The Current Bonus: 125,000 Points After Spending

The Chase Sapphire Reserve is currently offering 125,000 bonus points when you meet the spending requirement. You earn these points after you spend $4,000 on purchases within the first three months of opening the account. The bonus sits on top of points you earn from regular card spending, so it is not your only source of rewards.

This bonus amount changes periodically. Chase has raised and lowered the offer multiple times over the card's history. If you are considering this card, check the current offer on Chase's website before you explore, because the bonus may differ from what you see here.

The 125,000-point offer is one of the higher bonuses Chase has run on this card in recent years, though it is not may provide to remain at this level. Travel card bonuses tend to shift with market conditions and Chase's business priorities.

Key Takeaways

  • You must spend $4,000 within three months to receive the 125,000-point bonus.
  • The annual fee is $550, charged on the first statement and each year after, though the card includes a $50 annual credit toward dining and a $100 annual credit toward travel purchases.
  • Points are worth roughly 1.5 cents each when redeemed through Chase's travel portal, making the bonus worth approximately $1,875 in travel value before accounting for the annual fee.
  • The card earns 3 points per dollar on travel and dining, and 1 point per dollar on everything else.
  • Bonus offers change without notice, so confirm the current offer on Chase's website before you open an account.

What the Bonus Is Actually Worth

The value of 125,000 points depends on how you redeem them. Through the Chase Ultimate Rewards portal, you can book flights, hotels, and rental cars directly. Chase values these redemptions at roughly 1.5 cents per point, which would make 125,000 points worth about $1,875 in travel bookings.

You can also transfer points to airline and hotel partners at a 1:1 ratio. Some transfers are worth more than 1.5 cents per point if you book strategically, but others are worth less. The real value depends on which airline or hotel you choose and what you are booking.

Keep in mind the card carries a $550 annual fee. After the first year, you also receive a $50 annual dining credit and a $100 annual travel credit, which reduces the net cost to $400. If you do not use those credits, the card costs $550 per year to keep open.

How to Meet the $4,000 Spending Requirement

You have three months from the date you open the account to spend $4,000 and trigger the bonus. This timer starts when your account is officially open, not when you receive the physical card in the mail.

The $4,000 counts all purchases you make on the card during that window—groceries, gas, flights, hotels, restaurants, and everyday items all count. Balance transfers and cash advances do not count. Neither do fees or interest charges.

If you are not sure whether a specific purchase counts, check your statement after you make it. Purchases typically post within one to three business days. You do not have to spend $4,000 all at once; any combination of purchases that adds up to $4,000 within the three-month window will trigger the bonus.

When the Bonus Posts to Your Account

Chase typically posts the bonus points within one to two billing cycles after you meet the $4,000 spending requirement. This means if you hit the spending target on day 60 of your account, you might see the points appear by day 90 or 120.

You can check your points balance in the Chase mobile app or on Chase.com under your account details. The bonus points appear in the same account as the points you earn from regular spending, so you will see one total balance.

If the bonus does not appear within two billing cycles, contact Chase customer service. Have your account number and the date you met the spending requirement ready when you call.

Annual Fees and Credits That Offset Them

The Sapphire Reserve charges $550 per year, billed on your first statement and every anniversary after. This is one of the highest annual fees among travel cards, but Chase includes credits that reduce the effective cost.

You receive a $100 annual credit toward travel purchases made through the Chase travel portal or charged directly to the card. This includes flights, hotels, rental cars, taxis, rideshare, parking, trains, and tolls. You also get a $50 annual dining credit for any restaurant or food delivery purchase.

If you use both credits fully, your net annual cost is $400 ($550 minus $150 in credits). If you do not use the credits, you pay the full $550. The credits reset each year on your account anniversary.

Earning Rates and How Points Add Up

Beyond the sign-up bonus, the Sapphire Reserve earns 3 points per dollar on travel and dining purchases, and 1 point per dollar on everything else. Travel includes flights, hotels, rental cars, taxis, rideshare, parking, trains, and tolls when booked through the Chase travel portal or charged directly to the card.

If you spend $2,000 per month on dining and travel combined, you would earn 6,000 points per month from regular spending alone (2,000 × 3 points). Over a year, that is 72,000 points just from those categories, plus whatever you earn on other purchases at 1 point per dollar.

The card also includes a 50% points bonus when you transfer points to airline and hotel partners. This means if you transfer 10,000 points, you receive 15,000 points with the partner instead. This bonus applies only to transfers, not to redemptions through the Chase travel portal.

Comparing This Bonus to Other Travel Cards

The American Express Platinum currently offers up to 150,000 points as a sign-up bonus, though the spending requirement is higher ($6,000 in three months). The annual fee is also $695, which is $145 more than the Sapphire Reserve.

The Capital One Venture X offers 75,000 miles after $4,000 in spending, with a $395 annual fee. The Citi Prestige offers 50,000 points after $4,000 in spending, with a $495 annual fee.

Bonus amounts change frequently, so these comparisons may shift. The best card for you depends on your spending patterns, how you redeem points, and whether you will use the annual credits and other benefits each card includes.

Frequently Asked Questions

Can I get the bonus if I already have a Chase Sapphire Reserve?

Chase typically does not offer the sign-up bonus to existing cardholders. You usually must close the account and wait a certain period—often 24 months—before you become may be able to access for the bonus again. Check Chase's current rules before you explore.

What happens if I do not spend $4,000 in three months?

If you do not meet the spending requirement, you do not receive the bonus points. The three-month window is firm. You can still use the card and earn regular rewards, but the 125,000-point bonus will not post.

Can I use the bonus points right away?

Yes, once the bonus posts to your account, you can redeem the points when ready. You can book travel through the Chase portal, transfer to airline and hotel partners, or use them for other redemption options Chase offers.

Does the bonus count toward my annual spending for other rewards?

No. The bonus points are separate from points you earn through spending. They do not count toward any minimum spending thresholds or tier status with airlines or hotels.

What if Chase lowers the bonus offer after I explore?

The bonus you receive is locked in when you open the account. If Chase lowers the offer the next day, you still receive the 125,000 points (or whatever the offer was when you applied). Changes to the bonus do not affect existing cardholders.