(Reuters) - Lyft Inc on Wednesday said it has teamed up with JPMorgan Chase & Co to offer extended rewards to Chase customers using their credit cards to pay for Lyft rides.
The ride-hailing company said the partnership was aimed at attracting and retaining high-value riders who travel often and use its services frequently.
The announcement comes after Lyft’s management in October said it planned to expand its partnership with corporations to incentivize business travelers who outspend other riders.
Lyft and its larger rival Uber Technologies Inc have struggled to convince investors they can turn a profit, with Lyft’s share price falling more than 30% since going public in March.
Under the new offer, launching on Jan 13, members of Chase’s Sapphire Reserve credit card will earn 10 rewards point on every dollar they spend on Lyft rides.
That’s up from the current three rewards point those card holders earn on travel expenses, which include trips with Lyft and Uber.
JPMorgan Chase on Wednesday raised the price for its Chase Sapphire Reserve card by as much as $100 a year, the bank’s cardholder agreement showed. The card now costs between $450 and $550 in annual fees.
The increase in price comes as the bank also adds other new perks to the popular travel rewards card, like free monthly memberships with popular companies like the food delivery service DoorDash.
Sapphire Reserve customers will also receive a free one-year membership of Lyft’s subscription service which at $19.99 a month offers savings on rides and other benefits.
Chase data showed that Sapphire card holders use ride-hailing services at least once a week, Lyft said.
Members of other Chase credit card programs, including its Sapphire Preferred, Sapphire, Ink Preferred, and Ink Plus line, will also receive an increase in rewards points for Lyft rides.
The offers are valid until March 2022, Lyft said.
Reporting by Tina BellonAdditional reporting by Elizabeth Dilts Marshall in New York; Editing by Cynthia Osterman