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Chase just launched its highest-ever Chase Sapphire Reserve® (see rates and fees) bonus — and it may be one of the most valuable credit card offers we’ve seen in years.
New applicants can earn 150,000 Chase Ultimate Rewards points after spending $6,000 on purchases in the first three months from account opening. That’s a major increase from recent offers and ranks the card highly against its premium card competitors.
Even with a bonus this large, the key question remains: Is this a deal worth jumping on right now, or should you wait for something better?
How good is this 150,000-point offer?
This is the best publicly available offer we’ve ever seen on the Sapphire Reserve.
The most recent offer was for 125,000 points with the same $6,000 minimum spending requirement (no longer available). Before that, offers were typically much lower.
There was also a very targeted offer of up to 175,000 points in late 2025 (no longer available), and there’s no indication it will return.
That makes the current offer especially compelling: You’re getting an extra 25,000 points for the exact same spending requirement.
TPG’s April 2026 valuations peg Ultimate Rewards points at 2.05 cents each, making this bonus worth $3,075.
What can 150,000 points actually get you?
The real value comes from how you use the points.
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If you use Chase Ultimate Rewards points to book things like flights and hotels via the Chase Travel℠ portal, you can get a value of up to 2 cents per point thanks to Points Boost.
That means your 150,000-point bonus would be worth up to $3,000.
If you fancy a luxury hotel, Chase just released a curated list of high-end hotels where you can get up to 2.5 cents per point.
Ultimate Rewards points can also be transferred to 14 airline and hotel partners at a 1:1 ratio, which is often the most valuable way to redeem your points.
If you maximize transfer partners, it’s entirely possible to get far more than $3,000 in travel value from this bonus alone.
Here are a few real-world examples:
| Transfer program(s) | Redemption details | Points required (plus taxes and fees) | Cash price | Value per point |
|---|---|---|---|---|
|
Virgin Atlantic Flying Club
|
Scandinavian Airlines premium economy for four passengers from New York’s John F. Kennedy International Airport (JFK) to Copenhagen Airport (CPH) |
150,000 (plus $22.40) |
$14,862 |
9.9 cents |
|
Swiss business class for two passengers from Miami International Airport (MIA) to Zurich Airport (ZRH) |
140,000 (plus $114.82) |
$13,503 |
9.6 cents |
|
|
A beach villa for three nights at the Park Hyatt Maldives Hadahaa |
75,000 (off-peak on current award chart) |
$2,819 |
3.8 cents |
|
|
United premium economy for two passengers from Chicago’s O’Hare International Airport (ORD) to Tokyo’s Haneda Airport (HND) |
130,000 (plus $11.20) |
$4,829 |
3.7 cents |
Why is this offer so compelling?
Big bonuses aren’t new, but bonuses at this level, on a card like the Sapphire Reserve, are still rare.
Beyond the elevated bonus, the Sapphire Reserve remains one of the most comprehensive premium travel cards.
The spending requirement remains $6,000, but you’ll earn significantly more points in return — and they remain among the most flexible available.
Key benefits include:
For most TPGers, the combination of lounge access and flexible points is what keeps it valuable, despite the high annual fee.
Related: Chase Sapphire Reserve statement credits: What they are and how to use them
Who is eligible for this bonus?
As with most Chase cards, there are two key restrictions to keep in mind:
In practice, this means:
- If you’ve opened five or more personal credit cards in the past 24 months, you’re unlikely to be approved.
- If you’ve earned a Sapphire Reserve bonus before, you’re unlikely to earn another one.
Should you apply now?
This is the best publicly available offer we’ve seen on the Sapphire Reserve, which makes this the best time to apply.
While a targeted offer of up to 175,000 points existed in the past (no longer available), there’s no indication that it will return.
Meanwhile, public offers at this level don’t come around often, and, when they do, they don’t always last long.
Instead of trying to time a better deal, your decision should come down to whether the card fits your lifestyle.
Before applying, ask yourself:
- Can I comfortably meet the $6,000 spending requirement in three months?
- Will I get enough value from the card’s perks to justify the $795 annual fee?
- Do I plan to use Ultimate Rewards points effectively (through transfer partners or the Chase Travel portal)?
If the answer to the above questions is yes, this is a strong opportunity to earn a large stash of valuable points.
Bottom line
The 150,000-point bonus on the Chase Sapphire Reserve is the best publicly available offer we’ve seen on the card. Based on TPG’s valuations, the bonus alone is worth more than $3,000 before factoring in the card’s premium perks.
This is the best time to apply if you can meet the spending requirement and get ongoing value from the card’s benefits.
To learn more, read our full review of the Chase Sapphire Reserve.
Apply here: Earn 150,000 bonus points with the Chase Sapphire Reserve.
