Chase is offering elevated welcome offers on its Sapphire Reserve cards, including the Chase Sapphire Reserve® and the brand new Sapphire Reserve for Business℠:

• Chase Sapphire Reserve: Receive 100,000 points and a $500 Chase Travel credit after spending $5,000 in the first three months.

• Sapphire Reserve for Business: Earn 200,000 points after spending $30,000 on purchases in the first six months of account opening.

These huge sign-up bonuses follow Chase's announcement of massive updates to its flagship premium travel credit card, the Sapphire Reserve. The Sapphire Reserve updates include a slew of new features and benefits, as well as an annual fee increase to $795.

Important: Read more about the new Chase Sapphire card eligibility requirements to see if you qualify for a Chase Sapphire welcome bonus.

We calculate the value of Chase Ultimate Rewards points to be about 2.05 cents per point. That means 100,000 Chase points would be worth about $2,050 and 200,000 points would be worth about $4,100.

Keep in mind that you can redeem Chase points for a number of different things, but these values are based on redeeming your points for travel. Specifically, you can often get the best value from Chase points by transferring them to certain travel partners, such as World of Hyatt or Air Canada Aeroplan, for high-value redemptions.

You can transfer Chase points to your World of Hyatt account and redeem them toward Hyatt stays. A standard night at a Category 1 Hyatt hotel costs between 3,500 to 6,500 points.

In the example above, you can stay 20 nights at the Hyatt Place Los Cabos — which is minutes from the beach and offers free breakfast — for less than 100,000 points. That’s an excellent way to spend a few weeks if you have the time to spare and like Los Cabos. It’s also a great way to work toward earning or maintaining World of Hyatt elite status.

You can often get great redemption value by transferring Chase points to certain airline partners and booking premium (first or business class) flights. You should have a specific redemption already in mind, on hold if possible, before transferring your points to a partner, since you can’t transfer them back.

In the example above, you can book a business class flight with Emirates from New York (JFK) to Milan (MXP) for 87,000 miles plus $101.50 in taxes and fees. The cash price for this flight is $5,778, which gives you a redemption value of about a whopping 6.5 cents per point.

You can also get excellent redemption value by redeeming your points toward luxurious hotel stays. For example, this one-night stay at the Park Hyatt Vienna costs $1,005.69 or 30,000 points. Redeeming your points on this stay would give you a value of about 3.4 cents per point, which is well above average.

Read our full Chase Sapphire Reserve review

The updated Chase Sapphire Reserve is chock-full of benefits, including loads of new credits that can help offset the increased annual fee. If the credits align with your travel habits and preferences, you should be able to get more than enough value to make the card worth it. If the credits seem too complicated to use, consider other travel credit cards with more straightforward benefits.

The Sapphire Reserve for Business makes sense if you can leverage its rewards and benefits for full value as a small business owner. Part of having a premium travel card is traveling enough to use perks like airport lounge access and Lyft credits.

With the business card, you also have access to business-related credits from ZipRecruiter and Google Workspace. If you’re not sure whether you can get value from these credits, you might want to consider a different business credit card.

For simplicity and affordability

The Sapphire Reserve cards only make sense if you’re willing to pay a hefty annual fee. If you’re not, consider no-annual-fee credit cards or other travel cards with lower annual fees. These cards have plenty of valuable benefits, but they aren’t always the easiest to use, especially with complicated credits.

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