Why the Chase Sapphire Preferred is great for Lyft riders

The Chase Sapphire Preferred® Card comes with a generous sign-up bonus and an exceptional rewards proposition—especially when you consider its $95 annual fee. Several cardholder perks can also make life more convenient or affordable, including this card’s DashPass membership, $50 annual hotel stay credit, trip interruption and cancellation insurance benefit and the fact that you get purchase protection worth up to $500 per claim and up to $50,000 per account.

This rewards credit card also offers bonus rewards in quite a few everyday spending categories, including dining, travel, online grocery services, select streaming services and more. Cardholders also earn bonus points on Lyft rides, which we go over in more detail below.

As a reminder: Details of the Chase Sapphire Preferred

Be sure to note the major details of the Chase Sapphire Preferred before you sign up, including the sign-up bonus, rewards rate, annual fee and interest rate.

Also, know that points earned with this card fall within the Chase Ultimate Rewards program, which is known for its flexibility. Cardholders can use their points for cash back, statement credits, gift cards, merchandise, travel through Chase and even 1:1 point transfers to Chase airline and hotel partners.

Chase Sapphire Preferred

  • Earn 60,000 bonus points after you spend $4,000 on purchases within three months of account opening
  • Earn 5X points on travel booked through Chase Ultimate Rewards and on Lyft rides (Lyft offer available through March 2022)
  • Earn 3X points on dining, online grocery purchases (excluding Walmart, Target and wholesale clubs) and select streaming services, 2X points general travel and 1X points on everything else
  • Cardholders get 25 percent more value for their points when they redeem for travel through Chase Ultimate Rewards
  • $95 annual fee
  • Variable APR of 15.99 percent to 22.99 percent

Chase Sapphire Preferred Lyft benefits

In addition to the generous rewards the Chase Sapphire Preferred offers in several everyday spending categories, cardholders can earn 5X points for each dollar they spend on Lyft rides through March 2022.

This benefit represents an extra 3X points in addition to the 2X points already earned for travel purchases.

Does the Chase Sapphire Preferred earn points on Uber rides?

If you’re looking for a credit card that rewards you for Lyft and Uber rides, this card can also be a good fit. The Chase Sapphire Preferred earns 2X points on regular travel purchases, which includes Uber rides.

Meanwhile, cardholders also earn 5X points on travel booked through the Ultimate Rewards portal, which can include airport pickups and ground transfers in many destinations around the globe. These transfers aren’t the same as ridesharing per se, but you do have the option to earn bonus points for rides when you book ahead.

Of course, you can also redeem your Chase points for ground transportation through Chase, and you’ll get 25 percent more value for your points when you do.

Alternative cards to consider for earning rewards on Lyft rides

If your goal is earning more points when you use your credit card for ridesharing with Lyft, there are quite a few additional card options to consider. The cards highlighted below offer bonus points or perks with Lyft.

Chase Sapphire Reserve®

The Chase Sapphire Reserve® is easily one of the best credit cards for Lyft rides due to the relationship between these two brands. As a cardmember, you can qualify for a complimentary year of Lyft Pink membership (when you activate using your card by March 31, 2022), which includes 15 percent off rides and other perks. This card also comes with a whopping 10X total points when you use your card to pay for Lyft rides (through March 31, 2022), which is very generous.

The Chase Sapphire Reserve charges a $550 annual fee, but it comes with lucrative benefits like Priority Pass Select airport lounge membership, a $300 annual travel credit, a fee credit for Global Entry or TSA PreCheck membership, up to $60 in DoorDash statement credits and more. Cardholders can also secure up to $120 in statement credits toward Peloton Digital or All-Access memberships purchased with their Sapphire Preferred card (through Dec. 31, 2021).

The Sapphire Reserve offers 10X points on hotel stays and car rentals booked through Ultimate Rewards, 10X points on Chase Dining purchases through Ultimate Rewards, 5X points on flights booked through Ultimate Rewards (after first earning the $300 travel credit), 3X points on general travel and restaurant purchases and 1X points on everything else. As previously mentioned, the 10X point rate on Lyft rides lasts through March 2022.

U.S. Bank Cash+™ Visa Signature® Card

The U.S. Bank Cash+™ Visa Signature® Card is unique because it gives you the chance to choose the bonus categories you earn the most in, and ground transportation is one of the options for earning 5 percent cash back (on purchases in two categories totaling up to $2,000 combined per quarter, then 1 percent). This card doesn’t charge an annual fee, and new cardholders can earn $200 in bonus cash after spending $1,000 on eligible purchases within 120 days of account opening.

Consumers who choose the U.S. Bank Cash+ Visa Signature also earn 2 percent cash back in one everyday spending category of their choosing (either gas, groceries or restaurants) as well as 1 percent back on everything else.

American Express® Green Card

Also consider the American Express® Green Card, which offers quite a few bonus categories and the chance to earn points in the American Express Membership Rewards program. This card starts you off with 30,000 Membership Rewards points after you spend $2,000 on purchases within three months of account opening. Cardholders also earn 3X points at restaurants worldwide (including takeout and delivery) and on travel (including ride-share services, such as Lyft), 2X points on rental cars booked through amextravel.com and 1X points on everything else.

A $150 annual fee is required for this card, but you get perks like a $100 credit toward Clear membership at the airport, a $100 credit for airport lounge access through LoungeBuddy, free Uber Eats Pass membership for 12 months (when you enroll by Dec. 31, 2021) and more.

The bottom line

If you’re picking a credit card based on the rewards and perks you get with Lyft, there are several decent options to choose from. However, you should make sure the card you select offers bonus points in other categories you spend a lot in, whether that includes dining, groceries, travel or something else.

With more rewards in all the categories you spend heavily in, you’ll get more bang for your buck with your card over time. Make sure to research all the best travel credit cards available before you decide.

The information about U.S. Bank Cash+™ Visa Signature® Card and American Express® Green Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.