With travel returning, it may be time to look into getting a credit card offering travel rewards, like the Chase Sapphire Reserve®—but its $550 annual fee may put you off.
The card offers perks that can offset the fee, though, and one of them is attractive even if all your travel in the near future will be on ride-sharing services.
Sapphire Reserve cardholders receive a 12-month complimentary membership to Lyft Pink, the elite status tier of ride-sharing service Lyft (activate by March 31, 2022). Lyft Pink saves 15% on every Lyft ride, and gives access to priority airport pickups.
Besides saving 15% off rides with LyftPink, you can also use your $300 annual travel credit to pay for rides.
This limited-time offer for Sapphire Reserve cardholders can prove to be lucrative. If you take two Lyft rides a month, spending $50 in total, you’ll save $90 a year thanks to the 15% Lyft Pink discount. LyftPink costs $19.99 a month, so that’s another $240 you’re not spending.
Your complimentary Lyft Pink membership comes with a Seamless+ membership, also free. With it, you’ll get unlimited free delivery on eligible orders from restaurants. Seamless+ membership, an easy way to save money if you order in from participating restaurants, would cost $9.99 per month otherwise. (Chase does not advertise this benefit, which you can activate on a specific Lyft/Seamless site.)
Adding that $120 savings to the LyftPink savings, that is a cumulative $450 a year you are not spending.
On top of that, you can use the Chase Sapphire Reserve Card’s marquee benefit, its $300 travel credit every calendar year, which also helps knock off a significant chunk off the $550 price tag. Because this travel credit is very broad, it can be applied to more than airfare and hotels: it covers rideshare services such as Lyft, and even mass transit. You don’t need to do a thing to activate it: every time you make an eligible expense, it gets erased automatically from your bill, until you hit $300. It will appear with a minus sign in your card statement:
With the $300 travel credit, the savings come out to $750, more than the cost of the card’s annual fee. If you factor in the savings you’ll get from not paying delivery fees from restaurants that participate in Seamless+, you’ll likely get even more value out of the Chase Sapphire Reserve — at least until the LyftPink benefit is in effect.
This is in addition to the 10x Chase Ultimate Rewards points per dollar spent you’ll earn on Lyft rides, a very high points earning rate.
Chase Sapphire Reserve®
- Intro bonus:50,000 points
- Annual fee:$550
- Regular APR:16.99%-23.99% Variable
- Recommended credit:740-850 (Excellent)
- Apply Now At Chase’s secure site
The Platinum Card® from American Express
The Lyft Pink perk can be activated through March 31, 2022, so if you have a Sapphire Reserve card and haven’t signed up yet, or are considering getting the card, you’ll want to do it as soon as possible.
To register, open your Lyft app and enter your Chase Sapphire Reserve account details. From there, you’ll be prompted to activate your complimentary membership in a few easy steps. It shouldn’t take more than a minute.
Getting a credit card is not a decision to be taken lightly, since you should be sure you know how to manage credit before you apply. Getting a card that costs $550 a year like the Chase Sapphire Reserve should be an even more reasoned decision, but if you use the perks it provides, the card can pay for itself — and then some.
If you are a frequent user of Lyft rides, then the free membership in Lyft Pink alone could make the Chase Sapphire Reserve worth a look.