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In June 2025, Chase made sweeping changes to the Chase Sapphire Reserve®, including raising the annual fee and adding statement credits. As a result some details in this article about the Chase Sapphire Reserve®are out of date. For current information, see NerdWallet’s coverage of these changes.
There’s a new perk for Chase Sapphire Reserve cardholders that might be useful for monthly Lyft riders, but it comes at a cost. You’ll now earn fewer points on Lyft rides.
Starting April 1, 2025, through Sept. 30, 2027, Chase Sapphire Reserve® and J.P. Morgan Reserve cardholders will earn 5x total points on Lyft rides and receive a $10 monthly Lyft in-app credit, which is worth up to $120 annually. The credit is only available in the U.S. and enrollment is required.
The benefit has a few caveats. Credits don’t roll over each month and credits won’t cover Wait & Save rides, bike and scooter rentals. Still, its $120 value sounds like a sweet deal that can help justify the $795 annual fee on the Chase Sapphire Reserve.
But look a little closer, and you’ll notice this "enhancement" comes with a quiet downgrade: Chase is slashing the number of points you earn on Lyft rides.
Lower points earning rate on Lyft
Up until now, Chase Sapphire Reserve® and J.P. Morgan Reserve cardholders earned a whopping 10x total points on Lyft rides. That’s a killer return, especially considering Chase Ultimate Rewards® points are worth between 1.5 cents each in Chase’s travel portal and as much as 1.8 cents or more if you transfer your points and redeem them with a travel partner.
Once the current deal ends on March 31, 2025, the earning rate on Lyft rides will drop to just 5x points, but cardholders will get the $10 monthly credit. Using the baseline 1.5 cents per point valuation for Chase Sapphire Reserve cardholders, the new Lyft monthly credits are better for people who spend up to about $124 a month on Lyft. If you spend more than $124 per month on Lyft, you would have earned at least 1,240 Chase Ultimate Rewards points per month (worth $18.60) under the previous 10x earning rate on Lyft.
And it’s not just the Chase Sapphire Reserve that is getting its earnings rates nerfed. Cards in the Chase Freedom family are also getting their earnings rates slashed. Here’s how the new program compares to the current structure:
| Card | Old Lyft earnings (through 3/31/25) | New Lyft earnings (4/1/25–9/30/27) |
|---|---|---|
| Chase Sapphire Reserve / J.P. Morgan Reserve | 10x points. | 5x points + $10 monthly credit. |
| Chase Sapphire Preferred | 5x points. | 5x points (no credit). |
| Chase Freedom cards | 5% cash back. | 2% cash back. |
| Chase Ink Business cards | 5x points or 5% cash back. | 5x points or 5% cash back. |
Another “coupon book” perk that’s tricky to track
This new Lyft benefit is part of a broader trend with premium credit cards. Issuers are adding piecemeal credits that feel like they belong in a digital coupon book. Yes, it’s real value — but only if you remember to use it.
Credits don’t roll over, so you must use them consistently. To get full value, you must ride with Lyft every month. Someone who doesn’t use Lyft on a monthly basis might find the credits frustrating.
Let’s say you spend $50 on rides to and from the airport between home and the hotel for a total of $200 per trip, and you do that on two trips a year (so $400 in annual Lyft spending). Presumably those rides would be in the same month, so you’d get two sets of $10 statement credits, plus 2,000 Chase Ultimate Rewards points (worth $30). In total, that’s about $50 in rewards for Lyft.
Under the old model, spending $400 on Lyft per year and earning 10x points would have netted 4,000 Chase Ultimate Rewards points, which is worth a higher $60 in value.
Sadly, card benefit changes like this are not uncommon. The Chase Sapphire Reserve has seen similar coupon book-type perks in the past that have come and gone, such as a monthly Gopuff credit or even the free annual Lyft Pink membership that ended enrollment at the end of 2024.
For monthly Lyft riders, statement credits can go a long way in justifying the annual fee of the Chase Sapphire Reserve. But for people who prefer simple, easy-to-use rewards, this may not be the way.
Benjamin Din contributed to this story
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2026:
- Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card
- No annual fee: Wells Fargo Autograph® Card
- Flat-rate travel rewards: Capital One Venture Rewards Credit Card
- Bonus travel rewards and high-end perks: Chase Sapphire Reserve®
- Luxury perks: American Express Platinum Card®
- Business travelers: Ink Business Preferred® Credit Card
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