Chase Sapphire Reserve Launches 125K Offer With Massive Benefit Overhaul
The Sapphire Reserve Gets Its Biggest Update Ever
Chase has rolled out a completely revamped Sapphire Reserve that represents the most significant overhaul since the card’s legendary 2016 launch. The headline: a 125,000 Ultimate Rewards point welcome bonus—the highest public offer we’ve ever seen on this card.
But the bigger story is everything else that changed. The annual fee jumped to $795, but Chase packed in so many new credits and benefits that the value proposition may actually be stronger than before—if you can use them all.
The New Welcome Bonus
Current Offer: 125,000 Ultimate Rewards points after spending $6,000 in the first 3 months
At Chase’s 1.5 cents per point redemption rate through Chase Travel, that’s worth approximately $1,875 in travel value. Even at a conservative 1.25 cents per point, you’re looking at $1,562.
This beats the previous 100,000 point offer (even with its $500 credit sweetener) and marks a new high-water mark for Sapphire Reserve acquisition offers.
Annual Fee: $795 (But Wait…)
Yes, the annual fee increased from $550 to $795—a $245 jump that initially looks painful. But Chase significantly expanded the credit package:
Core Credits
| Benefit | Annual Value |
|---|---|
| Travel Credit | $300 |
| Edit Hotel Credit | $500 (up to $250/half-year) |
| Apple Services | $250 |
| Dining Credits | $300 |
| Total Credits | $1,350+ |
If you utilize these credits fully, the card essentially pays you $555 to hold it. Of course, that’s a big “if”—these credits have specific terms and usage requirements.
The $500 Edit Hotel Credit
This is the standout new benefit. Cardholders receive up to $250 per half-year (resetting every 6 months) for hotel stays of 2+ nights booked through Chase’s Edit hotel program. Unlike some credits that require obscure merchant categories, hotel stays are something most travelers actually spend on.
Apple Services Credit
Up to $250 annually covers Apple TV+ and Apple Music subscriptions. At current Apple pricing, this easily covers a family plan with money to spare.
Regional Dining Credits
The new dining benefit provides $150 per half-year at Sapphire Reserve Exclusive partner restaurants. Availability varies by region, so check which restaurants participate in your area.
High-Spender Benefits: The $75,000 Threshold
Chase introduced an entirely new tier of benefits for cardholders who spend $75,000 or more annually on their Sapphire Reserve:
- IHG Diamond Elite status with complimentary breakfast at IHG properties
- Southwest Airlines A-List status including priority boarding and same-day standby
- $250 Chase Shops credit for purchases through Chase’s shopping portal
- $500 Southwest Airlines credit for bookings through Chase Travel
For business owners or high-income households who can consolidate spending, these perks add substantial value. The Southwest A-List status alone typically requires 25 one-way flights to earn.
Major Application Rule Changes
Chase made two significant changes to Sapphire family eligibility:
New: “Once in a Lifetime” Bonus Rule
The previous 48-month waiting period between Sapphire bonuses has been replaced with a stricter once-in-a-lifetime restriction. If you’ve ever received a Sapphire Reserve welcome bonus, you’re no longer eligible for another one—regardless of how long ago.
This is a major shift that affects long-term points strategy. The churning-friendly 48-month rule allowed repeat bonuses; that door is now closed.
Card Holding Rules
You cannot hold other personal Sapphire cards when applying for the Reserve. However, once approved, Chase has loosened restrictions on holding both Sapphire Preferred and Sapphire Reserve simultaneously.
Who Should Apply?
This Card Makes Sense If You:
- Will use the $500 hotel credit (book 2+ night stays through Edit)
- Subscribe to Apple services or would start
- Dine at participating Sapphire Exclusive restaurants
- Travel enough to use the $300 travel credit easily
- Have never received a Sapphire Reserve bonus before
- Value Priority Pass lounge access and premium travel protections
Consider Alternatives If You:
- Already received a Sapphire Reserve bonus (you’re ineligible)
- Can’t realistically use the hotel and dining credits
- Prefer simpler cards without credit management
- Are over 5/24 and can’t get approved anyway
The Competitive Landscape
At $795, the Sapphire Reserve now directly competes with the Amex Platinum ($695) and exceeds the Capital One Venture X ($395). Here’s how the value propositions compare:
| Card | Annual Fee | After Credits |
|---|---|---|
| Sapphire Reserve | $795 | ~$0 or better |
| Amex Platinum | $695 | ~$200-400 |
| Venture X | $395 | ~$0 |
The Sapphire Reserve’s credit package is more aggressive, but it requires more active management to capture full value.
Key Takeaways
- 125,000 point bonus is the highest public Sapphire Reserve offer ever
- $795 annual fee is offset by $1,350+ in available credits
- $500 hotel credit (via Edit) is the standout new benefit
- Once-in-a-lifetime rule replaces the 48-month bonus restriction
- High-spender perks at $75K include IHG Diamond and Southwest A-List status
- Must not hold other personal Sapphire cards when applying
Frequently Asked Questions
Can I get this bonus if I had the Sapphire Preferred bonus before?
The once-in-a-lifetime restriction appears to be product-specific. Having received a Sapphire Preferred bonus shouldn’t disqualify you from a Reserve bonus, but verify current terms on Chase’s site.
Is the $500 hotel credit easy to use?
You need to book through Chase’s Edit program for stays of 2+ nights. If you regularly book hotels, this shouldn’t be difficult. The credit splits into two $250 half-year windows.
Does the 5/24 rule still apply?
Yes. You must be under 5/24 (fewer than 5 personal cards opened across all issuers in 24 months) to be approved for the Sapphire Reserve.
Can I downgrade later to avoid the $795 fee?
Yes, you can product change to a no-annual-fee Freedom card to keep your account history and points alive while avoiding the fee.
Disclaimer: Credit card offers and terms change frequently. Verify current welcome bonus, annual fee, and benefit details on Chase’s website before applying.