NEW YORK–Credit union card portfolio managers who monitor the competition among plastics in the market will want to be aware of changes Chase has made to its Sapphire Reserve card.

Effective April 1 through Sept. 30 of this year,  Chase Sapphire Reserve and J.P. Morgan Reserve cardholders will earn 5x total points on Lyft rides and receive a $10 monthly Lyft in-app credit, which is worth up to $120 annually. The credit is only available in the U.S. and enrollment is required.

The benefit has a few caveats, noted NerdWallet in its analysis: credits don’t roll over each month and credits won’t cover Wait & Save rides, bike and scooter rentals. 

‘Sounds Sweet’

“Still, its $120 value sounds like a sweet deal that can help justify the $550 annual fee on the Chase Sapphire Reserve” card,” Nerdwallet said. “ But look a little closer, and you’ll notice this ‘enhancement’ comes with a quiet downgrade: Chase is slashing the number of points you earn on Lyft rides.”

Up until now, Nerdwallet explained, Chase Sapphire Reserve and J.P. Morgan Reserve cardholders earned a whopping 10x total points on Lyft rides.

‘Killer Return’

“That’s a killer return, especially considering Chase Ultimate Rewards points are worth between 1.5 cents each in Chase’s travel portal and as much as 2.2 cents or more if you transfer your points and redeem them with a travel partner,” Nerdwallet stated. 

Once the current deal ends on March 31, 2025, the earning rate on Lyft rides will drop to just 5x points, but cardholders will get the $10 monthly credit, the analysis explained, adding that using the baseline 1.5 cents per point valuation for Chase Sapphire Reserve cardholders, the new Lyft monthly credits are better for people who spend at least $10 but less than $67 a month on Lyft.