Chase Sapphire Reserve is currently offering 150,000 bonus Ultimate Rewards points after spending $6,000 on purchases in the first 3 months. This is the highest publicly available welcome offer the card has ever carried, and multiple sources are now flagging it as ending soon with no specific date announced. If you have been waiting to apply, this is the window.

The Offer

• Welcome bonus: 150,000 Ultimate Rewards points
• Minimum spend: $6,000 in the first 3 months
• Annual fee: $795
• Normal offer: 60,000 to 125,000 points – this 150K offer is 25,000 points above the previous best public offer

Apply for the Chase Sapphire Reserve

Who Qualifies for the 150K Bonus

The eligibility rules for Chase Sapphire bonuses changed significantly in January 2026. The old 48-month rule that blocked most applicants has been replaced by a simpler structure: you can earn the welcome bonus on a Sapphire product once per product lifetime. This means:

• Never held a Sapphire card: Eligible for the full 150,000-point bonus
• Currently hold a Chase Sapphire Preferred but never held a Sapphire Reserve: Eligible – you can apply and earn the full bonus
• Previously held a Sapphire Reserve and earned that bonus: Not eligible for another bonus on the Reserve
• Downgraded from Reserve to Preferred: Eligible if you never earned a welcome bonus on the Reserve product

The January 2026 rule change is covered in detail in Chase’s new Sapphire eligibility rules, which now allow CSP and CSR holders to overlap and both earn welcome bonuses. The prior rule that forced you to choose one Sapphire card has been relaxed.

Chase’s standard 5/24 rule still applies: if you have opened 5 or more credit cards from any issuer in the past 24 months, Chase will typically not approve your application.

What 150,000 Points Are Actually Worth

Ultimate Rewards points are among the most flexible in travel rewards, and 150,000 points can go a long way depending on how you redeem.

Through the Chase Travel Portal (1.5 cents per point)

Sapphire Reserve cardholders get 1.5 cents per point in the Chase Travel portal. At that rate, 150,000 points equals $2,250 in flights, hotels, and car rentals booked through the portal. This is the simplest redemption path and requires no partner-specific strategy.

Transferred to Hyatt (up to 2+ cents per point)

Transferring to World of Hyatt typically delivers the highest value. Hyatt award nights at Category 5-7 properties (mid-range to luxury) consistently deliver 2 to 2.5 cents per point. At 2 cents per point, 150,000 Ultimate Rewards equals $3,000 in Hyatt stays. A Category 7 Hyatt property that costs 35,000 points per night can represent a cash rate of $700 to $1,000, making individual night redemptions 2 to 2.8 cents per point.

The Hyatt transfer ratio is 1:1, and transfers are instant. This is the benchmark that most power users target when evaluating whether the $795 annual fee is worth it.

Transferred to Aeroplan (Air Canada’s Program)

Aeroplan is one of the best uses for transatlantic business and premium economy redemptions. Star Alliance partners include United, Lufthansa, Swiss, and others. A round-trip business class redemption between the US and Europe through Aeroplan runs 70,000 to 110,000 points, depending on routing and availability. At 90,000 points for a round-trip business class ticket that retails for $3,000 to $5,000, that’s 3 to 5 cents per point.

Transferred to Wyndham (budget hotel sweet spot)

For value-focused travelers, Wyndham Rewards offers 1,000-point rates at limited-service properties, with a 1:1 transfer from Ultimate Rewards. A night at a La Quinta or Days Inn that costs $80 in cash can often be had for 1,500 to 3,000 Wyndham points, representing 2.5 to 5 cents per point for travelers who prioritize budget lodging over luxury.

Annual Fee Math

The Chase Sapphire Reserve carries a $795 annual fee. That number stops some applicants, but the card comes with offsets that reduce the effective cost:

• $300 annual travel credit: Applies automatically to the first $300 in travel purchases each year (flights, hotels, Lyft, taxis). Most cardholders clear this in the first month or two.
• Global Entry or TSA PreCheck credit: Up to $120 every 4 years (covers the application fee).
• Lyft Pink All Access membership: Included for free, reducing rideshare costs.

After the $300 travel credit, the effective annual fee drops to $495. Against a welcome bonus worth $2,250 to $3,000 in travel value, the first-year net benefit ranges from $1,755 to $2,505 depending on how you redeem. For the full annual fee analysis, see our Chase Sapphire Reserve annual fee breakdown.

3x and 10x Earning After the Bonus

Once the welcome bonus is earned, the card’s ongoing earning rates add compounding value:

• 10x points on Chase Dining and Chase Travel purchases (made through Chase’s platforms)
• 3x points on all other travel and dining worldwide
• 1x point on everything else

For cardholders who spend heavily on travel and dining, the ongoing earning rate keeps the card’s value high after year one.

How the CSR Compares to the Current Amex Platinum Offer

For context: the Amex Platinum is currently offering up to 175,000 Membership Rewards points with a $12,000 spend requirement over 6 months and a $695 annual fee. Both are best-ever public offers running simultaneously. The key distinction is the currency: Ultimate Rewards (Chase) has stronger hotel transfer partners (Hyatt), while Membership Rewards (Amex) has stronger airline partners (ANA, Singapore, Air France). Which offer is better depends on your primary redemption goal.

Bottom Line

The Chase Sapphire Reserve 150,000-point offer is the highest public welcome bonus this card has carried. It is now being described as ending soon across multiple major publications, with no end date officially announced. The January 2026 eligibility rule change means CSP holders who never held a Reserve are now eligible for the full bonus, which opens this offer to a much larger pool of applicants than in prior years.

For the full card overview and benefit analysis, read our Chase Sapphire Reserve review.

Apply for the Chase Sapphire Reserve while the 150K offer is available