NEW YORK—The Chase Sapphire Reserve is pushing the envelope on what credit card customers can get from, and are willing to pay for, a super-premium rewards credit card.
Chase has hiked the annual fee but has added some trendy new perks.
Starting Jan. 12, new cardholders are paying an annual fee of $550, an increase of $100. Sapphire Reserve cardholders will get free membership in food delivery platform DoorDash's subscription DashPass service, which offers free delivery for orders over $12 and normally costs $9.99 a month, Money reported.
The second new perk is a one-year enrollment in Lyft's new Lyft Pink program, which typically $19.99 monthly membership that offers 15% off car rides, up to three waived cancellations a month if rides are rebooked within 15 minutes, priority airport pickups and three free bike and scooter rides a month of 30 minutes or less, Money said.
Less Card Debt
Meanwhile, U.S. consumers slowed their borrowing in November, mainly by piling up less credit card debt.
The Federal Reserve said that consumer credit rose by a seasonally adjusted $12.5 billion in November, down from a gain of $19 billion in October.
The sharp slowdown reflected a $2.5 billion decline in borrowing in the category that covers credit cards that followed a strong gain of $7.9 billion in October. November's was the weakest showing since credit card debt fell by $2.8 billion in March, the Associated Press stated in its analysis.