The Chase Sapphire Reserve's all-time-high 150,000-point bonus is ending soon. Here's why I applied

If you're debating whether to apply for the Chase Sapphire Reserve®'s (see rates and fees) all-time-high 150,000-point welcome offer, now is the time, as this deal ends soon. (We don't have an exact official end date, unfortunately.)

This is a luxury travel credit card with a $795 annual fee, but the value of the intro offer and the card's other benefits far exceed what you pay, especially for the first year. Not only that, but the spending requirement to earn the welcome bonus is reasonable. You only have to spend $6,000 on purchases within the first three months of account opening. That's a manageable average of $2,000 per month.

After waiting on the sidelines, I recently applied for and was approved for the Sapphire Reserve. Before you hit submit on an application, let's take a closer look at what this bonus is worth and how to qualify.

The value of the Sapphire Reserve's 150,000-point welcome bonus depends on how you use the points.

You can redeem Chase Ultimate Rewards points for statement credits, gift cards or travel (booked through the Chase Travel℠ site) for 1 cent each. That's a base value of $1,500 for this offer. If you take advantage of a gift card sale (these typically offer a 10% bonus), you could bump the value up to $1,650.

With the Sapphire Reserve, you can also receive more value from Chase Travel℠ Points Boost bookings that provide a value of up to 2 cents per point for eligible travel. Getting the full 2 cents per point is far from guaranteed, but even at 1.5 cents per point, these bookings can turn the bonus into $2,250 in travel.

Anyone interested in Chase's transfer partners can unlock amazing value. It's possible to get $3,000+ in travel from the Sapphire Reserve's intro offer. With 150,000 Chase points, you could book a round-trip business-class ticket to Europe through several different programs. Paying cash for the same ticket can easily cost far more than $3,000.

As a luxury credit card, the Sapphire Reserve's credit score requirement is stringent. You'll typically need an excellent credit score to qualify, so you'll have the best odds with a FICO Score of 740 and up.

Per other Sapphire application rules, you can't have more than one Sapphire Reserve card, and you can typically only receive a welcome bonus from this card once per lifetime. If you've earned the Sapphire Reserve's bonus in the past, you may still get approved for the card, but you won't be eligible for the 150,000-point bonus.

The last thing to be aware of is the Chase 5/24 rule. This unofficial guideline dramatically reduces your Chase credit card approval odds if you've opened five or more credit cards from any bank in the previous 24 months. Keep in mind, your 5/24 count only includes opened credit cards. If you applied and weren't approved, that won't add to your total. Also, many (but not all) business credit cards won't appear on your personal credit report, and those cards do not add to your 5/24 total.

The increased welcome bonus pushed me across the finish line, but it's not the only reason I got this card. I have travel plans in the works that will help me utilize more of the Sapphire Reserve's benefits. Plus, Chase points transfer to the airline program I want to use for award flights.

You can only earn the bonus once

Since you can only earn a welcome bonus from the Sapphire Reserve once per lifetime, I wanted to wait for an increased bonus to apply. I am also under the Chase 5/24 rule, so I knew I'd have a realistic chance of getting approved.

The first-year value is a no-brainer

This card's $795 annual fee is a big hurdle to cross, but even if I don't maximize the card's perks, the massive bonus makes this card worth it for at least the first year. If I simply cash out my points for a statement credit at 1 cent per point, I'd get a $1,560 payout (including the 6,000+ points I'll earn from meeting the minimum spending requirement).

After paying the annual fee, I'd still make $765 in this scenario — but I know I'll walk away with far more value. The card's annual $300 travel credit couldn't be easier to use. There is no activation required, and it's not split into quarterly or semi-annual increments. You simply spend on eligible travel purchases, and the first $300 is reimbursed. This includes tolls, parking, camping, rental cars, flights, hotels and more.

I can't remember the last year when I didn't spend $300 on purchases that qualify for the Reserve's travel credit. So without any effort, I'll receive over $1,000 in value the first year with this card, and all of its other perks are icing on the cake.

I know what I want to do with the points

One of the biggest mistakes you can make when earning rewards is not using them. Points and miles regularly devalue in a variety of ways, so the longer you hold onto them, the less you'll be able to do with your rewards.

I'm planning a family trip to Switzerland and want to book through Air Canada's Aeroplan program. I'll potentially be traveling with a lap infant, and Aeroplan has an excellent lap infant award policy (it only costs $25 CAD or 2,500 each way to add a lap infant). Plus, I may be able to add a free stopover for only an additional 5,000 miles per ticket.

I like using points to book international business-class awards, and with Aeroplan, I'll be able to book two one-way business-class flights from the East Coast to Switzerland with this bonus.

I can convert my existing cash-back rewards to transferable points

My wife and I have the Chase Freedom Unlimited® (see rates and fees) and Chase Freedom Flex® cards, and we've accumulated a stash of rewards. These cards are technically cash-back credit cards, but you earn cash back in the form of Chase Ultimate Rewards® points (1 cent = 1 point). You can move points between Chase credit cards, including to cards owned by one other member of your household.

Now that I have the Sapphire Reserve, my wife and I can move all of our cash-back rewards onto my card. That means we gain the ability to transfer those points to any of Chase's travel partners. The points may also be worth more if we choose to use them to pay for Chase Travel℠ bookings that qualify for a Points Boost, which can increase the value of your points to up to 2 cents each (for Sapphire Reserve and Chase Sapphire Reserve for Business^SM cardholders only) (see rates and fees).

I really want the travel protections

One of the easiest credit card benefits to overlook is insurance coverage, but I rely on these perks to save hundreds every year.

The travel protections I use the most are rental car insurance and trip delay reimbursement. The Sapphire Reserve provides primary rental car collision coverage for eligible car rentals in the U.S. That saves me $15 or more a day since I can decline the rental company's coverage. And its trip delay coverage is top-notch; you'll be covered for up to $500 per ticket (when you pay with the card) for delays of six hours or more or delays that require an overnight stay. Other cards that offer this coverage usually have lower coverage limits or the protection only applies to delays of 12+ hours.

I already have two car rentals booked this year, and while the Sapphire Reserve isn't the cheapest card for primary rental car coverage, it's a benefit I'll be leaning on heavily.

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