Given how much consumer behavior has changed in the past several weeks, many of the credit card benefits that members used to appreciate most aren’t as valuable anymore. Therefore we’re seeing card issuers get creative with perks, so that members have an incentive to keep their cards.

Recently Amex revealed a variety of temporary perks they’re adding to cards, including valuable cell phone and streaming credits.

Now Chase has revealed some additional new temporary perks for two of their most popular premium cards, including the Chase Sapphire Reserve® Card and Chase Sapphire Preferred® Card.

Let’s take a look at the new perks.

New temporary Chase Sapphire Reserve perks

The Chase Sapphire Reserve (review) is one of Chase’s most popular premium cards, and ordinarily has a $550 annual fee. The following perks are temporarily being added to the card:

  • Between May 31 and September 30, 2020, redeem Ultimate Rewards points for 1.5 cents each towards a statement credit that offsets purchases at dining establishments, grocery stores, and home improvement stores; ordinarily points can only be redeemed for 1.5 cents each towards travel purchases
  • Between June 1 and December 31, 2020, the $300 annual travel credit will be expanded to automatically be applied to purchases at gas stations and grocery stores
  • The $550 annual fee will be lowered to $450 for renewals between July 1 and December 31, 2020; between April 1 and July 1, Chase has been offering a $100 statement credit on renewals, so this will replace that

These new benefits are in addition to the other limited time perks that Chase has recently added to the Sapphire Reserve (both before and during the current pandemic):

The Sapphire Reserve has great DoorDash perks

New temporary Chase Sapphire Preferred perks

The Chase Sapphire Preferred (review) is one of Chase’s mid-range cards, and ordinarily has a $95 annual fee. The following perk is temporarily being added to the card:

  • Between May 31 and September 30, 2020, redeem Ultimate Rewards points for 1.25 cents each towards a statement credit that offsets purchases at dining establishments, grocery stores, and home improvement stores; ordinarily points can only be redeemed for 1.25 cents each towards travel purchases

This new benefit is in addition to the other limited time perks that Chase has recently added to the Sapphire Preferred (both before and during the current pandemic):

  • Between May 1 and June 30, earn 3x points on the first $1,500 spent on groceries per month
  • Receive a DoorDash DashPass for at least one year, offering discounted delivery fees
  • Through May 31, 2020, earn 3x points on the first $500 spent with DoorDash and Tock
  • Receive 5x points on Lyft rides through March 2022

Chase is making redemptions for non-travel purchases more valuable

How do limited time Amex & Chase perks compare?

These temporary Chase benefits are quite good, though personally I think the temporary Amex benefits are significantly more valuable. For example, with the Amex Platinum we’re getting an additional $40 per month between the cell phone and streaming credits through the end of the year, worth up to $320.

While I do think the temporary Amex benefits are better, I also think that these Chase cards are more compelling to begin with in these times. For example, the Amex Platinum is so heavily travel focused, while there’s a lot of value to be had right now with the Sapphire Reserve as well, between the DoorDash perks, 5x points on groceries, and more.

For example, I have the Sapphire Reserve, and looking at the temporary benefits:

  • I’ve already used by $300 travel credit
  • I don’t plan on redeeming points for 1.5 cents each towards purchases, since I’d rather transfer them to Ultimate Rewards airline & hotel partners
  • I do appreciate the $100 reduction in annual fee, however

In many ways some Amex cards are more travel focused

Bottom line

Chase is adding temporary benefits to the Chase Sapphire Reserve and Chase Sapphire Preferred, in order to reflect the times.

Being able to redeem points for maximum value towards dining and groceries is great, and is something that many will likely get value out of. On top of that, it’s nice to see Chase lower the annual fee on the Sapphire Reserve by $100 for the rest of the year.

Ultimately the temporary benefits aren’t as robust as on Amex cards, but to me that’s quite fair, since I think these two Chase cards aren’t quite as travel centric as some premium Amex cards.

What do you make of these temporary Chase Sapphire benefits?

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