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Big changes are coming to the Chase Sapphire Reserve® card. Rumors started circulating in the past 24 hours about an increased annual fee, and Chase confirmed this afternoon when it posted an updated cardmember agreement online.
The luxury travel credit card is increasing its annual fee by $100, from $450 to $550, and adding a suite of additional benefits, including new DoorDash and Lyft perks, to compensate for the higher fee. Each authorized user remains $75 per year.
There's still time to lock in the $450 annual fee for a year — the $550 annual fee begins January 12, 2020. Existing cardholders are able to renew at $450 for another year if their renewal date is before April 1, 2020. Any renewals after that date incur the new $550 fee.
If you're an existing cardmember with a renewal date after April 1, 2020, you can consider downgrading to the Chase Sapphire Preferred® Card, which has a $95 annual fee. (Read our Chase Sapphire Preferred® review and compare the Chase Sapphire Reserve® Card and Chase Sapphire Preferred® Card.)
Sapphire Reserve cardmembers will continue to have access to all of the benefits they already enjoy, which include:
- 3X points on travel (airfare, hotels, car rentals) and dining purchases worldwide
- 50% more value on points redeemed for travel through Chase Ultimate Rewards
- $300 annual travel credit
- $100 application fee credit for Global Entry or TSA PreCheck
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.
Cardholders will receive one free year of Lyft Pink, which typically costs $19.99 per month, and includes 15% off car rides, relaxed cancellations, priority airport pickups, up to three free 30-minute bike and scooter rides per month and more. This perk is currently valued at $239.
Plus for a limited time, Chase is offering 10X points on Lyft rides, through March 2022.
"At Lyft we are obsessed with creating a best-in-class experience for our riders — whether that's unparalleled service, elevated rides or ultimate rewards. With Chase we have the opportunity to take travel benefits to the next level and expand our network giving riders the flexibility and rewards from the brands they know and love," Heather Freeland, Lyft's VP of product marketing and marketing operations, said in the press release.
Sapphire Reserve cardholders can activate a free DashPass membership for a minimum of one year, after adding their credit card as the default payments in the DoorDash app or online by March 31, 2022. This benefit is valued at over $100.
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