As of June 2026, the Chase Sapphire Reserve's public welcome bonus is 125,000 Ultimate Rewards points after $6,000 spend in 3 months — worth about $2,563 at our valuations. Chase briefly ran it to 150,000 from April 30 to early June 2026; the product page now shows 125,000 with 150,000 struck through. Eligibility, math, and timing.
Update — June 12, 2026: The elevated 150,000-point public offer this article documented has ended. Chase's Sapphire Reserve product page now shows 125,000 Ultimate Rewards points after $6,000 spend in the first 3 months, with the former 150,000 figure struck through and an "offer ends soon" banner. The analysis below has been updated to the current 125,000-point offer; the 150,000-point offer ran from April 30 to early June 2026 and is kept here as history.
Quick take: As of June 2026, the public welcome bonus on the Sapphire Reserve is 125,000 Ultimate Rewards points after $6,000 spend in 3 months. At a common 2.05¢/point industry valuation, that's roughly $2,563 in value from the bonus alone. The annual fee is $795. Between April 30 and early June 2026, Chase briefly ran the bonus up to 150,000 points — the highest in the card's history — before reverting to 125,000.
A targeted 175,000 offer briefly existed in late 2025 but is no longer available, and there's no indication it will return.
| Period | Public welcome bonus | Spend | Annual fee |
|---|---|---|---|
| Before Apr 30, 2026 | 125,000 points | $6,000 / 3 mo | $795 |
| Apr 30 – early Jun 2026 | 150,000 points (elevated) | $6,000 / 3 mo | $795 |
| Now (as of Jun 12, 2026) | 125,000 points | $6,000 / 3 mo | $795 |
The spend requirement ($6,000 in 3 months), the 3-month window, and the $795 annual fee held steady throughout. Only the headline bonus moved — up to 150,000 for roughly six weeks, then back to the standard 125,000. The eligibility rules below (5/24 and the Sapphire-family bonus history) applied the entire time and still apply.
The redemption math depends entirely on how you use the points. Common paths:
| Redemption path | Value of 125,000 points | Effective rate |
|---|---|---|
| Cash back / statement credit | $1,250 | 1.0¢ per point |
| Chase Travel portal with Points Boost | up to $3,000 | ~2.4¢ per point on select flights/hotels |
| Transfer to airline / hotel partners | $2,563+ at our valuations | 2.05¢+ per point, often higher |
Chase's own product page frames the bonus as "$3,000 value" when the 125,000 points are redeemed for select flights and hotels through Chase Travel with Points Boost. The ceiling is higher still when you transfer to one of Chase's airline and hotel partners: Hyatt off-peak luxury bookings can reach ~3–4¢ per point at the best properties even after Hyatt's May 2026 award-chart change, and premium-cabin international awards routinely clear 5¢+ per point through partners like Virgin Atlantic Flying Club.
In other words: cash redemption is the floor at $1,250. The realistic outcome for most users who book travel through transfer partners is meaningfully higher.
The Reserve's annual credits are the second half of the value equation. Here's what's currently active:
| Credit | Annual value |
|---|---|
| The Edit by Chase Travel hotels | $500 |
| StubHub / viagogo | $300 |
| Chase Travel credit | $300 |
| DoorDash credits | $300 |
| Sapphire Reserve Exclusive Tables Dining | $300 |
| Apple TV+ / Apple Music | $288 |
| Select Hotel Brands (2026 only) | $250 |
| Lyft credits | $120 |
| Peloton credits | $120 |
| DashPass membership | $120 |
Total face value: $2,560. In practice no one captures every credit — DoorDash, Peloton, and Apple TV+ in particular are useful only if those services already fit your life. Realistic capture for a moderate user is around 60% of face value, or roughly $1,500/year. Even at that capture rate, ongoing credits more than offset the $795 fee before you factor in the 125,000-point welcome bonus.
The Select Hotel Brands credit is worth flagging as a 2026-only benefit. It will not be available in 2027 unless Chase extends it, so if you apply now and use the credit before year-end, that's $250 you can lock in that future cardholders may not have.
Two criteria gate this offer. Both come from Chase, not from us:
1. Chase's 5/24 rule. If you've opened five or more personal credit cards across all issuers in the past 24 months, Chase will deny the application — independent of credit score. Run your own count before applying. If you're at 4/24, this is the application that matters; sequence carefully.
2. No prior Sapphire Reserve welcome bonus. If you've earned a welcome bonus on the Sapphire Reserve in the past, you're not eligible again under the 48-month family rule that covers all Sapphire products. Holding the Sapphire Preferred while applying for the Reserve is also disallowed — you can only have one Sapphire family card at a time.
If you do hold the Preferred, the standard play is to product-change it to a Freedom card first to free up the slot, wait the required period, then apply for the Reserve. Chase's exact timing rules vary; the safe practice is to wait at least 30 days after the product change.
The Sapphire Reserve's 125,000-point offer is competitive but no longer the all-time high it briefly reached in spring 2026 — see all current bonuses in our highest credit card welcome bonuses ranking.
Three diagnostic questions, in order:
Can you naturally spend $6,000 in 3 months? That's $2,000/month — comfortably within reach for most household-budget profiles, but not all. If your normal monthly spend is below $1,500/month, hitting the bonus risks driving wasteful spending. Tax payments, prepaid utilities, and large planned expenses (insurance premiums, tuition) are valid funding levers if you're close to the requirement but not over.
Will you actually use the credits? The Reserve's credits are split across so many third parties that maximizing them feels like a part-time job. If you don't already use DoorDash, StubHub, Peloton, Apple's services, or stay at Chase Travel hotels, the $2,560 face value collapses fast. Ask yourself: which of these services are already in my budget? If the answer is fewer than three, the math is harder.
Are you under 5/24 with no prior Sapphire Reserve bonus? If either of these is no, this offer isn't available to you — period.
If you answer yes to all three, year-one math at realistic credit capture and our valuation:
| Component | Value |
|---|---|
| 125,000 welcome bonus at our 2.05¢ | $2,563 |
| Annual credits at 60% realistic capture | $1,536 |
| Less: annual fee | -$795 |
| Net first-year value | ~$3,304 |
That's a strong return for $6,000 of spending you were going to do anyway, plus the ongoing card-management work.
Chase moved this bonus twice in 2026 already — up to 150,000 on April 30, then back to 125,000 by early June. The product page currently carries an "offer ends soon" banner, which means the 125,000 level may itself be time-limited. Treat any headline number as fluid: confirm the live figure on Chase's own apply page before you apply, since elevated offers come and go without notice.
For applicants who fit the eligibility profile and will use the card's ongoing perks, the current 125,000-point Sapphire Reserve offer is worth about $2,563 at our valuations, with a Chase Travel "Points Boost" value up to $3,000 on select flights and hotels. The credit lineup roughly covers the annual fee at modest usage. Eligibility is gated by the 5/24 rule and the Sapphire family bonus history, so apply timing matters — particularly if you're approaching 5/24.
Skip if: you've earned a Sapphire Reserve bonus before, you're already at 5/24, your spending can't reach $6,000 in 3 months without forcing it, or you're not in the consumer profile that uses the Reserve's credits.
Otherwise: this is a solid application window, just not the record-high one that briefly ran in spring 2026.
Sources verified June 12, 2026: Chase Sapphire Reserve official product page and the Chase Ultimate Rewards portal. Welcome bonus terms, annual fee, and credit values cross-checked against the rewardsguru.club card_credits source-of-truth table.
No. The 150,000-point offer ran from April 30 to early June 2026 and has ended. As of June 12, 2026, Chase's product page shows the standard 125,000-point bonus after $6,000 spend in 3 months, with the former 150,000 figure struck through. Public Chase offers move — always click the issuer's "Apply Now" link and confirm the headline bonus on Chase's own page, not a third-party screenshot, before applying.
Chase's Sapphire-family rule has historically been one welcome bonus across all Sapphire cards (Preferred + Reserve combined) within a 48-month window. If you've earned a bonus on either Sapphire card in the last four years, the system typically blocks the bonus even if it approves the card. The clock starts from the date of your last bonus posting, not the application date.
At a baseline they redeem at 1¢ each (cash back), so $1,250. Through the Reserve's Chase Travel portal with Points Boost they can reach up to $3,000 on select flights and hotels. Transferred 1:1 to partners (Hyatt, United, Air France/KLM, Southwest) and used carefully on premium-cabin or high-end hotel redemptions, the practical valuation is closer to 1.8–2.2¢ per point.
Apply when you have a known large purchase coming up that will hit the spend requirement comfortably without forcing you to spend money you wouldn't otherwise spend. The single biggest mistake is timing the application to the bonus instead of timing it to your real spend — manufactured spend to hit the requirement usually wipes out the bonus value.
Yes. After you've held the card for at least 12 months, you can request a product change to the no-fee Chase Freedom Flex or Freedom Unlimited and keep the credit line and account history. You lose the Reserve's perks but you keep the points already earned, which keeps the welcome bonus intact long after the card itself is gone.
The Reserve's elevated 150,000-point welcome bonus has ended. Chase's apply page now shows the standard 125,000 points after $6,000 in 3 months, with 150,000 struck through and an "offer ends soon" banner. What's worth re-flagging: