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Lyft has launched a new loyalty program called Lyft Cash Rewards, offering riders up to 5% cash back on rides plus other benefits. Best of all, it's free to join. Lyft boasts that members can save up to $450 per year with cash back, cancel credits, and Extra Comfort upgrades.
Here are the details, who can join, and why you should consider doing so.
How the New Lyft Cash Rewards Program Works
Lyft is rolling out a new rewards program for users that lets them earn cash back and other benefits on Lyft rides. Lyft Cash Rewards is free to join, though only select members are eligible at launch.
After joining and selecting an auto refill level, members can earn up to 5% cash back on all rides, as well as monthly cancel credits and Extra Comfort upgrades.
Three tiers are available, based on the refill amount:
- $25 refill level: 2% cash back on all Lyft rides
- $50 refill level: 4% cash back and two cancel credits per month
- $100 refill level: 5% cash back, plus two cancel credits and two Extra Comfort upgrades per month
Perks of Lyft Cash Rewards
At first glance, the rewards aren't huge. If you opt for a $25 refill level, you'll earn just 40¢ cash back on a $20 ride. If you opt for the top tier ($100 refill), you'd earn $1 cash back on the same ride. Frequent riders will obviously see more cash back each month.
The cancel credits and Extra Comfort upgrade benefits with the $100 refill level are also good value. Cancel credits would save you around $5 each, and the Extra Comfort upgrade is valued at about $4 per ride. If you use both benefits twice a month, you're saving around $18 per month — that's $216 per year. Taking 20x $20 rides per month would earn $20 in cash back, totaling $240 for the year, which is $456 in annual benefits.
The $50 refill level offers a 4% cash back on all rides, meaning members earn 80¢ on a $20 ride. Stack that with two cancel credits per month, and a frequent user spending $400 on rides each month would earn around $312 annually.
Keep in mind that Lyft Cash Rewards is free to join, so signing up is a win-win. This is yet another valuable rewards program, as long as you are eligible to sign up.
Who can join Lyft Cash Rewards
As Lyft Cash Rewards rolls out, only select riders are eligible to join. As Lyft started in San Francisco, all California Bay Area riders have first access. Some other “most tenured riders” can also join. You'll have to join the waitlist to see if you are eligible or wait to be selected.
Stacking Lyft Cash Rewards with other rewards
Several Chase credit cards offer up to 5% cash back on Lyft rides. As long as you use an eligible Chase card, you should be able to double dip on cash back with the card and Lyft Cash Rewards. Furthermore, World Elite Mastercard holders can receive a $5 credit by taking 3 Lyft rides in a calendar month. And Chase Sapphire Reserve® cardholders can get up to $120 in annual Lyft credits.
- Earn 125,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening.
- Get more than $2,700 in annual value with Sapphire Reserve.
- Earn 8x points on all purchases through Chase Travel℠, including The Edit℠ and 4x points on flights and hotels booked direct. Plus, earn 3x points on dining worldwide & 1x points on all other purchases
- $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Access over 1,300 airport lounges worldwide with a complimentary Priority Pass™ Select membership, plus every Chase Sapphire Lounge® by The Club with two guests. Plus, up to $120 towards Global Entry, NEXUS, or TSA PreCheck® every 4 years
- Get up to $150 in statement credits every six months for a maximum of $300 annually for dining at restaurants that are part of Sapphire Reserve Exclusive Tables.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance, no foreign transaction fees, and more.
- Get complimentary Apple TV+, the exclusive streaming home of Apple Originals. Plus Apple Music - all the music you love, across all your devices. Subscriptions run through 6/22/27 - a value of $250 annually
- Member FDIC
- Rates & Fees
- 8x points on all purchases through Chase Travel℠
- 4x points on flights and hotels booked directly
- 3x points on dining worldwide
- 1x points on all other purchases
You can also choose to earn Hilton Honors points, Alaska Atmos miles, or Bilt Rewards Points on Lyft rides. However, Lyft Cash Rewards will probably not allow you to earn these rewards on top of the cash back. We will have to wait and see if that is an option as the program rolls out.
Our Take
Lyft Cash Rewards is a great opportunity for Lyft riders to earn cash back and other rewards on Lyft rides. If you live in the California Bay Area, you have first access. Otherwise, join the waitlist now, and hopefully, the program will expand to new members quickly.
As the program continues to expand, we will see how members can double dip with Lyft Cash Rewards cash back and other credit card benefits.
For rates and fees of the cards mentioned in this post, please visit the following links: Chase Sapphire Reserve® (Rates & Fees)
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