Chase Sapphire Reserve Now Carries a $550 Annual Fee

Chase Sapphire Reserve Now Carries a $550 Annual Fee

January 9, 2020         Written By Bill Hardekopf

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.

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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.

The information contained within this article was accurate as of January 9, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.