Chase Sapphire Reserve bumping annual fee by $100 a year. Interestingly, balancing it with promotions from Doordash and Lyft.pic.twitter.com/2Cd1HUmeHr
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It seems to me that both this and Cash App are payments-adjacent moves where companies are using bizdev to get some *other* companies’ marketing dollars to pay their marketing expenses, which is novel (as opposed to just doing interchange reallocation).
Lyft & Doordash are buying market share with these pseudo-cobrands. It's like how PBMs move market share around through formulary management between interchangeable drugs. Chase gets an excuse to raise the fee and have others pay for the costs (good for margin)
Seems pretty straightforwardly in line with your basic thesis of "banks are all positioning to get millennials' mortgages etc for the next 50+ years" - which demographic is likely to use Lyft and Doordash a lot and think the benefit is worth it?
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