What You Need to Know About the Chase Sapphire Reserve® Changes

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The Chase Sapphire Reserve® — a rewards card that caters to those who travel and dine out frequently — recently made some significant changes to its fee and rewards structure. A $100 increase in the annual fee is balanced by new ridesharing and food delivery service benefits. Still, $550 is a steep price to pay, especially considering that many credit cards don’t have annual fees. Are these new rewards enough to make up for the increased costs, or will you end up losing money by keeping this card in your wallet? Read on to learn all you need to know about the Chase Sapphire Reserve® changes and who is likely to benefit.

In this article

    What is changing about the Chase Sapphire Reserve® benefits and annual fee?

    The main change coming to the Chase Sapphire Reserve® is a rise in the annual fee to $550. To balance out the hike, Chase is adding a number of partner benefits and rewards, most notably, the ability to earn a high reward point value on Lyft rides. You’ll also get a free one-year subscription to both Lyft Pink and DashPass, which offer added benefits to users of both applications, plus statement credits for DoorDash purchases.

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    Other than the mentioned changes, all of the other benefits that you love about the Chase Sapphire Reserve®, including the generous sign-up bonus and $300 annual travel credit, are staying the same.

    Is the annual fee increase worth it?

    Whether or not the annual fee increase is worth it for you really comes down to your lifestyle and spending habits. If you don’t use rideshare or food delivery services, the changes won’t benefit you. The higher annual fee will make it harder to earn rewards while decreasing the overall value of the card. To recoup the additional $100 fee in points, you’ll have to spend an extra $3,400 on travel and dining or $10,000 on general purchases. If you don’t want to increase your spending that much, it may be worth looking into other rewards cards that have lower annual fees.

    However, if you are the type to regularly use a rideshare service like Lyft and a food delivery service like DoorDash, the new benefits can easily outweigh the cost increase — at least for the next few years (the reward rate on Lyft purchases expires in March 2022, and the DoorDash credits are only for two years). There are about $320 in subscription services up for grabs along with $120 in DoorDash credits. Plus, you can earn 10x the points on Lyft purchases, which is a very high reward rate by industry standards.

    However, questions might come up on the potential of new benefits being added later on. If no new benefits are offered, the higher annual fee would not be worth it in the long run.

    Lyft and DoorDash perks

    One of the most valuable perks added to the Chase Sapphire Reserve® card is the ability to earn 10x points on Lyft rides through March 2022. It’s one of the highest rewards rates on the market, so if you use rideshare apps frequently, you’ll really be able to rake in points. By spending just $1,000 on Lyft each year, you’ll earn 10,000 points, which equals $100 cash back or $150 when you spend it on travel through Chase Ultimate Rewards.

    The complimentary Lyft Pink subscription that Chase is now offering to cardholders is also a valuable perk. It usually costs $19.99 per month and gets you 15% off all Lyft rides, priority airport pickup, exclusive discounts and a flexible cancellation policy. If you cancel your ride and rebook within 15 minutes, you won’t have to pay a cancellation fee. You’ll also get three free scooter or bike rides each month in select cities with your membership.

    In addition to a Lyft Pink membership, you’ll also get a complimentary subscription to DoorDash’s premium food delivery service DashPass, which usually costs $9.99 per month. With your membership, you’ll get free delivery and reduced service fees on orders over $12 at hundreds of participating restaurants. Considering that DoorDash’s delivery fee alone is $5.99, DashPass could save you a lot of money on takeout each month. You’ll also get up to a $60 statement credit in 2020 and 2021 when you order from DoorDash.

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    Methodology

    SimpleScore

    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best credit monitoring services of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for brands to have different SimpleScores across multiple pages on The Simple Dollar. For instance, if we compare Experian’s ID theft monitoring services using SimpleScore, it scores a 4 out of 5. However, if we apply our SimpleScore methodology for credit monitoring services, Experian scores a 4.4 out of 5. Each unique criteria results in separate SimpleScores for multiple brands based on what we’re comparing.

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.

    Basic plan price

    We award brands who have lower monthly costs for credit monitoring services with higher scores in our methodology.

    Premium plan price

    We award brands who have lower monthly costs for credit monitoring services with higher scores in our methodology.

    Perks

    Who doesn’t like a nice perk? We awarded brands with higher scores if they offered perks to customers, such as free trials, family plans, discounts for annual billing and more than two pricing tiers.

    Customer support

    The SimpleScore system rewards brands that have multiple channels of support so customers can contact representatives in a variety of way.

    Mobile app rating

    We compared brands based on their mobile app ratings as an average of Google Play and iOS App Store ratings.

    Jessica Walrack

    Contributing Writer

    Jessica Walrack is a personal finance writer at SuperMoney, Interest.com, The Simple Dollar, and PersonalLoans.org. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and somewhat fun.