In a world where ridesharing is swiftly becoming the new transportation, businesses must think quickly on their feet to get a share of the revenue. This is what banking institutions are doing, particularly Chase. Earlier this week, Chase announced brand-new changes to the perks it is offering with Lyft. Here’s the scoop.
Big changes for cardholders
The largest bank in the United States and the world’s biggest bank based on market capitalization, Chase is the consumer and commercial banking subsidiary of JPMorgan Chase, a multinational banking and financial services holding company. Currently, Chase is serving about 80 million individuals. This is why offering perks for Lyft passengers is truly a three-point shot for businesses.
The biggest change is upon the Sapphire Reserve. No, not the Pokémon game. Sapphire Reserve is one of the types of credit cards from Chase whose points earned can be used for traveling.
That said, Sapphire Reserve cardholders will now receive five times the total points when they choose to ride with Lyft, plus a new $10 monthly in-app credit.
What’s more, cardholders who have already signed up for the two-year Lyft Pink perk will keep receiving access through the duration of the perk’s terms. However, they won’t get access to sign up moving forward.
Meanwhile, for Sapphire Preferred cardmembers, they will also receive five times the total points when they ride on Lyft. On the other hand, Chase Freedom cardmembers can earn two percent of the total cashback on Lyft rides, while Chase Ink cardmembers won’t just earn five times the total points but also five percent total cashback when riding with Lyft.
Peloton perks extended until December 2027
Carrying the name or term in cycling, Peloton is a fitness brand known for its interactive stationary bikes, treadmills, and indoor rowers. Such equipment feature Internet-connected touchscreens streaming live and on-demand fitness classes via a subscription service.
Chase has ongoing partnerships with Peloton, which started in 2022. Now, the banking institution is extending the perks up to December 2027. The perks will continue to be available until that month.
Generally, select Chase cardholders will keep earning bonus points on Lyft rides and up to 10 points per dollar spent on Peloton purchases.
In particular, Chase Sapphire Reserve cardholders will earn 10 times points on eligible Peloton Bike, Tread, and Row purchases over $150, provided they don’t exceed the maximum of 50,000 points.
Chase Sapphire Preferred cardholders will earn five times the points on those same purchases over $150 but with a maximum of 25,000 total points.
What do these mean?
For travel thought leaders, these changes are valuable. For one, Lyft gets more access to Chase’s customers, so presumably, they are funding the benefits, the experts pointed out.
On the other hand, it is also Chase’s way of staying ahead of the race with American Express, which has dealings not just with Uber but also with Chase.
“Amex has Uber and Chase is going to want something similar so perhaps there’s more favorable terms than if Lyft came in off the street wanting to buy access to high income, credit-worthy riders,” they stated.