The Chase Sapphire Reserve has been one of my favorite cards over the past few years. Earning 3x points on restaurants and travel has been invaluable and I absolutely love Chase Ultimate Reward points. Although the annual fee has been quite high since its inception, some of the benefits have made this card worth it. As of today, the card carries a $450 annual fee, but with the $300 annual travel credit, you can ultimately think of it as a $150 annual fee. The card also reimburses your global entry fee every four years, you receive Priority Lounge access and points are worth 50% more when redeeming them through the travel portal.
However, starting Jan. 12, 2020, all of that is about to change. That $450 annual fee is going up to a whopping $550. That is pretty steep in my opinion and I am actually wondering if the card will be worth it going forward. New benefits are being added, but you might find those those perks are not worth the annual fee increase.
Key Link: Chase Sapphire Reserve — Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
New Chase Sapphire Reserve Benefits
Two new benefits are being added to the card: complimentary Lyft Pink access and DoorDash credits.
All members will receive a free year of Lyft Pink. Typically, this subscription costs $19.99 per month, so you can think of it as a $240 savings — if you were going to subscribe anyways. This service will get you a discount on all Lyft rides, priority airport pickups, more generous cancelation policies, waived lost and found fees and complimentary bike and scooters. While I appreciate receiving the service for free, this is something I would never pay for.
Also, if you pay for your Lyft ride with your Chase Sapphire Reserve card, you’ll earn 10x points. This is a huge return, especially since I value Chase Ultimate Reward points at 2 cents per point making this a 20% return on every ride.
For me, the extra value of this benefit is a big $0. For those that take Lyft’s quite often, you’ll definitely see a higher value, but it still might not be worth the $100 annual fee increase.
Cardmembers will receive both DoorDash credits and a complimentary year to DoorPass. You’ll receive $120 in DoorDash credits – $60 to use in 2020 and $60 to use in 2021. If you live in an area that DoorDash services, then you can possibly take this for face value. Where I live in the suburbs outside of Boston, I have a decent number of restaurants for delivery. For me personally, this is worth $60 per year since I order out a few times a month and would spend this month anyways.
DoorPass will also get you free delivery and lower service fees. Typically, this membership costs $9.99/month, so a years membership is theoretically worth $120. This is definitely not something I’d pay for otherwise, so I do not place any value on it, but I’d gladly take a complimentary membership if handed to me.
Apply Now to Avoid a Higher Fee
Since the new $550 annual fee isn’t going into affect until Jan. 12th, you have a few days left to apply to lock in your lower $450 annual fee. Existing cardmembers will not see an increase in their annual fee until April 1, 2020. This means for any accounts that renew at the first of April or after, you’ll see the new $550 kick in. At that point you can decide whether or not this card is still worth it for you.
Or, you might decide that even the $450 annual fee isn’t worth it and that the Chase Sapphire Preferred card is by far a better pick. This card comes with a higher sign up bonus of 60,000 points and the annual fee is only $95 (and there is no talk of it going up in price).
For me personally, I will be paying an extra $100 a year, but will only be receiving an extra $60 in confirmed value. I might make back some of the money spent with Lyft, but it definitely will not be an extra $40 in value. This means once my annual fee hits in late summer, I’ll have to re-think about whether or not this card is worth it to me. My husband, on the other hand, takes Lyft quite often when traveling to New York City and could definitely see the value. The value of these benefits truly do depend on the person.
Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
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