Significant changes confirmed for Chase’s Sapphire Reserve card
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The rumors about the Chase Sapphire Reserve are true — well, some of them at least. Here's what's happening.
First, the card's annual fee will jump by $100, from $450 to $550. The good news is that there are still a few days to apply with the current fee — the new rate kicks in on Sunday, Jan. 12, 2020.
Meanwhile, existing cardmembers will be able to renew at the current $450 fee, as long as their renewal fee hits prior to April 1, 2020. As of that date, all accounts will renew at the new $550 fee. Chase isn't planning to remove any benefits. Instead, the issuer will add perks to help compensate for that notable fee jump, all of which start on Sunday, Jan. 12.
First, Chase Sapphire Reserve customers will receive one free year of Lyft Pink, which normally costs $19.99 per month and includes a 15% discount on all rides, free bike and scooter rentals each month (including Citi Bike in New York), priority airport pickups, more flexibility when it comes to ride cancellations and more.
Additionally, Chase is adding a big boost on Lyft earnings — you'll earn 10x points on all rides paid for with the Chase Sapphire Reserve, equivalent to a 20% return based on TPG's valuations.
Next, Chase Sapphire Reserve customers will be eligible for a total of $120 in DoorDash credits, as part of the issuer's new partnership, which also includes free DashPass for a minimum of one year. Cardholders will be eligible for $60 in DoorDash credits in 2020 and $60 in DoorDash credits in 2021 — it isn't yet clear whether or not the credits will extend into 2022, but that's always a possibility.
What is changing about the Chase Sapphire Reserve benefits and annual fee?
Catherine Hogan, President of Chase Branded Cards answered a number of our questions about the changes:
Question: Why has Chase decided to increase the Sapphire Reserve card annual fee?
Answer: Sapphire Reserve was built for customers who love to experience life through travel and dining – and it continues to deliver just that. Our cardmembers are savvy and we expect they will continue to find this card rewarding for how they live their lives.
Q: Will there be any increase to the annual travel credit?
A: We know our cardmembers love the flexibility and ease of the $300 travel credit – and they will continue to enjoy this value.
Q: Are there any other changes to the earning rates for both Sapphire cards?
A: In addition to the 3x earn with Reserve and 2x earn with [the Chase Sapphire Preferred Card] on a broad definition of travel purchases, Sapphire Reserve cardmembers will now automatically earn 10x total points every time they use their card for a Lyft ride through March 2022 and Sapphire Preferred will earn 5x total points.
Ultimate Rewards points have been recognized as some of the most valuable in the industry and Sapphire Reserve points are worth 50% more when redeemed for travel through Ultimate Rewards.
Q: Do Lyft gift card purchases qualify for 10x points as well?
A: Sapphire Reserve cardmembers will earn 10x total points every time they take a Lyft car, as well as when taking Lyft bike or scooter rides. Gift cards are not included at this time.
Q: Will a free membership or Lyft Pink discount be available in 2021?
A: Sapphire Reserve cardmembers can activate their membership in the Lyft app by March 2022 to enjoy a complimentary year of Lyft Pink, currently valued at $239.
Q: Are DoorDash credits broken into monthly installments or will all $60 be available immediately?
A: Starting January 12, Sapphire Reserve cardmembers will automatically earn statement credits of up to $60 in 2020 and $60 in 2021 on DoorDash purchases, no activation required. This is not an installment, these credits will be available immediately.
Q: Will DoorDash credits be applied based on the purchase date or post date?
A: The credits will be awarded when the transaction is posted. This is similar to the Sapphire Reserve annual travel credit.
Q: Will DoorDash credits be issued after the first two years?
A: Cardmembers will be able to enjoy the statement credits through the end of 2021.
Q: Are all DoorDash and Lyft benefits available to existing cardholders?
A: Benefits will be available to existing as well as new customers.
Q: Will customers earn 3x points on DoorDash orders?
A: Yes, customers will earn 3 points per dollar spent on orders placed via DoorDash.
Q: Will there be any change to the fee for authorized users?
A: No, there won’t be any change to the authorized user fee.
Q: Will statement credits apply to Lyft rides outside the U.S.?
A: Lyft credits will only be available for rides within the United States.
Q: Will authorized users have access to the same Lyft and DashPass benefits?
A: Yes, Chase Sapphire Reserve and Chase Sapphire Preferred Card authorized users will receive DashPass benefits as well, and will have access to the same $60 DoorDash credits as the primary account holder. Only one Lyft Pink membership is available per account, but authorized users will also earn at the 5x or 10x rates.
Apply here: Chase Sapphire Reserve