The Chase Sapphire Reserve Credit Card just announced it will be increasing it’s annual fee to $550 - this is why I won’t be renewing. Enjoy! Add me on Instagram: GPStephan
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First…for the most part, they aren’t getting RID of anything on the card that isn’t there already, so don’t worry… your EXISTING benefits will still be available. Except as of today, they’re ADDING features to the card…and then CHARGING you $100 MORE than you were already paying, for the privilege of hopefully using them.
If you ALREADY have the Chase Sapphire Reserve, and your renewal date is prior to April 1st 2020…then, not to worry. Your card is going to renew at the normal $450 annual fee, AND you’ll still get to use all the new benefits of the card for the following 12 months.
However, if your renewal comes up on April 1st or LATER…well…you’re stuck paying the new $550 annual fee.
https://thepointsguy.com/news/significant-changes-confirmed-for-chases-sapphire-reserve-card/
But, in terms of what you GET for that extra $100…here is what it is:
First, they’re going to be giving you a $60 Statement Credit for DoorDash in 2020, and then another $60 again in 2021…which COULD be a decent feature…IF you actually use it. You’ll also get another perk that comes included…and that would be 1 year of Free DashPass - which otherwise costs $10 per month. With this, you’ll get free delivery on purchases over $10.
https://www.doordash.com/dashpass/
Second, the Chase Sapphire Reserve Credit Card will be giving you one year of free Lyft Pink:
With this, you’ll receive 15% off your Lyft Rides, you won’t get a cancellation fee if you cancel within the first 15 minutes, up to 3 cancellations per month, you’ll also get priority dispatch at airports, Lost Item Fee Protection, and 3 Free Scooter Rides up to 30 minutes per month…for a limited time.
In addition to that, the Chase Sapphire Reserve will give you 10x POINTS on all Lyft Charges. That means that - at worst - if each point is worth 1.5 cents, getting 10x points back would be the equivalent of you getting an additional 15% back on Lyft Charges. So, the way I see it, is that if you spend $300 or more on Lyft each year…the $100 annual fee increase would be a break even, and then everything else becomes profit.
For ME…I doubt I’ll be keeping the card by the time my renewal comes up later this year. I don’t use DoorDash, GrubHub, UberEats, or Postmates…out of principle, I just don’t like paying more than I need to for food, and if I can make food at home…I go that route.
The same also applies to Lyft. Even though a 30% discount in pricing is SUBSTANTIAL, and that’ll ensure that almost EVERY Chase Sapphire Reserve customer uses Lyft instead of Uber…you need to be someone who actually uses the service often for it to be worth it. And admittedly, even though my American Express Platinum gives you a $200 statement credit annually towards Uber…a lot of that just goes to waste. So, I’d expect the same to happen with this…it’s a good benefit, just not for me, and I don’t want to pay for something I wouldn’t use.
So, my plan is to keep this card and use the features until my annual fee comes up…and then, at that point, it’s time to say Good Bye. In it’s replacement, I’m still keeping my JP Morgan Reserve Card…which is pretty much the same thing, ANYWAY…and my American Express Platinum covers anything else I might want. So, there’s no more sense keeping this one around longer than I need to.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

By Stock Chat

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25 thoughts on “It’s over: why i m canceling my chase sapphire reserve”
  1. Avataaar/Circle Created with python_avatars Fog runr says:

    I'm upgrading from Preferred to Reserve this August 2023.

  2. Avataaar/Circle Created with python_avatars Sea Pea says:

    I would only get this mainly for the 10x on rental cars. How much do you think you need to spend on rental cars to negate the annual fee?

  3. Avataaar/Circle Created with python_avatars Tim Gusey says:

    Now that’s it’s been two years and Amex Platinum has increased there price and we see the Venture X card, which one do you think has the most value for people?

  4. Avataaar/Circle Created with python_avatars Dovi Salomon says:

    So let me get this straight: you have a JP Morgan Reserve card (apparently you need 10M dollars under management at JP Morgan to be eligible), but it's too much to pay an extra 100 bucks for a credit card? Smells like bullshit to me.

  5. Avataaar/Circle Created with python_avatars aa says:

    I’m crying why did this actually happen😂 also the recession is inbound

  6. Avataaar/Circle Created with python_avatars Dgundam08 says:

    Me: Seeing $100 for a bunch of Lyft point
    Me: Seeing this was posted right as we were going into a pandemic
    Me: "Oh no…."

  7. Avataaar/Circle Created with python_avatars BushidoKi says:

    it wasnt love it was business

  8. Avataaar/Circle Created with python_avatars N V says:

    STAY AWAY FROM cHASE, I'm being charged for a product I returned 2.5 months ago, Amazon sent me a conformation they received the returned item in the sealed box. Ive disputed this with chase 2x's already, I will be closing both of my chase accounts quickly. It's the only thing I have disputed with this shitty card company. I will trash their name every chance i get from now on.

  9. Avataaar/Circle Created with python_avatars Si Señor says:

    The only reason I downgraded was because of COVID-19. I just upgraded this week.

  10. Avataaar/Circle Created with python_avatars Jeff S. says:

    Gram you can’t cut a metal card with scissors! Careful! 😉

  11. Avataaar/Circle Created with python_avatars jvolstad says:

    I've been with Chase for over 40-years. In fact back in the mid-1990's I had to get a new account number on my credit card because the old number couldn't handle the number of users.

    My current card's are the Chase Slate and my Costco Visa (executive membership). My FICO is 800+.

  12. Avataaar/Circle Created with python_avatars Dystopia says:

    Why not down grade to a no annual fee card, ill have to thumbs down this one

  13. Avataaar/Circle Created with python_avatars Ho Truong says:

    Do not apply a New Chase sapphire reserve $h1t w@t€v€r

  14. Avataaar/Circle Created with python_avatars Phillip Straus says:

    Don’t you just hate it when free stuff costs money? Yuck! 😆🤣

  15. Avataaar/Circle Created with python_avatars gowa kungba says:

    You left the card by the word sh*t thats funny

  16. Avataaar/Circle Created with python_avatars Erika RNcorazon says:

    550! Yikes! I got the letter ✉️😔😔. My plan till due date… Use the $60 doordah for work, lyft for airport rides, I also like the lounges where I can eat and drink for free. I used all my millages already in my last trip to Mexico 🇲🇽😂😂😂so I'm good to go.

  17. Avataaar/Circle Created with python_avatars Segun Odogu says:

    Have been scam alot on Instagram I was victim until someone recommend plugdumps on telegram I give a try of dealing with him he’s the realest dude💯…

  18. Avataaar/Circle Created with python_avatars Segun Odogu says:

    Have been scam alot on Instagram I was victim until someone recommend plugdumps on telegram I give a try of dealing with him he’s the realest dude💯…

  19. Avataaar/Circle Created with python_avatars Segun Odogu says:

    Have been scam alot on Instagram I was victim until someone recommend plugdumps on telegram I give a try of dealing with him he’s the realest dude💯…

  20. Avataaar/Circle Created with python_avatars DarkLoneWolf says:

    Bro you got 10 millions bucks…lol… it will be ok bro

  21. Avataaar/Circle Created with python_avatars Capital Works says:

    CSR is meh if you don't travel a fair amount. CSP, however, is lookin pretty good right now.

  22. Avataaar/Circle Created with python_avatars Ramy Eweis says:

    I tried to enroll in the course with 100off but it tells me invalid coupon!?

  23. Avataaar/Circle Created with python_avatars APTC APTC says:

    Not if you’re exempt from the annual fee because you’re military 😏

  24. Avataaar/Circle Created with python_avatars Matthew says:

    What’s a better card then

  25. Avataaar/Circle Created with python_avatars hothotheat3000 says:

    If you spend out the ass, travel a lot internationally, and consistently pay your balance early or on time, it’s still worth it.

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