Chase Sapphire Reserve Adds Monthly Lyft Credit, Slashes Points Earning

The changes to the Lyft benefits are good if you spend up to $67 on Lyft per month.

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Published · 2 min read
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Written by Sally French
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Edited by Meghan Coyle
Editor & Content Strategist

There’s a new perk for Chase Sapphire Reserve cardholders that might be useful for monthly Lyft riders, but it comes at a cost. You’ll now earn fewer points on Lyft rides.

Chase Sapphire Reserve Credit Card
NerdWallet rating 

Starting April 1, 2025, through Sept. 30, 2027, 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. Credits don’t roll over each month and credits won’t cover Wait & Save rides, bike and scooter rentals. Still, its $120 value sounds like a sweet deal that can help justify the $550 annual fee on the Chase Sapphire Reserve.

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.

Lower points earning rate on Lyft

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

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. 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. If you spend more than $67 per month on Lyft, you would have earned at least 670 Chase Ultimate Rewards points per month (worth $10.05) under the previous 10x earning rate on Lyft.

And it’s not just the Chase Sapphire Reserve that is getting its earnings rates nerfed. Cards in the Chase Freedom family are also getting their earnings rates slashed. Here’s how the new program compares to the current structure:

Card

Current Lyft earnings (through 3/31/25)

New Lyft earnings (4/1/25–9/30/27)

Chase Sapphire Reserve / J.P. Morgan Reserve

10x points.

5x points + $10 monthly credit.

Chase Sapphire Preferred

5x points.

5x points (no credit).

Chase Freedom cards

5% cash back.

2% cash back.

Chase Ink Business cards

5x points or 5% cash back.

5x points or 5% cash back.

Chase vs. AmEx: a battle for rideshare loyalty

The added Lyft statement credits on the Chase Sapphire Reserve® align the card to compete more directly with The Platinum Card® from American Express. With an annual fee of $695, The Platinum Card® from American Express offers cardholders up to $200 in Uber Cash annually for U.S. rides and orders. It's $15 monthly, with a $20 bonus in December. (Enrollment required.) The new Chase Lyft credit goes up to just $120 annually, but pairs nicely with ongoing point earnings (see rates and fees).

The Platinum Card® from American Express
NerdWallet rating 

AmEx's Uber Cash is a bit more flexible if you’re not a rideshare user, as it can be used toward Uber Eats, too.

Another “coupon book” perk that’s tricky to track

This new Lyft benefit is part of a broader trend with premium credit cards. Issuers are adding piecemeal credits that feel like they belong in a digital coupon book. Yes, it’s real value — but only if you remember to use it.

Credits don’t roll over, so you must use them consistently. To get full value, you must ride with Lyft every month. Someone who doesn’t use Lyft on a monthly basis might find the credits frustrating.

Let’s say you spend $50 on rides to and from the airport between home and the hotel for a total of $200 per trip, and you do that on two trips a year (so $400 in annual Lyft spending). Presumably those rides would be in the same month, so you’d get two sets of $10 statement credits, plus 2,000 Chase Ultimate Rewards points (worth $30). In total, that’s about $50 in rewards for Lyft.

Under the old model, spending $400 on Lyft per year and earning 10x points would have netted 4,000 Chase Ultimate Rewards points, which is worth a higher $60 in value.

Sadly, card benefit changes like this are not uncommon. The Chase Sapphire Reserve has seen similar coupon book-type perks in the past that have come and gone, such as a monthly Gopuff credit or even the free annual Lyft Pink membership that ended enrollment at the end of 2024.

For monthly Lyft riders, statement credits can go a long way in justifying the annual fee of the Chase Sapphire Reserve. But for people who prefer simple, easy-to-use rewards, this may not be the way.

Benjamin Din contributed to this story

To view rates and fees of The Platinum Card® from American Express, see this page.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2025:

Chase Cards from our Partners
Chase Freedom Unlimited Credit Card

on Chase's website

Chase Freedom Unlimited®
5.0
NerdWallet Rating
Rewards rate

1.5%-5%

Enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

Cashback

Intro offer

$250

Limited Time Intro Offer: Earn a $250 Bonus after you spend $500 on purchases in your first 3 months from account opening.

Chase Sapphire Preferred Credit Card

on Chase's website

Chase Sapphire Preferred® Card
5.0
NerdWallet Rating
Rewards rate

1x-5x

5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

Points

Intro offer

60,000

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

Points
Chase Freedom Flex

on Chase's website

Chase Freedom Flex®
5.0
NerdWallet Rating
Rewards rate

1%-5%

Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Earn 5% on Chase travel purchased through Chase Travel®, 3% on dining and drugstores, and 1% on all other purchases.

Cashback

Intro offer

$200

Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.

See more Chase cards
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