Chase Sapphire Reserve welcome offer hits 150,000 points

The Chase Sapphire Reserve® has been the subject of more debate than perhaps any other premium credit card.

Last year’s refresh raised the annual fee to $795, restructured the benefits, and split the points-and-miles community squarely down the middle on whether the new math still worked.

The good news: it just got a whole lot more compelling.

Chase just launched the biggest Reserve welcome offer that it’s ever had: earn 150,000 bonus points after you spend $6,000 on purchases in the first 3 months after opening.

Here’s what you need to know — and why you should be paying attention.

Quick note: if you end up applying through my affiliate link, I’ll earn a small commission, which helps keep this blog free. Thanks in advance.

150,000-point welcome offer

This is the big headline.

You’ll earn 150,000 Ultimate Rewards points after you spend $6,000 on purchases in the first 3 months from account opening.

Conservatively, I’d say that’s worth at least $3,000 toward travel. You can redeem points directly through Chase Travel — booking at The Edit properties unlocks the most value thanks to Points Boost — and you’re already at the floor.

But you can stretch the points significantly further by transferring to Chase’s 14 airline and hotel partners at a 1:1 ratio. I routinely send my Chase points to United, Hyatt, and Air Canada and redeem them for well over 2 cents per point.

In my opinion, this welcome offer alone makes the Reserve well worth it.

Sapphire Reserve bonus eligibility

Chase recently changed the eligibility rules for its Sapphire family, and the update is big.

For one, you can also now hold the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve at the same time. Under the previous rules, holding one Sapphire card locked you out of the other entirely.

Plus, the old 48-month bonus restriction period is gone. In its place, each Sapphire card now carries a once-per-lifetime welcome bonus eligibility — meaning you can earn the bonus on each card once.

If you currently hold the Preferred and have never earned a Reserve bonus, you’re newly eligible for this 150,000-point offer

Chase’s widely reported 5/24 rule still applies. If you’ve opened five or more new credit cards across any issuer in the last 24 months, you may not be approved.

Chase Sapphire Reserve credits

The $795 annual fee looks steep until you factor in the annual credits.

There’s a $300 annual travel credit, which automatically applies to the first $300 in travel purchases each anniversary year. (Chase defines travel broadly — flights, hotels, parking, tolls, and more all qualify.)

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There’s up to $500 in annual credits for The Edit — split into two $250 credits, fully flexible across the calendar year for prepaid stays of two nights or more. (The flexibility is new for 2026; in 2025, the credits were locked into semiannual buckets.)

Plus, for 2026 only, you can get a one-time $250 credit for select hotel bookings through Chase Travel. Eligible properties include IHG, Omni, Pendry, Montage, Virgin Hotels, Minor Hotels, and Pan Pacific. Note that there is a two-night minimum on prepaid stays only.

There’s a $300 annual dining credit through Exclusive Tables, delivered as two $150 semiannual credits. The list of eligible restaurants is more limited than I’d like, but it’s easy enough to use if you live in or travel to major metro areas.

There’s also a $300 annual StubHub and viagogo credit, split into $150 semiannual chunks. I sent my dad and brother to a baseball game last year using this credit.

And there’s more:

• $300 in annual DoorDash promos, plus complimentary DashPass
  • Through Dec. 31, 2027
• $120 in annual Lyft credits ($10 monthly)
  • Through Sept. 30, 2027
• $120 in annual Peloton credits ($10 monthly)
  • Through Dec. 31, 2027.
• Complimentary Apple TV+ and Apple Music subscriptions
  • Through June 22, 2027.

In practice, you probably won’t maximize every credit. But using even half of them recoups the annual fee on its own.

Chase Sapphire Reserve travel benefits

Beyond the credits, three Reserve benefits stand out to me.

First, lounge access. You get complimentary access to every Chase Sapphire Lounge by The Club with up to two guests, plus a Priority Pass Select membership covering 1,300+ partner lounges.

Chase Sapphire Lounges are consistently some of the best in the business, and Dallas Fort Worth (DFW) and Los Angeles (LAX) outposts are slated to open within the next 12 months.

Second, the points multipliers. You’ll earn 8x on Chase Travel purchases, 4x on flights and hotels booked direct, and 3x on dining. (Note: the points you earn on travel purchases don’t actually start accruing until after the first $300 in travel spend each year, since that first $300 goes toward the $300 annual travel credit.)

Third, primary auto rental coverage. The Reserve is one of the few cards that offers it, and it’s saved me hundreds in rental insurance fees over the years.

The most underrated perk: Reserve trip delay reimbursement

Trip delay reimbursement.

If your flight is canceled or delayed by six or more hours, the Reserve covers up to $500 per traveler for expenses, such as lodging, meals, and alternative transportation. (The Preferred has the same coverage, but the trigger is 12+ hours.)

It also covers your spouse, domestic partner, and kids under 26. And it works on both paid and award tickets, as long as you put the taxes and fees on your Sapphire card.

I had six successful claims last year. In my opinion, it’s still one of the most overlooked perks in the credit card world.

Bottom line

$795 is a big number — there’s no way around it.

But the 150,000-point welcome offer is the strongest year-one value the Reserve has ever offered.

Combined with the perks and credits, this should probably be enough to push you over the fence and apply for the card. Especially if you’ve had the Preferred for many years, since you can now double dip and carry both cards.

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