Chase partners with Lyft for ride discounts, up to 10x earnings and more

Jan 8, 2020

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For awhile now, the best credit card to use for saving cash on ride-hailing services has been The Platinum Card® from American Express because it comes with up to $200 in annual Uber credits ($15/month and $35 in December). But now Chase is stepping up to the plate and is adding Lyft benefits to the Chase Sapphire Reserve.

Starting Jan. 12, 2020, Sapphire Reserve cardholders will get a complimentary year of Lyft Pink membership, which normally costs $19.99/month. This membership gets you 15% off all rides, three free cancellations a month (you must rebook within 15 minutes of cancelling), three free bike or scooter rides per month, priority airport pickups and more. To get the free Pink membership, make sure you have the latest version of the Lyft app downloaded, then set your eligible Chase card as your default payment method. After that, you’ll enjoy a complimentary year of Lyft Pink, currently valued at $239.

TPG Reporter Liz Hund found the membership to be worth double the monthly cost. On top of that, you’ll also earn 10x Ultimate Rewards points on Lyft rides when you pay with your Reserve card. That’s a massive return equal to 20% according to TPG’s latest valuations.

You’d normally need to spend $135 a month in Lyft rides for the 15% discount to justify the cost of a Lyft Pink membership, which doesn’t include the other perks at all. So this is a solid addition to the card and it isn’t hard to get value from these if you use ride-hailing services even occasionally. But, the addition of these benefits is being offset by a $100 increase in the card’s annual fee (from $450 to $550 per year).

The Lyft discounts and bonus earning rate aren’t the only new features the card is getting, Chase has also added several new benefits for the DoorDash delivery service. You can read more about the other new Sapphire Reserve perks here.

If you’re interested in applying for the Sapphire Reserve, now is the time to do it because if you get your application in before Jan. 12, you can lock in the lower annual fee for the first year. For existing cardholders, the higher annual fee will apply to account renewals as of April 1, 2020.

Related reading: Significant changes confirmed for Chase’s Sapphire Reserve card

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CARD HIGHLIGHTS: 3X points on all travel and dining, $300 annual travel credit, points transferrable to over a dozen travel partners.

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

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  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
  • Earn 5x total points on air travel and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 50,000 points are worth $750 toward travel
  • With Pay Yourself Back(SM), your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
  • 1:1 point transfer to leading airline and hotel loyalty programs
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