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The Chase Sapphire Reserve® has 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
Increased annual fee
As of Jan. 12, 2020, the Chase Sapphire Reserve® increased its annual fee from $450 to $550. For existing cardmembers, the new fee will take effect on their renewal date after April 1, 2020. Although this $100 bump may seem large, it does come with some additional perks that can benefit the convenience-minded traveler.
» Learn more: Is the Chase Sapphire Reserve worth its annual fee?
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.
Also new this year, Chase Sapphire Reserve® cardmembers will automatically earn 10x total bonus points on every Lyft ride taken through March 2022.
Cardmembers will receive a one-year complimentary DashPass subscription and a statement credit up to $120 ($60 in 2020 and $60 in 2021). Activate your DashPass subscription by Dec. 31, 2021, to receive unlimited deliveries with a $0 delivery fee and reduced service fees from thousands of restaurants.
» Learn more: NerdWallet’s full review of the Chase Sapphire Reserve
Value of new and existing benefits
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 for 2020. Here’s the full breakdown:
Lyft Pink membership: $199-$239.
DoorDash credits: $120 statement credit ($60 in 2020 and $60 in 2021).
DashPass membership: over $100.
Annual travel credit: $300.
Priority Pass Select membership: $429.
Global Entry or TSA Precheck credit: up to $100 every four years.
Even on the lower end, it’s clear 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, 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 2020, including those best for:
Airline miles and a large bonus: Chase Sapphire Preferred® Card
No annual fee: Wells Fargo Propel American Express® card
Flat-rate rewards with no annual fee: Bank of America® Travel Rewards credit card
Premium travel rewards: 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