This amount is up from the $450 annual fee that many of the cards loyal supporters have grown comfortable with and for good reason. As this credit card offered some amazing perks, especially the initial sign-up bonus of 100,000 chase ultimate reward points.

What’s New?

Well, besides the obvious bad news of the $100 annual fee increase. Let’s look at what your new $550 annual fee will get you. The annual fee increase takes effect on January 12, 2020 for new card holders. If you currently have the Chase Sapphire Reserve you will be locked into the $450 annual fee if your anniversary date is prior to April 1, 2020. The below benefits however will go into effect on January 12, 2020 for current and new card holders alike.

• 10x points on Lyft rides — up from the current 3x rate for Lyft rides and all other travel purchases

• Complimentary Lyft Pink membership — you can activate a year for free. Lyft charges $19.99 per month for this service. This will get you access to 15% off car rides, priority airport pickups, surprise offers, relaxed cancellation policies, and up to three free 30-minute bike and scooter rides (including with Citi Bike) per month in certain metropolitan areas

• Up to $120 in DoorDash credits for food delivery — in addition to offering Sapphire Reserve cardmembers a complimentary year of DashPass membership with DoorDash for waived delivery fees and more. DoorDash charges $9.99 per month for this service. Chase is also adding statement credits for the food-delivery service DoorDash. You’ll get up to $60 in 2020, and up to $60 in 2021.

Do these new benefits justify the new annual fee?

Is Chase Sapphire Reserve annual fee increasing to $550 worth the price? It’s a simple question that has more than one answer. It really boils down to if you already use these services that are being added. One year of Lyft Pink membership is valued at $239. One year of DashPass membership is valued at $119. The two years of DoorDash credits you will get is a value of $120. That’s a value of $418 in the first year alone. If Chase decides not to extend the Lyft Pink membership or the DashPass membership you are still receiving $478 in value in the first two years alone.

But, that is only real value if you already use these services and value them as such. If you only start using these services because you have the Chase Sapphire Reserve, you aren’t saving money. The DashPass membership and DoorDash credit will most likely be easier to use and justify. Many people love their cars and rarely use rideshare services unless it’s for a ride to the airport or you live in a metropolitan area.

If you use Lyft regularly, I’d say 2-3 times per week. Getting 10X chase points per dollar now will be extremely exciting and will more than cover the $100 annual fee increase.

Is Chase Removing Any Benefits?

The Chase Sapphire Reserve will still include the same benefits you have come used to relying on, including:

• $300 in annual statement credits towards travel
• Priority Pass select membership for airport lounge access
• 3X points on travel and dining
• No foreign transaction fees
• Trip delay and cancellation coverage

It would have been nice to see an increase in the travel and dining multiplier or an added earning category like gasoline or groceries. However, at least we can breathe a sigh of relief knowing that they haven’t taken any benefits away.

The Verdict

Ultimately it will come down to your spending habits and if you find value in these new added benefits. The value provided can come in handy and save you some serious green. Sadly, if you won’t use these credits it is going to be hard to justify keeping this card in your wallet for that steep $550 annual fee. Thankfully, instead of cancelling the card you have plenty of downgrade options.

Check back for more updates soon as we will be diving into plenty of information on the Chase Sapphire Reserve card and many other great credit cards. If you like earning 5X points check out the ABOC Platinum Rewards Mastercard.

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