Back in August, when the Chase Sapphire Reserve card first came out, I was super excited at the opportunity to get the killer 100,000 Ultimate Rewards points that came with the card after meeting a minimum spend. (This has since dropped to 50,000 UR points.) I’ve referred to this as the “Mother of All Credit Cards.” As I’ve noted before, I was rejected when I applied for the Sapphire Reserve.
I decided then to bide my time and wait a few months before applying again. I intended to wait until February or March because I wanted to make sure that I was able to offset the entire $450 annual fee , which is quite hefty, over two calendar years. Imagine my surprise when I woke up on Wednesday morning and found out via Million Mile Secrets that the Reserve’s sign-up bonus was about to get halved.
Applying for the Chase Sapphire Reserve
I decided to jump immediately and go ahead and try to get the top travel credit card that I wanted to get in 2017, albeit a bit earlier than I wanted to get it. Applying was the first thing that I did after logging onto my laptop that morning. I sat down and filled out the three pages on the application and then waited on the decision.
It seemed that it was taking quite a while, but it was probably less than a minute. Regardless, I was a bit nervous that I would again get the notice of a pending application, which generally means no. I was happy, however, when the next page popped up and noted that Chase approved me for the card.
After I get the Sapphire Reserve in the mail, I intend to start using it exclusively so that I can meet the $4,000 spending requirement so that the 100,000-point bonus will kick in. UPDATE: I got the bonus in March.
What To Do With the Sapphire Reserve’s Bonus
There are several different options when it comes to spending 50,000 Ultimate Rewards points. You could take two round-trip saver flights within the US on United Airlines. I’ve seen one-way flights from Denver to Las Vegas or Los Angeles for just north of 2,000 Rapid Rewards points on Southwest Airlines.
This bonus would take care of nearly 50 one-way flights between many US cities, and could also pay for at least four flights to Mexico from the US on Southwest, depending upon the date and whether any sales are ongoing from your departure city at the time you book. I got four tickets to Puerto Vallarta for about 23,000 Ultimate Rewards points when transferring them to Southwest last year.
It’s also possible to get two round-trip tickets from the US to Europe on Air France/KLM’s Flying Blue frequent flyer program with some of the discounted options that these companies offer from time to time. 50,000 would also be more than enough to get a one-way business-class ticket at the saver level or a round-trip economy ticket to just about any region of the world on United Airlines. These are just a few of the options that you could use to spend this massive cache of points, as they transfer at a 1:1 ratio to some of the leading loyalty programs around.
If You’d Rather Have Cash Value
Additionally, if you’re looking to pay directly for flights, you could get 1.5 cents per point in value by going through the Chase travel portal with the Chase Sapphire Reserve. This could allow you to get multiple tickets to Europe with some of the sales that have been going on recently.
Finally, you could just redeem them for 1 cent apiece and get a cool $500 in cash which is a pretty easy way to earn money in pajamas. Keep in mind that the sign-up bonus dropped by half on January 11, so if you’re looking to get the Sapphire Reserve and the bonus, be sure to apply sooner, rather than later. Also, be sure to check out more of my top credit card recommendations for 2017.