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Chase Sapphire Reserve annual fee is increasing, here is my take on it. There are also some new benefits with Lyft and DoorDash that look okay.
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38 comments
Fee increases $100, total value of increased benefits = $0. Chase is turning their backs on suburbanites who have their own car in their driveway. Maybe not a good idea because they are angering high net worth customers who travel a lot.
I didn't get the AMEX because you have to work too hard to take advantage of their credits, now Chase is going in the same annoying direction.
At first blush, I thought this would be in general bad, but after checking some numbers it seems pretty ok. On my girlfriend and my CSR (she's an authorized user) we tend to get a lot of Lyfts, which added up to $1,133 in 2019. We tend to get 1.5c/UR, so with that conservative number 10 ppd gives us an annual benefit of around $170, giving a net increase of $70 over the old benefits. Pretty good profit. Will be interesting to see if the other benefits do anything for us, but otherwise this has been a positive change for our situation.
For me, since I use DoorDash a lot, this isn't a bad change at all, at least for the first two years. I already pay for Dashpass, so that is $120 extra value per year for 2 years, which already more than makes up for the fee increase. Tacking on another $60 of DoorDash credit per year is just bonus. Now, after the two years is up, then we'll have to see what Chase does. The Lyft benefits are probably zero to no value for me since I do ride share so infrequently, and usually I use Uber when I do. The value of these benefits really seems to depend on how often people use Lyft or DoorDash.
Would this mean the preferred is now a better card for the average person that doesn’t use door dash or Lyft?
Chase got taken to the cleaners on all the sign up bonuses and they’re playing makeup now. Door Dash is trying to save face from some bad PR after they were hacked, they’re looking to do anything it partner up with Banks for credibility. This card is turning into crap. Sticking with my AMEX Gold.
If I put someone as a certified user will they receive the $60 doordash and Lyft pink benefits?
If that is true then it's awesome !
Certified user is like $75 and that includes priorty pass and global entry
Cancel it folks
This is the reason I don't care about credit card benefits, unless the annual fee is $0. Better focus on earning more money.
Using a Chase card to rent a Citi bike? Well of course lol.
Good video. I agree, the benefits that have been added do not make up for the price increase
I'm about to cancel
What if I renew on the first of April?
Less focus on luxury trap rewards; more rewards that normal people will use. This video is a great example: https://youtu.be/WrayBtS07iw
I just got approved on January 7th. I admit that I was surprised! So now I have one year of use to analyze if paying $550 is worth my while. My employer pays for all of my travel expenses I will put on this card, so I am not spending any of my hard earned dollars while spending the $4,000 in three months to get the bonus 50,000 points. The only thing I am paying for is the $450 annual fee.
It is almost noon time on Jan 13th. The application documents and advertisement of the card are still showing $450 AF. No trace of LYFT or DoorDash updates. Since the official application is still showing 450, then the increase did not happen (yet). Was it a trial trick by Chase to see market reaction or what?
I'm from Taipei, Taiwan. Love your videos.
How do you feel about your trip in Taiwan? I'm highly interested.
For anyone who is in a similar situation, I became eligible for an upgrade from my CSP to a CSR on 1/8 but was not allowed to because they were updating things and was told that I would be able to today. After speaking with someone from Chase tonight, even though my card renews this month, I would still have to pay the $550 to upgrade. It looks like upgrades are considered like new accounts, any only current CSR holders who renew before 4/1 get the $450 renewal with the new benefits.
Graham sent me
nice haircut!!!
Love your vids Ben!
Exactly like you said, I’m so disappointed in the change …
The DoorDash is a plus for me. I use DoorDash often (although I’m trying to cut back on food delivery services). However, it’s my go to for food delivery. They seem to have a lot of the commercial restaurants along with the mom and pop ones.
I couldn't agree with you more, CS. This was a great card and worth the cost. The added benefits are of no use and minimal interest to me, and the added cost of the card will make me seriously reevaluate keeping it when I am up for renewal next winter. If they had just increased the AF to $495 and left the benefits alone, I would have complained but paid it. Now, I'm not at all sure I will.
Grand Master Shifu, have you shared your thoughts on the Premium Car Rental Protection, offered by AMEX on certain cards. It’s suppose to be an option to opt into primary car insurance but requires a $15($75000 coverage)/$20($100000 coverage) dollar fee per car rental up to 45 days. Do you use this service?
I got the card last week. For me it's still worth it as a person living in NYC that doesn't own a car. The new Lyft benefits + $300 travel credit alone save me a lot that I can use elsewhere.
Give us AirBnB benefits!
I just found something interesting. I changed the standard Trifecta model around and mixed Chase and AmEx cards together. It only works because my trio of AmEx cards is all cash back so you don't wind up with travel points from two different banks.
I found that adding a CSR card, (1 extra user, discounting some temporary perks, assuming 1.25 for UR points), and combining it with my AmEx trio, I could get between 35% and 40% better than just the cash back cards. The key is Lyft and Airlines, but at $5k air and $2k Lyft per year, adding the CSR makes the difference. And the AmEx 6% of groceries is huge when coupled with the 3% card for more than $6,000 per year. For travelers, you get all the CSR benefits mixed with the great everyday cash back of AmEx. If I assume 1.5 on UR points with $40k of spending, the net return on spending was 3.9%.
I wanted to learn about this card, I'm barely 2 min in and he isn't sure if its 3 bike rides or 3 day passes. It literally says three 30 minute rides on what you put on the screen. If you are that careless (or clueless) about something so minor, how can I appreciate your opinion on the other stuff??? Gonna pass on watching the rest of this vid
I’m contemplating closing my CSR and going with Amex Platinum. One thing that concerns me is Amex not being as widely accepted as Visa, are people still having trouble with this?
I'm downgrading to Marriott Bonvoy Bold™ credit card, no annual fee, no foreign transaction fee. I'm good with my Amex..
Finally got enough points to get a haircut huh!
Quick Question: If I have the CSR now, I want to transfer points to a partner for a trip that i plan on going in 2021. Can i do the transfer now, and then cancel the CSR and I'll be able to use the credit in 2021?
Didn't Morgan acquire Lyft?
Chase: we have the best damned credit card. Nothing can screw this up.
Also chase: hold my beer
This became so clutch during the COVID-19 quarantine, lol. I remember in January this was terrible news, but now it's not too bad.
I recently got the CSP, and didn't know about these changes to the Reserve until now. So glad I made that choice, as the Lyft benefit and Doordash is largely useless. I signed up for Doordash months ago from a promotion, but never used it or paid for it because I think it's overpriced – I don't eat out much, and would much rather carryout my own pizzas. I live in a smaller city in Florida, and tried driving for Lyft (there's few customers), so from a Lyft driver's perspective, that's doubly useless. I've only used Lyft as a passenger ONCE, and that was to get back home after leaving my car at the repair shop after hours. The Reserve is not worth having at $550 for a lot of people, as the Amex Gold is a much better value.
Chase Sapphire Preferred for the WIN.
Door Dash is popular in socal. Almost all big restaurant and small chains have it in the Los Angeles area.
@The Credit Shifu …You may want to pin this info or add as an update in the description. Reviewing my August statement there was a notice that my annual fee would be billed on 1 Oct, for 450$. I called thinking it was a typo. After talking to a Chase representative, they verified it to be correct. Due to Corona virus, they are delaying the annual fee increase until next year or possibly later.