With the recent updates announced to the Chase Sapphire Reserve. A lot of credit card enthusiasts have been talking about changes. One of which involves Chase teaming up with Lyft. In this article we will look at how you can earn more on Lyft Rides with Chase. Particularly 10X ultimate rewards points per dollar spent beginning January 12, 2020.

I just found out by doing some reading on lyft.com that this perk is currently slated to last until March of 2022. But I also read about some other exciting information that applies across multiple Chase credit cards.

Chase Credit Cards that earn more with Lyft

Chase Sapphire Reserve: 

        10x total points on Lyft Rides 

        1 year of complimentary Lyft Pink membership per account (business profile is not eligible)

Chase Sapphire Preferred, Sapphire, Ink Preferred, and Ink Plus: 

        5x total points on Lyft Rides 

Chase Freedom, Student, and Unlimited: 

        5% total cash back on Lyft rides 

Chase Ink, Cash, Business, and Unlimited:

        5% total cash back on Lyft rides 

How to earn

Getting started is a breeze.

Step 1: Make sure you have the latest version of the Lyft app downloaded.

Step 2: Set your eligible Chase card as your default payment method.

Step 3: Earn on rides through March 2022.

Please note starting on Jan 12, you’ll be able to activate the Lyft Pink membership. Set your Chase Sapphire Reserve card as the default payment method in the Lyft app (not available for business profiles) by March 2022 and in-app messaging will guide eligible cardmembers through the complimentary enrollment.

How each Chase card earns with lyft

Without taking into consideration other benefits and only looking at the lyft multiplier we will do the math and see where the breakeven point is.

• Chase Sapphire Reserve

With the Chase Sapphire Reserve, you will earn 10X points which can be worth up to a 20% return. Since this benefit is only being added for Chase to up the annual fee by $100. We will use that amount as the breakeven point. You’d have to spend $500 on lyft each year to cover the cost of the $100 fee increase.

$500 X 20% = $100

• Chase Sapphire Preferred, Sapphire, Ink Preferred, and Ink Plus

With the Chase Sapphire Preferred, Sapphire, Ink Preferred, and Ink Plus cards all having a $95 annual fee and earning 5X points which can be worth up to a 10% return. You’d have to spend $950 on lyft each year to cover the cost of the $95 annual fee.

$950 x 10% = $95

• Chase Freedom, Student, and Unlimited and the Chase Ink, Cash, Business, and Unlimited

With the Chase Freedom, Student, and Unlimited cards and the Chase Ink, Cash, Business, and Unlimited cards you earn a flat 5% back. These cards have no annual fee. So there is no break even point here as you have no annual fee to cover. 

What is the best Chase Credit Card to use for lyft?

If you already have the Chase Sapphire Reserve and use Lyft on a regular basis you will probably benefit from keeping it to pay for your Lyft rides.

I think the sweet spot will be to use one of the credit cards with a $95 annual fee. The Chase Sapphire Preferred, Sapphire, Ink Preferred, and Ink Plus as these cards had no increase of the annual fee as of the writing of this article. 

If you have never used lyft before, you can get a free $5.00 credit by clicking here. 

Overall Thoughts

Chase teaming up with Lyft makes sense as a way to add perks that the competitor has.  American Express and Uber have teamed up a while back now. However for those with the Sapphire Preferred in their wallets, this change is pretty lackluster for most. For those with any of the other Chase credit cards mentioned, they will probably receive the most benefit since there is no extra charge attached. 

The post Chase Teaming up with Lyft | Earn with these cards appeared first on My Credit Card IQ.

What if I told you that you could get a buy one, get one on every plane ticket you purchased for the next two years. Would you be interested? Of course you would. It’s easier than you might think. But it does require a bit of planning, but it will be oh so worth it. In this article we will be looking at the Southwest Companion Pass and the best strategy to earn it.

What is the Southwest Companion Pass?

The Southwest Companion Pass allows you to choose one person to fly with you free, all you have to do is pay the taxes. (Which starts at $5.60 each way per person.) This works every time you purchase or redeem points for a flight. YES! You read that right. This even works with flights booked with points. How great is that?

How to earn the Southwest Companion Pass!

There are two ways to earn this golden ticket:

• Fly 100 one-way flights on Southwest in a calendar year

                                   OR

• Earn 125,000 rapid rewards points in a calendar year

Prior to October of 2019 it was only required to earn 110,000 rapid rewards points in a calendar year. Even though the points required has increased now is the perfect time to try and earn the Southwest Companion Pass. I discuss the best way to do this in this youtube video starting at about the 2:15 mark.

Ways to earn Rapid Rewards Points

One way is going to be by flying. You earn rapid rewards points each time you pay for a ticket. A second way is going to be by shopping and dining. You can do this by linking a credit card or debit card to you rapid rewards account. You earn extra points for purchases at participating restaurants and retailers. You can also use the shopping portal for extra points. Last and the way we will focus on is through credit cards and the signup bonus. This is by far the easiest and fastest way to earn The Southwest Companion Pass.

Best time to earn the Southwest Companion Pass?

The best time to obtain it is at the beginning of the year. You want all 125,000 rapid rewards points to hit that account in the same year. As of the writing of this article the date is January 9, 2020. This is an ideal time to get started. Why? Because you earn the companion pass for the remainder of the year in which it was earned and the following full calendar year. So you could get this amazing benefit for nearly a full two years if you plan accordingly. But no worries, I have done all of the homework for you.

Let’s talk strategy

We have already established that the easiest and fastest way to earn The Southwest Companion Pass is with credit cards. We will have to get two Southwest credit cards through Chase bank. Now keep in mind there is well known “rule” in the credit card game with Chase affectionately referred to as The Chase 5/24 “rule”. I use quotes because this isn’t something that Chase actually says exists. What this so called rule entails: If you have opened 5 or more new credit accounts with any bank within the last 24 months (some business cards may not count) you aren’t eligible for any Chase credit cards.

There are 5 different Southwest Credit cards. There are 3 personal versions and 2 business versions. You are only allowed to have 1 personal card. So to earn this you will have to open a personal Southwest credit card and 1 business Southwest credit card. If you sell products, goods, services, etc on any platform that is considered a business. But make sure to check the laws in you local area to make sure you qualify.

The three personal cards have annual fees that range from $69 up to $149. I highly recommend going with the Southwest Rapid Rewards Priority Credit Card which does have the highest annual fee at $149. But the value you get more than covers that fee. But from now until February 10, 2020 no matter which card you choose this strategy will work for you as you will earn 75,000 rapid rewards points. After you spend $5,000 within the first 6 months of account opening you will earn those 75,000 points. You earn it in a tiered way. Meaning you earn 40,000 of those points after only $1,000 of spending within the first 3 months of account opening and then you earn the additional 35,000 points after $5,000 of spending total within the first 6 months.

Now it is time to turn your attention to the business cards. There are two of them. At this time either card will help you obtain the needed amount of rapid rewards points so choose the best option for you.

• Southwest Rapid Rewards Performance Business Credit Card: you will earn 70,000 points after spending $5,000 within the first 3 months of account opening. This card comes with a $199 annual fee.
• Southwest Rapid Rewards Premier Business Credit Card: you will earn 60,000 points after spending $3,000 within the first 3 months of account opening. This card comes with a $99 annual fee.

Are you keeping score?

So now you have spent $8,000 to $10,000 within a 6 month period and have earned at least 143,000 points. You also earned at least 1x point per dollar on $8,000. 

This has put you well over the needed 125,000 rapid rewards points to earn the coveted Southwest Companion Pass. Congratulations, you did it!

Want to know the best part?

Those 143,000 rapid rewards points you earned can still be used to redeem for flights. So get to earning and get to flying. The hardest part might be picking your next destination or maybe your companion to fly with?

The post Southwest Companion Pass | The Complete Guide appeared first on My Credit Card IQ.

When we travel, we are able to go to places that allow us to relax, have experiences that we wouldn’t otherwise have and experience cultures that enhance the way we view the world. All while making memories that we can revisit time and time again.

When it comes time to book a flight, a hotel or an Airbnb, getting a rental car, and the cost of food, traveling can be expensive. But, it doesn’t have to be! Whether you are looking to take the family on a Disney vacation or wanting to book a bungalow in the Maldives for a getaway you can save big by using points, miles, and cash back.

This is where Credit Cards come into play. Credit Card points are a great way to book travel for amazingly low costs and sometimes free travel. We at Credit Card IQ explore practical ways to use your everyday spending to earn those credit card points, miles,  and cash back so you can travel further for cheaper.

We focus on smart financial decisions and we always advocate for treating your credit card like a debit card. Don’t buy something if you don’t have the money in the bank, plain and simple.

So what are you waiting for? Start planning your next trip by reading a blog post or watching a video on our Youtube channel.

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