Personal Finance News
Chase Adds New Perks to Sapphire Reserve, Increases Annual Fee
When it comes to credit cards, there are at least two major schools of thought: those who think they’re evil and those who see them as a potentially positive tool. Yet, even among those in the latter camp, high-end credit cards can be a bit divisive, with some praising the outsized value they receive while others balk at the high annual fees. Well now one of the most popular premium credit cards on the market is getting even more expensive but is packing in new perks to keep cardholders happy. As The Points Guy reports, the Chase Sapphire Reserve is set to undergo some significant changes in the coming days.
The first new benefit coming to the card is a complimentary one-year membership to Lyft Pink. With this, cardholders will be able to earn 15% off Lyft rides and enjoy other perks such as priority airport pick up. Typically a subscription to Lyft Pink is $19.99 a month. On top of that, Sapphire Reserve customers will also now earn 10x Chase Ultimate Rewards points on Lyft purchases.
Another incoming benefit is thanks to a partnership between Chase and delivery service DoorDash. As a result, Sapphire Reserve cardholders will receive a year of Dash Pass (valued at $9.99 a month), entitling them to unlimited $0 delivery fees and reduced service fees. Additionally the Points Guy notes that customers will be eligible for $60 in DoorDash credits in 2020 with another $60 arriving in 2021. Commenting on these particular perks, Chase Branded Cards president Catherine Hogan said, “Across Chase branded cards, we’ve seen spending with food delivery more than double in the last year, and the majority of those cardmembers are ordering-in on average at least one time per month. We’re excited to team up with DoorDash to bring their industry-leading selection of restaurants to our cardmembers with an added perk to make dining in more rewarding.”
While adding these benefits — and keeping previous perks such as a $300 travel credit and more — Chase is also increasing the annual fee for members from $450 to $550. This puts it at the same level as the Platinum Card from American Express, which upped its fee to that level in 2017. The updated pricing will go into effect for new customers starting January 12th and will impact renewing members after April 1st.
If the comments on The Points Guy’s post are any indication, these move is sure to be controversial among credit card enthusiasts. While it’s true that the added perks can technically add up to more than the $100 fee increase, it’s safe to say that not every customer will make use of these benefits. Therefore, as always, it’s important to run the math and carefully consider whether an annual fee credit or charge card makes sense for you.
