3 Things to Know Before Getting the Chase Sapphire Reserve

Its high annual fee can be offset by strategic use of its travel benefits.
Mar 16, 2020

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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®.

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.

2. It includes several traveler-friendly benefits

Lyft rewards

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.

DoorDash perks

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.

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).

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:

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