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
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