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In case you haven’t heard, Chase is making some changes to its Chase Sapphire Reserve (CSR) card on January 12. The biggest change is that the annual fee will increase from $450 to $550. Ouch!
In return for the extra $100 a year, card holders get two years of DoorDash DashPass for free and a $60 annual credit. It’s unclear whether that credit will be divided into monthly chunks, or whether it will be available all at once.
Chase is also giving card holders Lyft Pink membership. This includes 15% off rides plus some other perks like priority airport pickup and 3 free cancellations per month.
Product changes are not permitted to the CSR until after January 12. You can still apply for the CSR before January 12 and get the $450 annual fee. Starting in April, all renewals will be subject to the new $550 fee. See DoC’s post for all the details.
Why I’m Not Thrilled
I just recently added up the cost of my cards’ annual fees, and the CSR is our most expensive card. On paper, paying $550 a year for a card just seems ridiculous to me. I could easily justify the $450 fee after the $300 travel credit. But I’m not sure I will get value from the additional $100 fee.
My family rarely uses DoorDash or any of the food delivery services. For a family of five, the cost of those meals really adds up. Plus, if we’re going to splurge on a restaurant, I prefer to eat in the restaurant itself for the ambiance.
We also don’t use Lyft all that much. However, we do prefer to use Lyft or Uber when we travel to bigger cities instead of renting a car. And, we do have 3 of those type of trips coming up this year.
What to Do?
We can keep the CSR and pay the $550 fee on our anniversary date in September.
Or, we could downgrade the CSR to the Chase Sapphire Preferred (CSP) card. We would only get $1.25pp value in the Chase travel portal (instead of $1.50pp value with CSR). Plus, we would no longer earn 3X on dining and travel purchases (only 2X with CSP). But, the CSP’s annual fee is $95, and we could continue to transfer points to hotels and airlines.
Another option is to cancel the CSR in September and wait a few months until my husband is eligible for the bonus on the CSP (48 months after getting the bonus on the CSR).
Since we have 9 months to make this decision, for now we will keep the card and see how much value we get from DoorDash DashPass and Lyft Pink.
Readers who currently have the CSR, what do you think of these upcoming changes? Do you plan to make any changes to your card ownership based on the increased annual fee? Is $550 a ridiculous amount?
Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Nancy lives near Dallas, Texas, with her husband and three kids. Her favorite vacations include the beach, cruising and everything Disney.