The mega-popular Chase Sapphire Reserve is adding DoorDash credits, 10x points on Lyft rides - and a $550 annual fee

• The Chase Sapphire Reserve has been one of the most popular rewards credit cards since it launched in 2016, and its strong set of benefits has led to increased competition from other premium cards.
• To kick off the new year, Chase just announced some additional perks on the Sapphire Reserve, including up to $120 in credits for DoorDash purchases, and complimentary Pink membership with Lyft - which includes 15% ride discounts and more.
• You still have time to lock in a lower annual fee of $450 for the first year - apply by January 12. After that, the fee will increase to $550.
• Keep in mind that the card offers up to $300 in statement credits for all travel purchases, so if you factor in that and the value of the card's other benefits and points, it could still be worth it.

The arms race among premium credit cards is off to a strong start in 2020. American Express added several new benefits - and increased annual fees - to its lineup of Membership Rewards cards over the last year, and now Chase has announced some changes to its mega-popular Sapphire Reserve.

First, the bad news: The annual fee is increasing from $450 to $550, while will put it on par with The Platinum Card® from American Express. There's no way to spin this as a positive, though depending on how useful you find the new benefits, it could still be worth it.

The higher annual fee will take effect on January 12, 2020. If you don't have the Sapphire Reserve card yet, you can apply by January 12 to lock in the $450 annual fee for your first year before being transitioned to the $550 fee.

Here are the new benefits Chase is adding to the Sapphire Reserve:

• 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, which will get you access to 15% off car rides, priority airport pickups, 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, Chase is adding statement credits for the food-delivery service DoorDash. You'll get up to $60 in 2020, and up to $60 in 2021.

These new perks will also take effect on January 12, for both new and existing cardholders.

So how do these new perks stack up?

According to Chase, Lyft Pink membership is worth $239, and DashPass membership is worth over $100. Add in up to $60 in statement credits for DoorDash this year, and you're looking at more than $300 of value in new benefits.

But ... that's only if you personally value these benefits as highly, which probably isn't the case. For example, if you never use rideshare services like Lyft, the new Lyft perks won't move the needle for you.

Still, the Chase Sapphire Reserve remains a great card for the following perks, including:

• Up to $300 in annual statement credits toward travel
• 3x points on travel and dining
• No foreign transaction fees
• Priority Pass Select membership for airport lounge access
• Great trip delay and cancellation coverage that can save you money when your travel is interrupted

I use Lyft pretty regularly, so I'm excited at the opportunity to earn 10x points - equal to a 20% return on spending, based on The Points Guy's valuations - on my rides.

I also have several friends in New York who rely on CitiBike to get around, but since you're capped at just three free rides per month with the Sapphire Reserve, you wouldn't necessarily be able to cancel your monthly membership.

We'll be diving deeper into the Chase Sapphire Reserve changes in the coming days, so stay tuned. For now, though, if you're interested in opening the card, make sure you do so by January 12 to lock in the lower annual fee for a year.

Apply by January 12 to get a $450 annual fee for the first year: Click here to learn more about the Chase Sapphire Reserve »

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