The Chase Sapphire Reserve is one of our favorite travel rewards credit cards, and it's about to get even more rewarding...at the expense of a higher annual fee. Luckily, you still have a few days to apply for the card under the original annual fee, while still reaping all of the new benefits.

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Starting on January 12, the annual fee of the Sapphire Reserve will jump from $450 to $550 for new users. If you already have the card, renewal fees charged before April 1 will still be $450, after which everyone will have to pay the new, higher fee.

We've covered the Sapphire Reserve in more detail here, and thanks to its $300 annual travel credit (in addition to a number of other benefits), the annual fee isn't quite as daunting as it might seem. But even so, a $100 jump is no fun for anyone. Luckily, the change comes paired with some lucrative new benefits.

DoorDash Credits and DashPass

Sapphire Reserve cardholders will receive a $60 DoorDash credit in 2020 and 2021. After 2021 though, it's unclear if this benefit will renew. DoorDash is an app that allows you to order food delivery from thousands of different restaurants, so as long as you live in at least a modestly sized city where DoorDash operates, you should have no trouble spending the two credits.

It works similarly to the Sapphire Reserve's annual travel credit. Starting January 12, if you use your Sapphire Reserve to pay for DoorDash, the credit (up to $60 annually) will be applied to your credit card statement automatically.

In addition, if you add your Sapphire Reserve card number as a payment method in the DoorDash app, you'll be eligible for two years of DashPass, which waives delivery fees and some service fees for participating restaurants, saving an average of $4-$5 per order, according to the company.

Lyft

Sapphire Reserve holders will be eligible for a year of Lyft Pink, which normally costs $20 per month. Lyft Pink gets you 15% off Lyft rides, priority airport pickup, a relaxed cancelation policy, free bike and scooter rides, and waived lost and found fees if you forget something in a car. Again, it's unclear at this time if Chase and Lyft will renew this benefit after a year.

In addition, you'll also earn 10x points on all Lyft rides that you pay for with the Chase Sapphire Reserve, up from the current 3x points. At this time, it seems like this benefit will be available indefinitely, and won't be limited to a year.

Still Worth It?

If you use Lyft and DoorDash, these benefits are easily worth more than the additional $100 per year, not that cardholders have any say in the matter. If you don't use those services and have no plans to, then this annual fee increase is unambiguous bad news.

But no matter what, if you're interested in the Sapphire Reserve, you should apply before January 12. You'll get all of the new benefits, but your first annual fee will still be $450 instead of $550.


Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.