Breaking Down the New Chase Sapphire Benefits

Update: From July 1st to September 30th, Chase is introducing even more benefits!

In response to changing spending habits because of COVID-19, Chase has updated and introduced new temporary benefits for Chase Sapphire Reserve and Chase Sapphire Preferred cards.

Chase Sapphire Reserve

Annual Fee – This impacts renewal cardholders only

If your renewal date in 2020 is between:
Jan 1 to Mar 31 — $450
Apr 1 to Jun 30 — $550 with $100 statement credit
Jul 1 to Dec 31 — $450


New applicants will pay an annual fee of $550.

$300 Travel Credit

Original Benefit: Applied to hotels, ride-sharing, train, and air travel
NEW BENEFIT: Extends to gas and grocery stores from June 1 to December 31

Redeeming Points

Original Benefit: 1.5x value for redemption through the Chase travel portal and 1 cent per point for a statement credit
NEW BENEFIT: 1.5 cents per point for restaurants, grocery stores, and home improvement stores (Available May 31 to September 30, 2020)

Earning Points

  • 3x for travel and restaurants
  • 10x for Lyft rides
  • 5x on Instacart (up to $3000 spend)
  • 5x on gas (up to $1500 spend)
  • 10x on streaming services (up to $1500 spend)
    • This includes Disney+; ESPN+; Hulu; Netflix; Sling; Fubo TV; Vudu; SiriusXM; Pandora, Spotify; YouTube TV

Other Benefits

  • $50 in statement credit for Instacart Express membership
  • $60 DoorDash credit and DoorDash DashPass for 2020 and 2021
  • Lyft Pink membership

Chase Sapphire Preferred

Redeeming Points

Original Benefit: 1.25x value for redemption through the Chase travel portal and 1 cent per point for a statement credit
NEW BENEFIT: 1.25 cents per point for restaurants, grocery stores, and home improvement stores (Available May 31 to September 30, 2020)

Earning Points

  • 2x for travel and restaurants
  • 5x for Lyft rides
  • 3x on Instacart (up to $3000 spend)
  • 3x on gas (up to $1500 spend)
  • 5x on streaming services (up to $1500 spend)
    • This includes Disney+; ESPN+; Hulu; Netflix; Sling; Fubo TV; Vudu; SiriusXM; Pandora, Spotify; YouTube TV

Other Benefits

  • $50 in statement credit for Instacart Express membership
  • DoorDash DashPass for 2020 and 2021