Tl;dr – If this leaked offer is in fact the real offer – this spend requirement is on par with some of the loftier welcome bonuses we’ve seen with premium Capital One Cards.
The big news last week was Chase’s changes to its Sapphire Reserve line of cards. Tomorrow (June 23, 2025) we’re expected to see the official release of the first-ever Chase Sapphire Reserve Business card, and a revamped Chase Sapphire Reserve personal card. We have a blockbuster KD trade, there’s a Game 7 tonight, and now we have a leak of the alleged Chase Sapphire Reserve Business Card…and you’ll need to spend some coin:

Now, I want to leave space for this being smoke and mirrors, but it sure seems possible.
In my write-up of the new Reserve cards, I mentioned that my decision as to whether or not I’d get one would likely come down to the welcome bonus.
$30K spend is high, not by any means undoable, but high. And 200,000 Ultimate Rewards points are solid. All that said, I’m a believer that since this is the first-ever offer on this card, it won’t be the best. This is now the floor for me and I’m content to wait and see if we see one of those super charged offers in a 10-24 months, where the Ultimate Rewards awarded falls somewhere between 250K and 300K.
We’ll see if this is true this week!