Chase Sapphire Reserve Now Carries a $550 Annual Fee
Chase just unveiled a new set of benefits for the Sapphire Reserve travel rewards card, including enhanced rewards for Lyft rides and free deliveries through DoorDash. However, these benefits aren’t coming without a cost. Chase is increasing the annual fee for Sapphire Reserve cards from $450 to $550.
Chase Sapphire Reserve cardmembers can earn 10X points for Lyft rides, now through March 2022. Cardholders also receive a free Lyft Pink membership, valued at $239 for the year. Lyft Pink offers 15% off rides, priority airport pickups, easy ride cancellations, and up to three free bike and scooter rides each month.
Thanks to the DoorDash partnership, Chase Sapphire Reserve Cards come with 12 free months of DashPass. This service waives the delivery fee for orders over $12 and reduces the service fee by an average of $4-$5 per order.
When Chase released the Sapphire Reserve Card 2016, it featured a 100,000 point sign-on bonus, equivalent to $1,500 in travel. The card may have cost the company $300 million in profits.
Since the initial release, Chase has gradually adjusted the perks on the card to offset some of the costs. In 2017, they dropped the sign-on bonus from 100,000 points to 50,000 points.
The increased annual fee puts Sapphire Reserve in-line with American Express Platinum, a longstanding competitor in the travel rewards market. American Express raised the annual fee on the Platinum Card to $550 in 2017.
Chase’s $550 annual fee will apply to new applicants starting January 12, and will affect renewing cardholders as of April 1, 2020.