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Chase Sapphire Reserve cardholders now to pay the $550 annual fee

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Chase Sapphire Reserve cardholders now to pay the $550 annual fee

Last year Chase made an announcement that it would be raising the annual fee of the Chase Sapphire Reserve® card from $450 to $550. Luckily, it was delayed due to the pandemic. As the travel industry was halted across the world, travelers couldn’t benefit from the card.

However, some cardholders were already charged an annual fee of $550. Chase gave away a $100 statement credit to offset the higher fee. As the travel industry is now picking up the charges are going to increase for all Chase Sapphire Reserve cardholders from Aug. 1.

Why is Chase raising the annual fee

Chase is raising the card’s annual fee ever so often in order to offset the cost of additional benefits added. We saw this earlier in July when Amex raised the annual fee of the Platinum Card.

When Chase announced it was raising the Reserve’s annual fee from $450 to $550, it also introduced a bunch of new benefits including:

  • Lyft Pink membership: This benefit normally costs $19.99 per month. It comes with 15% off all car rides, a relaxed cancellation policy on Lyft rides, waived lost and found fees, and more. You can also earn 10X points on Lyft rides through March 2022.
  • DoorDash DashPass membership: DashPass comes with unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases.
  • DoorDash statement credits: Up to $60 in statement credits on DoorDash purchases through the end of 2021.
  • Peloton credit: Get up to $120 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021.

This is in addition to the excellent benefits already included with the Chase Sapphire Reserve, including:

  • 3X points for every dollar spent on travel (airfare, hotels, car rentals, rideshare and more) and dining purchases worldwide
  • 50% more value on points redeemed for travel through Chase Ultimate Rewards
  • $300 annual travel credit
  • Priority Pass airport lounge membership
  • $100 fee credit for either TSA PreCheck/Global Entry every four years
  • Travel insurance coverage, including trip cancellation/interruption insurance, lost luggage reimbursement and trip delay reimbursement.
  • Purchase and return protection

Conclusion

The Chase Sapphire Reserve is undoubtedly one of the best travel rewards credit cards available today. Though, a $550 annual fee shall not go down ell with some consumers in the market. But for the right person, the Sapphire Reserve can still deliver great value.

A technology passionate, looking forward to sharing his insights and verdicts on the ‘Technology-driven world’ of today.

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