On Wednesday, Lyft said that it teamed with JPMorgan Chase offer rewards to Chase customers who use their credit cards to hail and pay for rides.
The partnership aims to attract and retain high-value riders travelling and using their services on a frequent basis.
In October, Lyft announced that it would expand its partnership to corporations to incentivise business travellers outspending other riders.
Lyft and rival Uber struggle to convince investors of ability to turn a profit, with the former’s share price plummeting over 30% from March after going public.
The new offer launches on January 13th and the members of Chase’s Sapphire Reserve credit card will get 10 reward points on every dollar spent on Lyft rides.
This number is up from the three reward points that the card-holders currently earn on Lyft and Uber trip expenses.
On Wednesday, JPMorgan Chase raised its Chase Sapphire Reserve Card price to as much as $100 per year. Annual fees for the card is now $450 and $550.
The price increase comes as JPMorgan Chase adds new perks to their travel rewards cards such as free monthly memberships to DoorDash and the like.
Customers of Sapphire Reserve also receive a free annual membership to Lyft’s service which costs $19.99/month which offers benefits like savings on rides.
Data from Chase showed that cardholders of Sapphire use ride-hailing services on an average of a minimum of once a week.
Other Chase credit card programs like Sapphire Preferred, Sapphire, Ink Preferred and Ink Plus line will receive Lyft ride reward point increase.
Lyft said that the offers until March 2022.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.