The Chase Sapphire Reserve card, used for travel credit, is getting an overhaul this month that will include a price hike for new members.
The card’s annual fee will be rising from $450 to $550 as of Saturday (Jan. 12), though new members before then will still be able to pay the $450. Existing members can renew at $450 as well, up until April 1, 2020, if their renewal date comes before that date. After that, everyone must pay $550.
To compensate for the price hike, Chase is adding a number of new benefits. Members will receive a free year of Lyft Pink, which usually costs $19.99. Lyft Pink will allow customers to access a 15 percent discount on all rides, free bike and scooter rentals, airport pickups, more flexibility on ride canceling and more.
Chase is adding other benefits for Lyft, too, such as allowing customers to earn 10 times the points on all rides paid for with the Chase Sapphire Reserve card — equivalent to a 20 percent return.
In addition, customers will have access to DoorDash deals as part of the company’s new partnership with the app. Customers will be eligible for $60 in DoorDash credits in 2020, and $60 more in 2021, though it’s unclear whether the credits will extend further than that. Catherine Hogan, president of Chase Branded Cards, said those credits would be available immediately, and that customers would earn three points per dollar spent on DoorDash deals.
In an interview with The Points Guy, Hogan said she was confident that customers who enjoyed traveling and dining would continue to enjoy the same benefits as they had before, in spite of the price hike. She added that the card’s $300 travel credit would remain unchanged. She noted further that the Lyft deals would only be available in the U.S.
The Sapphire Reserve cards have been bolstered by partnerships that allow for deals on flights, travel lodging and other such costs, as well as dining services like Tock. However, according to reports, costs associated with rewards credit cards have been increasing in recent years, as rewards sometimes go unused.