New Chase Sapphire Benefits Added For Stuck-At-Home Cardmembers
Many travel credit cards are having to rethink their benefits. We've already seen many Amex and Chase cards make changes due to the pandemic. Now, Chase is making temporary changes to its Chase Sapphire Preferred and Chase Sapphire Reserve cards, making it easier for cardmembers to save money from home.
Temporary Chase Sapphire Reserve and Sapphire Preferred Card Changes
The changes Chase unveiled today are clearly geared to soothing unease from cardmembers who aren't able to travel. With the balance of each card's benefits weighted towards travel, obviously cardmembers have been reconsidering holding the cards and paying their respective annual fees.
Chase Sapphire Preferred Changes
We value Chase Ultimate Rewards points at two cents per point, making the Chase Sapphire Preferred card one of our favorite "beginner" credit cards. Ultimate Rewards can be transferred to a number of airline partners, but obviously that's of no use to cardmembers if they have no desire to travel in the near future.
Chase has unveiled "Pay Yourself Back," which allows you to redeem your Ultimate Rewards points for 1.25 cents per point towards purchases made at grocery stores, home improvement stores, and dining from May 31 through September 30. Meanwhile, Chase had already unveiled to cardmembers that they're able to earn 3 Ultimate Rewards points on all grocery purchases (up to $1,500 per month through June 30th) and 5 Ultimate Rewards points on Tock and DoorDash (up to $500). That's like 3.75% cashback on grocery purchases for those that don't want to hold their Ultimate Rewards points for future travel.
Chase Sapphire Reserve Changes
Like the Chase Sapphire Preferred, the Chase Sapphire Reserve card is geared towards travel. With a $550 annual fee (lowered to $450 for renewals July 1 through 2020), it's obviously very important to get full value for holding the card in exchange for the annual fee.
Chase has also extended "Pay Yourself Back" to the Chase Sapphire Reserve card, but instead of a 1.25 cent value for redeem towards grocery, home improvement stores, and dining purchases, you'll receive 1.5 cents per point redeemed towards these purchases from May 31 through September 30.
In addition, the $300 travel credit will now be automatically applied towards grocery store purchases and gas stations. This is a great benefit since many cardmembers at home will have these types of purchases.
You'll also get $60 in DoorDash credits in 2020 and 2021, one year of DashPass, 5 Ultimate Rewards points per dollar spent at grocery stores (up to $1,500), 5 Ultimate Rewards points per dollar spent on DoorDash and Tock (up to $500), and the normal 3 points per dollar on all dining purchases.
Is It Worth Keeping the Sapphire Cards Because of These Changes?
To me, if you're still planning on traveling in the future, it's worth keeping both cards, especially now that positive temporary changes have been made. If you're concerned about meeting your financial obligations, obviously a $450 or $95 annual fee can be burdensome. You can downgrade to a no-fee credit card from Chase, like the Freedom Unlimited or Chase Freedom Flex℠ cards, which I recommend over completely closing the account.