Chase hikes the annual fee for its popular Sapphire Reserve card to $550 and rolls out new perks

Cardholders pay an extra $100 a year, but they also get free DoorDash subscriptions and 10x points on Lyft rides. Worth it?

Chase JPM, +0.78% is increasing the annual fee on its popular Sapphire Reserve card, intensifying the ongoing competition with American Express’ Platinum card.

In addition to the higher annual fee, Chase has planned more changes for the Sapphire Reserve and other credit cards it offers. The 10x points on Lyft rides is one of the highest reward rates in the credit-card industry for rideshares. Comparatively, the Uber Visa Card V, +1.71% only offers 5% on Uber rides and the U.S. Bank Cash+ Visa Signature card USB, -0.21% offers 5% back on ground transportation. Additionally, the Wells Fargo Propel American Express card WFC, +0.30% offers 3x points on rideshare purchases.

For Sapphire Reserve card holders, Schulz recommended reviewing the new annual fee versus the new and existing benefits that come with the card to determine whether the added cost is justified. “This increase can be a great excuse to re-examine your spending,” he said. “The best cards give the best rewards for things that you spend the most on, and if you haven’t changed cards in a few years, it’s very possible that your card may not fit your lifestyle anymore.

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