(Information) – Lyft Inc on Wednesday stated it has teamed up with JPMorgan Chase & Co to supply prolonged rewards to Chase clients utilizing their bank cards to pay for Lyft rides.
FILE PHOTO: The Lyft brand is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. Information/Brendan McDermid
The ride-hailing firm stated the partnership was aimed toward attracting and retaining high-value riders who journey usually and use its companies often.
The announcement comes after Lyft’s administration in October stated it deliberate to develop its partnership with companies to incentivize enterprise vacationers who outspend different riders.
Lyft and its bigger rival Uber Applied sciences Inc have struggled to persuade traders they’ll flip a revenue, with Lyft’s share value falling greater than 30% since going public in March.
Underneath the brand new provide, launching on Jan 13, members of Chase’s Sapphire Reserve bank card will earn 10 rewards level on each greenback they spend on Lyft rides.
That’s up from the present three rewards level these card holders earn on journey bills, which embody journeys with Lyft and Uber.
JPMorgan Chase on Wednesday raised the worth for its Chase Sapphire Reserve card by as a lot as $100 a 12 months, the financial institution’s cardholder settlement confirmed. The cardboard now prices between $450 and $550 in annual charges.
The rise in value comes because the financial institution additionally provides different new perks to the favored journey rewards card, like free month-to-month memberships with fashionable firms just like the meals supply service DoorDash.
Sapphire Reserve clients can even obtain a free one-year membership of Lyft’s subscription service which at $19.99 a month provides financial savings on rides and different advantages.
Chase knowledge confirmed that Sapphire card holders use ride-hailing companies at the very least as soon as every week, Lyft stated.
Members of different Chase bank card applications, together with its Sapphire Most well-liked, Sapphire, Ink Most well-liked, and Ink Plus line, can even obtain a rise in rewards factors for Lyft rides.
The provides are legitimate till March 2022, Lyft stated.
Reporting by Tina BellonAdditional reporting by Elizabeth Dilts Marshall in New York; Modifying by Cynthia Osterman