Chase’s newest Ultimate Rewards card, the Chase Sapphire Reserve is now available online. The new card comes loaded with benefits, but at a price. Most noteable among its perks is a 100,000 point signup bonus for spending $4,000 in the first three months of opening your account. But it also carries a $450 annual fee which is applied to your first statement.

Chase Sapphire Reserve Benefits

Other benefits of the card include:

• 3 points per dollar on travel and dining
• 1 point per dollar spent on everything else
• Annual $300 statement credit towards any travel expenses charged to your card
• Application fee credit of up t $100 for Global Entry or TSA PreCheck
• No foreign transaction fees

And like the Sapphire Preferred card, the Sapphire Reserve also allows you to redeem your points for travel through the Ultimate Rewards portal at a favorable rate. While the Sapphire Preferred allows you to exchange at a rate of 1.2 cents per point through the UR portal, the Sapphire Reserve will allow you to exchange at an unpredecented rate of 1.5 cents per point. This means that your 100,000 point signup bonus can be worth $1,500 towards a future trip.

It also means that if you’ve previously accumulated Ultimate Rewards points, through having a card such as the Chase Freedom or the Sapphire Preferred card, you can make those points worth even more now by owning the Sapphire Reserve.

You can alternatively choose to transfer your points to a partner program, including:

• British Airways
• Flying Blue (Air France/KLM)
• Hyatt
• IHG
• Korean Air
• Marriott
• Ritz-Carlton
• Singapore Airlines
• Southwest
• United
• Virgin Atlantic

To apply for the Sapphire Reserve card now, see this link. (Note: The link does not have a landing page specifying the 100,000 point bonus but multiple data points have confirmed that that the link is eligible for the bonus.)