The Chase Sapphire Reserve® (see rates and fees) recently underwent a massive refresh, and there’s a lucrative welcome offer for new cardholders.

New cardholders can earn 100,000 bonus points plus a $500 Chase Travel℠ promo credit after spending $5,000 in the first three months from account opening. This offer ends soon.

This is an exciting way to earn 100,000 Chase Ultimate Rewards points, but the $500 credit comes with a caveat. According to the terms and conditions, the promotional credit is valid for one-time use only. If you apply the promotional credit to a transaction less than $500, you will forfeit the remaining balance.

Here are some examples of how to maximize the $500 Chase Travel credit and make the most of your welcome bonus.

Book a five-star stay to experience the Giza Pyramids

One of the best ways to use the $500 promo credit is toward a hotel stay that would usually be expensive. The Edit by Chase Travel has an impressive collection of luxury properties worldwide with brands such as The Ritz-Carlton, Four Seasons, Mandarin Oriental, Park Hyatt and more.

For example, the promo credit included in the Sapphire Reserve’s welcome offer nearly covers a two-day stay at the Four Seasons Hotel Cairo at Nile Plaza.

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Paying just $42 for a top property in Cairo is a great value for your money. Search for dates that best fit your schedule; even if your stay isn’t nearly free on other dates, it will definitely cover a large portion of your accommodation costs.

Since the hotel is part of The Edit, your reservation includes complimentary daily breakfast, a $100 property credit, room upgrade (based on availability), and early check-in and late checkout (subject to availability). In order to receive these elevated benefits, you must book at least a two-night stay at any The Edit property.

Related: How to book travel (and save points) with Chase Travel

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Transcontinental flight to New York City during the holidays

The $500 Chase promo credit is enough to fly transcontinental from the U.S. West Coast to New York during the peak winter season. This can be a great use of the credit, whether you’re looking to experience New York City during the winter and get lucky with some snowfall or take in the sights of Rockefeller Plaza and have your own “Home Alone” experience.

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The period between Thanksgiving and New Year’s tends to be the busiest time for travel, so airfare is at its most expensive. This credit helps ease the burden by lowering costs. Play around with your potential dates and airlines to see which one gives you the best price to maximize the $500 credit.

Don’t forget that you can also split the cost of your travel between cash and Chase Ultimate Rewards points.

Related: Chase Points Boost: A valuable new redemption option or a disappointing devaluation?

Book a Caribbean cruise getaway

If you’re looking for a short escape, the $500 Chase promo credit is an excellent way to book a Caribbean cruise. Cruise prices vary based on season, cruise operator and the number of days you’re looking to sail, but the $500 credit could be enough to offset most of the cost.

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For example, a Caribbean and Antilles cruise for three nights is as low as $726. After factoring in the credit, a little weekend getaway will cost you just $226 out of pocket. Of course, you have to also factor in the cost of flying into the city where your cruise departs from, but if you’ve had your eyes on a cruise, the $500 promo credit considerably reduces the cost.

To further reduce costs, consider using the 100,000-point welcome bonus earned as a new Chase Sapphire Reserve cardholder toward flights for your cruise. You can either redeem your points for flights directly in Chase Travel or transfer them to one of Chase’s 11 airline transfer partners.

Related: How to book a cruise using points and miles

Experience the Great Barrier Reef

The $500 Chase promo credit could allow you to experience one of the world’s seven natural wonders. Getting to Australia can feel like quite the journey, but it’s worth it thanks to the biodiversity and the beauty of its landscape.

Touring the Great Barrier Reef is a top bucket list item for many, and the welcome offer on the Chase Sapphire Reserve can help you check it off.

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The credit is more than enough to cover a two-day snorkeling experience, but keep in mind you’ll be forfeiting $39 of the credit as the activity only costs $461. I recommend choosing an activity that maximizes the credit fully.

Even if you pay a little bit over the $500 credit, it’s worth it to make sure you don’t leave any credit to be forfeited.

Rent a car for a road trip

Chase Travel offers a wide range of travel options. If you don’t have a trip coming up or have already booked flights and accommodations, consider using the $500 promo credit to pay for a car rental.

Whether it’s for a local road trip or to rent a car during your next vacation, it’s a good way to use the credit without giving it up and losing out on a part of the Sapphire Reserve’s welcome bonus.

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For example, a one-week car rental in Italy to explore the Tuscan countryside costs $496 and nearly uses the entire $500 promo credit.

Keep in mind that most car rentals offer flexible cancellation policies. Should you choose to cancel your booking, though, you’ll lose the $500 credit, and it will not be available again to use for another Chase Travel purchase.

Related: Save money on your next trip: Use these tips to never pay full price for a rental car

Chase $500 promo credit FAQs

If you’ve applied for the Chase Sapphire Reserve or are planning to, here are some things to be mindful of.

When does my Chase Travel promo credit expire?

To receive the promotional credit, new cardholders must make purchases totaling $5,000 or more within the first three months of opening an account. The promotional credit is valid for one year from the date it’s made available in Chase Travel.

Can I combine my Chase Travel promo credit with my Sapphire Reserve travel credit?

The $500 Chase Travel Promo credit and the annual $300 Chase Sapphire Reserve travel credit can be combined. The $500 Chase Travel promo credit is added automatically at checkout for any Chase Travel purchase, whereas the $300 travel credit is applied as a statement credit when any travel purchase is made.

For example, an $800 airline ticket booked via Chase Travel would be reduced to $300 thanks to the $500 Chase Travel promo credit at checkout. After the charge has posted to your card, the $300 Chase Travel credit would reduce your out of pocket cost to $0.

Bottom line

If you’ve already applied for and been approved for the refreshed Chase Sapphire Reserve or are thinking about applying, the welcome offer is spectacular with its 100,000 bonus points and $500 Chase Travel promo credit.

Luckily, Chase Travel offers several types of travel, activities and tours that can be booked through the portal, so there’s no shortage of ways to use the credit.

Consider the types of uses mentioned above and find the Chase Travel purchase that best fits your upcoming travel plans. Just keep in mind that this is a use-it-or-lose-it credit. If it’s not used in its entirety in one purchase, the remainder is forfeited.

To learn more, read our full review of the Chase Sapphire Reserve.

Apply here: Chase Sapphire Reserve