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The Chase Sapphire Reserve® implemented some significant changes in 2020. This premium travel credit card has increased its annual fee but added some noteworthy perks, which may compensate for the higher fee depending on whether you’ll use them.
While the card will retain many of its existing benefits, it’s essential to consider whether these new changes represent a net benefit before adding this card to your wallet.
Here are some important factors to consider before applying for the Chase Sapphire Reserve®.
» Learn more: Chase 5/24 rule explained
What to know before getting the Chase Sapphire Reserve®
1. It has a high annual fee
As of Jan. 12, 2020, the Chase Sapphire Reserve® increased its annual fee from $450 to $550.
Although this $100 bump may seem large, it does come with some additional perks that can benefit the convenience-minded traveler. When it comes to premium travel credit cards, the Chase Sapphire Reserve® is highly lauded.
» Learn more: Is the Chase Sapphire Reserve worth its annual fee?
2. It includes several traveler-friendly benefits
Chase recently partnered with Lyft to offer a complimentary one-year Lyft Pink membership, valued at least $199, when your membership is activated by March 31, 2022. By using this membership, cardmembers will get 15% off car rides, priority airport pickups and less stringent cancellation policies.
Cardmembers will receive a complimentary DashPass subscription through the end of 2024 that gets cardholders unlimited deliveries with a $0 delivery fee and reduced service fees from thousands of restaurants. Currently active DashPass subscriptions will simply extend through Dec. 31, 2024.
New cardholders — or existing cardholders who haven't activated their subscription yet — can activate at any time through Dec. 31, 2024, and will receive the benefit through the end of 2024 or for a minimum of 12 months, depending on when you activate. What's more, from April 2022 through December 2024, Chase Sapphire Reserve® cardholders will receive $5 a month in DoorDash credit.
You'll be allowed to accrue up to three months' worth of credit ($15) before the in-app cash expires.
» Learn more: NerdWallet’s full review of the Chase Sapphire Reserve
3. It's benefits net you a lot of value — if you use them
To understand whether this card is right for you, one strategy is to consider the benefits you’ll use versus the cost of the annual fee.
In addition to the new perks mentioned above, all existing card benefits are still in place. Here’s the full breakdown:
Lyft Pink membership: $199-$239.
DoorDash credits: $60 in 2021.
DashPass membership: over $100.
Annual travel credit: $300.
Priority Pass Select membership: $429.
Global Entry, TSA PreCheck or NEXUS credit: up to $100 every four years.
Even on the lower end, the total dollar value of these perks will clearly offset the annual fee if you take advantage of them.
Keep in mind that this does not include the card’s additional benefits: 3x points earned on travel and dining worldwide, 5x points on air travel and 10x points on hotels and car rentals when purchased through Chase Ultimate Rewards®, points valued at 1.5 cents each when redeeming travel through Chase Ultimate Rewards® and benefits of The Luxury Hotel & Resort Collection (including room upgrades and daily breakfast for two).
» Learn more: The most valuable perks of the Chase Sapphire Reserve
The bottom line
All travel rewards credit cards offer a variety of features, benefits and drawbacks. Before applying for this premium card, it’s critical to consider whether you can justify the hefty annual fee.
If you’re a frequent traveler who will utilize the newly added rewards from Lyft and DoorDash in addition to using the existing benefits, the Chase Sapphire Reserve® may be the right choice for you.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2022, including those best for:
Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card
No annual fee: Bank of America® Travel Rewards credit card
Flat-rate travel rewards: Capital One Venture Rewards Credit Card
Bonus travel rewards and high-end perks: Chase Sapphire Reserve®
Luxury perks: The Platinum Card® from American Express
Business travelers: Ink Business Preferred® Credit Card
Planning a trip? Check out these articles for more inspiration and advice: Find the best travel credit card for you Why the Chase Sapphire Reserve changes could be a bum deal for you Why I chose the Chase Sapphire Reserve