Why The Chase Sapphire Preferred Is Great For Lyft Riders

Last updated Jul. 25, 2024 by Okechukwu Nkemdirim

The Chase Sapphire Preferred® Card has consistently been a favorite among travel enthusiasts due to its array of benefits and rewards tailored to the needs of frequent travelers. Since 2020, Chase has rekindled its appeal thanks to a unique partnership with Lyft, making this card even more attractive to Lyft riders. Below, we explore why the Chase Sapphire Preferred stands out as an excellent choice for anyone who finds themselves frequently using Lyft.

Lyft Pink Membership

One of the standout features for Lyft riders is the complimentary Lyft Pink membership for a year when you use the Chase Sapphire Preferred card. Lyft Pink, ordinarily priced at $19.99 per month or $199 per year, offers a plethora of benefits that any regular rider will find valuable.

Lyft Pink membership offers 15% off on all car rides, priority airport pickups, relaxed cancellations, and surprise offers from partners like Grubhub and SIXT. Members also enjoy three free scooter or bike rides per month, adding another layer of convenience for short city trips.

This alone can save frequent Lyft riders hundreds of dollars annually, negating any annual fees associated with maintaining the Chase Sapphire Preferred Card.

5x Points on Lyft Rides

The Chase Sapphire Preferred® Card has ramped up its rewards structure, offering 5x points per dollar spent on Lyft rides through March 2025. This is a significant upgrade from the standard earning rates, allowing cardholders to accumulate points quickly. For context, most cashback cards offer 1% to 2% returns, making the 5x points an incredible deal.

Points can be redeemed in multiple ways, including statement credits, travel bookings, and even transfers to airline and hotel partners, often increasing their value further. This lucrative rewards rate makes the Chase Sapphire Preferred a top pick for Lyft users.

Chase Ultimate Rewards

Chase’s Ultimate Rewards program is widely regarded as one of the best points programs available due to its flexibility and high redemption rates. Points earned through the Chase Sapphire Preferred card can be worth as much as 25% more when redeemed for travel through the Chase Ultimate Rewards portal. For Lyft users, pairing the 5x points earned with the elevated value in the Ultimate Rewards portal could mean substantial savings on future travel plans.

Enjoying 5x points on Lyft rides that can later be converted into other travel rewards allows for a seamless and rewarding experience, whether you are looking to book a hotel, flight, or even a rental car.

Travel and Purchase Protections

The Chase Sapphire Preferred card offers a variety of travel and purchase protections that can be invaluable for Lyft riders who frequently find themselves on the go. Some of these benefits include:

• Trip Cancellation/Interruption Insurance: Coverage up to $10,000 per person and $20,000 per trip for prepaid, non-refundable travel expenses.
• Auto Rental Collision Damage Waiver: Primary coverage for rental cars, providing further peace of mind when traveling.
• Travel and Emergency Assistance Services: Coordination of medical, legal, and travel services while away from home.
• Roadside Dispatch: A pay-per-use roadside assistance program that offers services such as towing, lockout services, and more.
• Purchase Protection: Coverage for new purchases against damage or theft for up to 120 days.
• Extended Warranty Protection: Extends the time period of the U.S. manufacturer’s warranty by an additional year.

These protections can add up to significant value for anyone investing in the Chase Sapphire Preferred, providing reassurance and financial security during unforeseen events.

DoorDash Benefits

In addition to benefits directly related to Lyft, the Chase Sapphire Preferred card also offers perks for DoorDash users. Cardholders receive a complimentary DashPass subscription for the first three months of activation, followed by a 50% discount for the next nine months. DashPass eliminates delivery fees and reduces service fees on orders over $12, providing substantial savings.

Riders who frequently use both Lyft and DoorDash will appreciate the combined savings and benefits, essentially getting more value from their card across multiple services.

Flexibility and No Foreign Transaction Fees

Chase Sapphire Preferred’s lack of foreign transaction fees makes it an ideal card for international travelers. Lyft operates in multiple countries, and avoiding foreign transaction fees can lead to significant savings. Additionally, the card’s broad acceptance and robust benefits make it an all-in-one solution for travelers seeking convenience and value.

Robust Signup Bonus

The Chase Sapphire Preferred card offers a generous signup bonus for new cardholders. Typically, the bonus requires spending a certain amount within the first three months of account opening, with rewards points sometimes equating to hundreds of dollars in travel credits.

For Lyft riders, meeting the spending requirements can be relatively easy, as frequent use of the service will contribute significantly towards the spending threshold. This bonus can further enhance the value proposition of the card, essentially providing a welcome boost to your rewards balance.

Redeeming Points for Lyft Rides

One often overlooked benefit is the ability to redeem Chase Ultimate Rewards points directly for Lyft rides. This can be done through the Chase Pay platform, where points can be used as payment, making it easy to utilize accumulated points for immediate, everyday savings.

Pairing this with the 5x point-earning potential creates a cycle of earning and redeeming that can significantly lower transportation costs over time. For those who frequently find themselves in need of a quick and reliable ride, this can be an incredibly convenient way to maximize your financial efficiency.

Sleek Mobile Integration

Chase provides a seamless mobile experience through its app, which is particularly convenient for frequent rideshare users. The app allows you to track your spending, monitor your rewards balance, and even redeem points on the go. The integration with Lyft ensures that rewards points earned from rides appear promptly, making it simple to keep track of your earning potential and spending.

Additionally, the Chase app offers alerts for unusual spending, fraud protection, and an easy-to-use customer service contact feature, further increasing its usability for those who find themselves constantly on the move.

Superior Point Transfer Options

The value of Chase Ultimate Rewards points is particularly evident when transferred to partner loyalty programs. Chase partners with numerous airlines and hotels, and leveraging these partnerships can sometimes yield point valuations far higher than the standard 1 cent per point when redeemed for travel.

For instance, transferring points to airline programs can occasionally result in valuations as high as 2 to 3 cents per point during promotional periods or for first-class flight redemptions. This makes the 5x points earned on Lyft rides even more valuable, allowing savvy travelers to unlock exceptional travel experiences.

Balancing Rewards With Costs

While the Chase Sapphire Preferred card offers numerous perks, there is an annual fee—typically $95. However, when weighing this fee against the value of benefits such as the Lyft Pink membership, 5x points on Lyft rides, comprehensive travel and purchase protections, and the generous signup bonus, the net value remains strongly in favor of the cardholder.

Featured Content:

Should You Get The Chase Sapphire Preferred Card?

For frequent travelers and rideshare users, the answer is a resounding yes. The card seamlessly integrates into the lifestyle of someone who often finds themselves on the go, leveraging numerous features to save money and provide convenience at every turn.

FAQs

Q: What is the annual fee for the Chase Sapphire Preferred card?

A: The annual fee for the Chase Sapphire Preferred card is generally $95.

Q: How long will I earn 5x points on Lyft rides with the Chase Sapphire Preferred card?

A: You will earn 5x points on Lyft rides through March 2025 with the Chase Sapphire Preferred card.

Q: What is the value of a Chase Ultimate Rewards point?

A: Points can be worth up to 1.25 cents each when redeemed for travel through the Chase Ultimate Rewards portal. Their value can increase even more when transferred to airline or hotel loyalty programs.

Q: What is Lyft Pink and how does it benefit me as a rider?

A: Lyft Pink is a membership program that offers 15% off rides, priority airport pickups, relaxed cancellations, and additional perks like free bike and scooter rides.

Q: Are there any foreign transaction fees on the Chase Sapphire Preferred card?

A: No, the Chase Sapphire Preferred card does not impose foreign transaction fees, making it ideal for international travelers.

Q: Can I redeem Chase Ultimate Rewards points for Lyft rides?

A: Yes, you can redeem points directly for Lyft rides through the Chase Pay integration, providing immediate savings.

Q: Does the Chase Sapphire Preferred card offer travel insurance?

A: Yes, the card includes comprehensive travel protections such as trip cancellation/interruption insurance and primary auto rental collision damage waiver.

Q: Is there a signup bonus for the Chase Sapphire Preferred card?

A: Yes, the Chase Sapphire Preferred card frequently offers a substantial signup bonus for new cardholders who meet the spending requirements within the first three months.

With these multiple layers of benefits, the Chase Sapphire Preferred® Card stands out as an invaluable asset for Lyft riders, ensuring that every ride taken not only gets you from point A to point B but also brings you a multitude of rewards and protections.