Earlier this summer, Chase unveiled major changes to its flagship *chase sapphire reserve*, including a hefty, $795 annual fee and tons of new benefits.
With the “refresh” came a big new bonus: Earn 125,000 Chase Ultimate Rewards points after spending $6,000 within the first three months. This offer dwarfs the once-standard 60,000-point bonus and even the bigger “limited-time” offers Chase rolled out over the years … even though it requires even more spending.
The only problem? Many excited travelers applied for the card back in June when it re-launched, only to receive the disappointing news that they weren't eligible for the bonus. While some finer details of bonus eligibility are still up in the air, it's become (mostly) clear that current *chase sapphire preferred* aren't eligible for this offer.
Still, Chase's new application process has taken the risk out of finding out whether or not you qualify: After filling out the application and hitting submit, Chase will let you know if you aren't eligible for the bonus before your application is processed and your credit is pulled. This means even if you had a Sapphire card years (or months) ago, there's no harm in trying for this big new bonus – you can always cancel your application if you don't qualify!
Now, credit cards are serious business. No matter how alluring a 125,000-point bonus sounds, it's not worth digging yourself into credit card debt.
Here's what you need to know about Chase's new-look card and its exciting bonus offer.
Learn more about the *chase sapphire reserve*.
The Basics on the (New) Chase Sapphire Reserve
For the first time in five years, Chase raised the annual fee on its ultra-popular Reserve Card from $550 to a whopping $795 a year.
That's steep, and Chase knows it. That's why they added a metric ton of new benefits to the card – some better than others. A few longtime benefits were tweaked, but many remain completely unchanged.
- Welcome Bonus: bonus_miles_full
- Earn 8x points on all purchases through the Chase Travel℠ portal
- Cardmembers previously earned 5x points on flights and 10x points on hotels and rental cars
- Earn 4x points booking flights and hotels direct
- Cardmembers previously earned 3x points on all travel purchases, not just those made directly
- Earn 3x points on all dining purchases remains untouched
- Complimentary access to Chase Sapphire Lounges, Priority Pass Lounges, and select Air Canada Maple Leaf Lounges for the cardholder and two guests
- Annual $300 travel credit for all travel purchases remains unchanged
- Up to a $120 credit for Global Entry, TSA PreCheck, or NEXUS every four years stays in place
- $500 in annual hotel credits for 1,100-plus properties in Chase Travel's “The Edit” portfolio with additional benefits like a $100 onsite credit, complimentary breakfast for two, space-available upgrades, and more
- Split into two, $250 credits available from January through June and again from July through December. Must book at least a two-night stay
- Automatic IHG One Rewards Platinum Elite Status
- Cardholders can bump up to top-tier Diamond Elite Status by spending $75,000 on their Reserve each calendar year
- Expanded “PointsBoost” redemptions in Chase Travel on select premium cabin flights and hotels, where each point is worth 2 cents apiece
- Chase will officially sunset the 1.5-cent-per-point redemptions on all travel through the portal as of Oct. 26, 2027. Until then, existing cardholders can continue redeeming points for enhanced value on all travel bookings – but only for points earned prior to Oct. 26, 2025.
- Up to a $300 annual dining credit at select “Sapphire Reserve Dining” restaurants bookable through OpenTable
- Split into two, $150 credits available from January through June and again from July through December
- Complimentary subscriptions to Apple TV+ and Apple Music through June 22, 2027 – a value of $250 annually
- Up to a $300 annual StubHub credit for concert and event tickets
- Split into two, $150 credits available from January 1 through June 30, and again from July 1 through December 31 for purchases on StubHub.com and viagogo.com (activation required)
- Up to $120 in Peloton credits annually towards memberships through Dec. 31, 2027 (activation required)
- Cardholders will still earn 10x points on Peloton equipment and accessories over $150 through Dec. 31, 2027
- Up to $120 in Lyft credits annually, split into $10 monthly allotments through Sept. 30, 2027
- Up to $300 for DoorDash annually through Dec. 31, 2027. This includes two $10 monthly discounts toward non-restaurant orders, $5 a month off restaurant orders, and a complimentary DashPass membership (a $120 for 12 months)
- Excellent travel insurance policies for trip delay, trip interruption, rental cars, and more
- Annual fee of $795
Chase also added in some sweeteners to encourage big spenders to keep pulling out their Reserve card. In addition to that bump up to IHG Diamond Status, cardholders who spend $75,000 or more on their Reserve will also get:
- Automatic Southwest A-List status
- A $500 travel credit for Southwest Airlines (when booking through Chase Travel)
- A $250 credit for the new “Shops at Chase”
Whew, got all that? That's a long, long list of new and changing benefits – a mix of travel-focused perks and lifestyle credits. Chase pegs the total value of the card north of $2,700 a year.
Putting all that to use is probably a stretch. Fortunately, Chase is making it a bit easier to do so than some of its competitors (cough – American Express) by making most of these new money-saving credits available either throughout the full year or split into two, semiannual credits. That sure beats remembering to use up $10 or $20 credits each and every month.
Who Can Earn this Big Bonus?
Earning 125,000 ultra-valuable Chase points from one card is tough to beat. It's a massive bonus worth as much as $2,500 when booking through Chase Travel … if not much, much more by sending the points to Chase transfer partners. And that's before counting the Reserve Card's many additional credits, from the longstanding $300 annual travel credit to the new, $500 credit for high-end hotels in Chase's The Edit℠ by Chase Travel℠ portfolio.
But for more than a decade, Chase has been notoriously stingy with actually allowing travelers to earn these big bonuses. The pesky Chase 5/24 rule means travelers with a wallet full of credit cards are often ineligible.
Since the new Chase Sapphire Reserve hit the market nearly two months ago, we've gotten a better understanding of who is and isn't eligible. Here's what we know – or what we think we know:
- Chase has confirmed that the ban on holding both the Reserve and Preferred cards simultaneously is gone … but that doesn't mean you'll be eligible for the bonus.
- All indications are that current Sapphire Preferred cardholders are not eligible for this bonus offer!
- But travelers who have already earned a bonus on the Reserve or Preferred card in the past still might be.
- If you recently downgraded (or closed) your Sapphire Card to one of the no-annual-fee Chase Freedom cards, you could still be eligible … even if it's been less than 48 months since you last earned a bonus.
- We know for sure that Chase is using a pre-approval pop-up tool similar to Amex's “Apply with Confidence” feature, which will notify would-be applicants whether they're eligible to earn the bonus before hitting “submit” and triggering a credit pull
If you read the official bonus eligibility requirements, there are a lot of “mays” and “may nots,” leaving the door open for some applicants to get approved while others get turned away.
The bank itself isn't spelling it out, telling Thrifty Traveler in a statement that “New account bonus offer eligibility for either [Sapphire] card will be based on factors including previously earned bonus offers and the number of cards opened and closed, among others.”
Our best advice? If you're interested in this card and don't currently hold a Sapphire Preferred (or Sapphire Reserve), it's worth applying to find out. Considering you can back out of the application if you aren't eligible, there's little harm in trying!
How to Use This 125K Bonus
There's a reason why the launch of the Chase Sapphire Reserve nearly a decade ago practically broke the internet. Earning 125,000 Chase points in one fell swoop is unbeatable – a real goldmine, if you will. And since you'll have to spend $6,000 to earn it, you'll actually have at least 131,000 points to throw around. Here are a few ideas:
- Hyatt is one of the best Chase transfer partners and one of the best ways to redeem Ultimate Rewards, period, with properties starting as low as 3,500 points per night
- You could book Virgin Atlantic Upper Class to London-Heathrow (LHR) for as low as just 29,000 points each way. With that big of a bonus, you'll have more than enough points for two roundtrip tickets … just beware of the recently-increased taxes and fees!
- By sending your points to airlines like Southwest or British Airways, you could easily book several roundtrip flights to Hawaii with these Chase points
- Even after a recent devaluation, Iberia business class remains one of the cheapest ways to get to Europe in a lie-flat seat at 40,500 Avios each way – requiring even fewer points if you time it right with one of the frequent 20% or 30% transfer bonuses we see from Chase to Iberia or British Airways
Read our full list of awesome ways to redeem a big Chase bonus!
Bottom Line
The new-look *chase sapphire reserve* is officially on the scene, complete with a massive sign-up bonus. New applicants can earn 125,000 Chase Ultimate Rewards points after spending $6,000 within the first three months. It's one of the biggest bonus we've ever seen on Chase's top travel card and an easy way to take the sting out of its higher, $795 annual fee.
Learn more about the *chase sapphire reserve*.
Great information. But I am not clear about the restriction against earning a bonus if I already received a bonus for getting the Chase Reserve card. Is that restriction for a lifetime?
Thanks
Submitted an application and got a notification that I didn’t qualify for the welcome bonus since I either previously received a bonus on this card (I haven’t) or if I already hold a Chase card (which I do, the Preferred, which I’ve had for maybe 10 years). Hopefully this will change soon? To Chase’s credit they notified me prior to the credit pull so I didn’t get dinged.
“All indications are that Chase is also dropping the 48-month restriction across the Sapphire family. That means current Chase Sapphire Preferred® Card cardholders should be eligible to earn this big new bonus on the Reserve.”
I’ve been a Preferred cardholder for about 3 months and am not eligible to get the Reserve. A Chase rep confirmed via phone that there is still a restriction “for about a year, maybe sooner”. So looks like I’ll be applying again in a few months.
Any details on when and where to find this:
“We know for sure that Chase is also rolling out a preapproval pop-up tool similar to Amex’s “Apply with Confidence” feature, which will notify would-be applicants whether they’re eligible to earn the bonus before hitting “submit” and triggering a credit pull.”
You should see it during the application process, but only if you’re not eligible to earn the bonus.
If approved and you’re able to use the $250 hotel and $150 dining credit before the end of June, could be more valuable first year?
Any insight?