8 great benefits Chase added to the Sapphire cards due to COVID
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Credit card issuers like Chase and Amex have added enhancements to their credit cards during this period of uncertainty surrounding the economy and travel.
Cue the Chase Sapphire benefits boosts! Those holding the Chase Sapphire Reserve® and the Chase Sapphire Preferred® Card (the best credit card for beginners) are getting some big breaks. I’ll tell you all about it!
New Bonus categories
Chase Sapphire Preferred
- 2 Chase points per dollar on travel or dining
- 3 Chase points per dollar on Lyft rides through March 31, 2022
Chase Sapphire Reserve
- 3 Chase points per dollar on travel or dining
- 7 Chase points per dollar on Lyft rides through March 31, 2022
- 3 Chase points per dollar on dining
If you’re a fan of Peloton, the Chase Sapphire Preferred and Sapphire Reserve cards have the credits for you. Through December 31, 2021, the Preferred card will get you $60 in statement credits for eligible Digital and All-Access Peloton memberships while the Reserve card gives back $120 in statement credits.
More flexibility with the travel credit (only for the Sapphire Reserve)
If you’re a Chase Sapphire Reserve cardholder and haven’t exhausted your annual $300 travel credit, Chase is making it even easier to use.
Previously, this credit would kick in and automatically reimburse you for the first $300 of purchases that code as travel each cardmember year (airfare, hotels, Airbnb, rideshares, cruises, etc.). But now through the end of 2021, this credit will also reimburse you for purchases at gas stations and grocery stores.
With these new credits, it really shouldn’t be too hard to take full advantage of the expanded $300 credit.
Chase Pay Yourself Back
Both the Chase Sapphire Reserve and the Chase Sapphire Preferred have a super nifty new benefit called Pay Yourself Back. With it, you can use your Chase points to give yourself a statement credit to offset purchases at dining establishments, grocery stores and home improvement stores. Chase has extended the offer through Sept. 30, 2021, and you can redeem your points at the following rates:
- Chase Sapphire Preferred – 1.25 cents each
- Chase Sapphire Reserve – 1.5 cents each
This is the same rate at which you can redeem your points for travel through the Chase Travel Portal. Since travel is sparse right now, this is a great option if you find that you redeem your points through the Chase Portal. Normally you can redeem Chase points at 1 cent each for cashback to cover non-travel charges — and this new benefit effectively increases the cash value of points by 25-50%.
However, if you know the best ways to use Chase points, you know that transferring them to valuable Chase airline and hotel transfer partners can net you a value of 2 cents or more per point. You can read more about this in our post covering Chase points value.
Discounted annual fee (only for the Sapphire Reserve)
Earlier this year, Chase increased the annual fee for the Sapphire Reserve from $450 to $550, adding some new benefits along with the heftier price tag. For those renewing their annual fee on the Chase Sapphire Reserve by December 31, 2020, Chase is currently offering a $100 statement credit to help reduce the price tag during the coronavirus ordeal. That effectively lowers the annual fee to $450.
Lyft Pink membership (only for the Sapphire Reserve)
Also included in the list of Chase Sapphire Reserve card benefits is a complimentary Lyft Pink membership for a full year if activated by Mar. 31, 2022. Considering this membership would set you back $199 ordinarily, this could account for nearly half of the discounted annual fee.
As we enter the winter months and it’s less enticing to venture outside to retrieve your dinner, DoorDash is your buddy. With the Chase Sapphire Reserve card, you’ll get two $60 statement credits for use through 2021. The first $60 credit will be applied if used by Dec. 31, 2020, and the second $60 credit can be used through Dec. 31, 2021.
Don’t worry if you only have the Chase Sapphire Preferred card and are a DoorDash fanatic, there are still DoorDash benefits for you. With your card, you’ll receive a complimentary year DashPass that can be used on both the DoorDash and Caviar apps. You’ll just need to activate the subscription by Dec. 31, 2021.
The Chase Sapphire Reserve card receives the same exact offer to use along with the statement credit!
Other regular benefits
There’s no shortage of benefits with the Chase Sapphire Preferred card. You’ll still have the standard benefits like trip cancellation insurance, rental car insurance, delayed baggage insurance, and credit if your trip is delayed. It’s an all around solid card for beginners.
The Chase Sapphire Reserve card pays for itself with a $300 annual travel credit and complimentary Priority Pass membership among other benefits. If you’re due to join or renew your Global Entry or TSA Pre membership, you’ll also get a $100 statement credit for the application fee if you use the card. Read our full review of the card here.
Chase has deployed a suite of benefits to its Chase Sapphire cards in a coronavirus relief effort of sorts. These cards are more valuable than ever — even with the temporary halt in travel. Read our Chase Sapphire Preferred review and Chase Sapphire Reserve review for more details about these cards. Five minutes of reading will give you an unequivocal answer as to whether either of these cards deserve a spot in your wallet based on your spending and travel style.
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