You might be wondering why I’m sending an email on a Thursday.
You're right — I don't normally do this. (My regular cadence is Mondays, Wednesdays, and Fridays.)
But Chase just launched the best-ever public welcome offer on the Chase Sapphire Reserve®, and there's a lot to unpack.
(Quick note: if you end up applying through my affiliate link, I'll earn a small commission that keeps this newsletter free. Thanks in advance.)
📋 In this edition
150,000 bonus points
Here's the offer: earn 150,000 Ultimate Rewards points after you spend $6,000 on purchases in the first 3 months from account opening.
That's a massive bonus — conservatively worth at least $3,000 toward travel.
You can redeem points directly through Chase Travel (booking at The Edit by Chase Travel properties will unlock the most value, thanks to Points Boost).
Or you can transfer points to Chase's 14 airline and hotel partners and potentially squeeze out way more than $3,000 in value.
I routinely send my Chase points to United, Hyatt, and Air Canada and redeem them for well over 2 cents per point.
But even if you don't want to bother with transfers, redeeming directly at select The Edit hotels can net you up to $3,750 in value.
In my opinion, that's well worth the bonus on its own.
But what if I already have a Sapphire card?
It depends. But the answer just got a lot more interesting.
Chase recently changed the eligibility rules for the Sapphire family. Two big things happened:
The old 48-month waiting period is gone
You can now hold the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve at the same time
Each card now carries a once-per-lifetime welcome bonus eligibility. So if you currently hold the Preferred and have never earned a bonus on the Reserve, you're eligible for this 150,000-point offer.
That's a meaningful unlock for longtime Preferred holders. (Chase's widely reported 5/24 rule still applies, so if you've opened five or more new credit cards across any issuer in the last 24 months, you may not be approved.)
If you've already earned a Reserve welcome bonus at any point in your life, this one isn't for you.
A slew of annual credits
The $795 annual fee looks steep until you factor in the credits.
While I’d personally love to maximize all these credits, the truth is that using just a few of them can recoup the annual fee.
Here’s the rundown for 2026.
There's a $300 annual travel credit, which applies to the first $300 in travel purchases you make in your anniversary year.
There's up to $500 in annual credits for The Edit by Chase Travel — split into two $250 credits, fully flexible across the calendar year for prepaid stays of two nights or more. This one is pretty easy to use.
New for 2026 only: a one-time $250 credit for select hotel bookings through Chase Travel
Eligible properties include IHG, Omni, Pendry, Montage, Virgin Hotels, Minor Hotels, and Pan Pacific.
There’s a two-night minimum, valid only on prepaid stays — which isn’t great.
There's also a $300 annual dining credit, split into two $150 semiannual credits. I wish there were more eligible restaurants, but this one is easy enough to use.
There's a $300 annual StubHub and viagogo credit, also delivered semiannually in $150 chunks through Dec. 31, 2027. I sent my dad and brother to a baseball game last year using this credit.
And there’s lots more, including:
$300 in annual DoorDash promos, plus complimentary DashPass, through Dec. 31, 2027.
$120 in annual Lyft credit, through Sept. 30, 2027.
$120 in annual Peloton credits, through Dec. 31, 2027.
Complimentary Apple TV+ and Apple Music subscriptions, through June 22, 2027.
3 big benefits
Beyond the credits, I’m a big fan of three Reserve perks.
First, you get access to every Chase Sapphire Lounge by The Club with up to two complimentary guests, plus a Priority Pass Select membership. Chase lounges are consistently some of the best you’ll find.
Secondly, big points multipliers on flights (4x) and hotels (4x) booked directly, and 3x points on dining. Just note that the points you earn on travel purchases don't actually start accruing until after the first $300 in travel spend each year.
Finally, the Reserve is one of the few cards that offers primary auto rental coverage, which saves me plenty on car rentals each year.
The most underrated perk
If your flight is canceled or delayed by 6 or more hours, the Reserve covers up to $500 per covered traveler for expenses, such as lodging, meals, and alternative transportation. (The Preferred has the same coverage, but the trigger is 12+ hours.)
It also covers your spouse, domestic partner, and kids under 26. And it works on both paid and award tickets, as long as you put the taxes and fees on your Sapphire card.
I've had six successful claims this year alone. In my opinion, it's still one of the most overlooked perks in the credit card world.
Is it worth a $795 annual fee?
$795 is a big number; there’s no way around it.
But if you're earning the 150,000-point welcome bonus and using even half the credits in year one, the math works out cleanly in your favor.
In my opinion, this is the strongest year-one value the Reserve has ever offered. It's the moment many of you have been waiting for.
🙋 Questions?
Hit reply. I’m happy to answer!
Yes, even on a Thursday.
From the Tray Table is part of an affiliate sales network and receives compensation for sending traffic to partner sites. This compensation may impact how and where links appear. Not all financial companies or all available offers are included. The opinions expressed are mine alone. Content is not reviewed or endorsed by an entity.