-term tiered bonus for money spent at grocery stores from May 1 to June 30, 2020. Instead of the usual 1x points per $1 spent at grocery stores, cardholders earned 5x points per $1 spent.
Now, as the pandemic shows no sign of ending, Chase Sapphire Reserve has added a slew of new bonuses for summer 2020 to keep its customers happy—and spending. Here are some of these limited-time enhancements.
50% cash back bonus with statement credits
Typically, cash back on the Chase Sapphire Reserve can be redeemed in the form of a statement credit or direct deposit at a rate of 1% (e.g., 1000 points = $10). But until September 30, 2020, Ultimate Rewards® points are worth 50% more when redeemed as statement credits in the following categories: grocery stores, restaurants (including takeout), and home improvement stores. Thanks to a new Pay Yourself Back tool, accessible from the card’s main login page, you can quickly receive statement credits on eligible purchase made in the past 90 days at a rate of 1.5%.
Redefining the $300 “Travel Credit”
The annual $300 Travel Credit is arguably the top benefit for helping to offset the annual fee. But since many are choosing not to travel these days, Chase is expanding its definition of “Travel Credit” to include gas station purchases—as well as grocery store purchases. This broader definition remains in effect from June 1 through December 31, 2020.
Bonus points and statement credits with Instacart
From July 1 to September 30, 2020, cardholders will earn 5x total points on all Instacart purchases instead of the usual 1x points per $1 spent. This includes deliveries and pick-ups for the likes of groceries, household items, and pharmacy items. The bonus is on the first $3,000 in purchases. In addition, those who opt for monthly or yearly membership in Instacart Express will receive up to $50 in statement credits towards this membership.
5x points at gas stations
Though cardholders often assume that gas stations are lumped into the spending category of “Travel” and receive tiered-spending bonuses as such, this is not the case. Gas stations constitute their own spend category altogether and hence do not yield more than the 1X points earning structure on the Chase Sapphire Reserve or other cards with “Travel” spending bonuses. That said, from July 1 to September 30, 2020, Chase Sapphire Reserve is allowing cardholders to earn 5x total points on gas station purchases on the first $1,500 spent.
10x points on select streaming services
“Netflix n’ chill” has become a lifestyle for many during the pandemic. In light of the boom in consumer spending on streaming services, Chase Sapphire Reserve is granting cardholders 10x total points on select ones (think Netflix and Spotify®) from July 1 to September 30, 2020. The bonus is valid on the first $1,500 spent on these services.
To be sure, these new bonuses and benefits don’t mean that the old travel benefits and rewards are disappearing. Rest assured that benefits like a complimentary one-year Lyft Pink membership and complimentary membership in the Priority Pass lounge network aren’t going anywhere. There’s just no telling when cardholders will be able to fully use these benefits again, so, for now, let’s enjoy the new bonuses and perks!