200K Chase or Amex Points: Which Business Card Welcome Offer Wins?

Updated: August 25, 2026, 8:30am CDT

Edited by:

Jump to Section

Table of Contents

Welcome Offer Details
Which Welcome Offer Should You Apply For?
What Are 200,000 Amex Points Worth?
What Are 200,000 Chase Points Worth?
Chase Sapphire Reserve Business Card vs. Amex Business Gold Card
Final Thoughts

We may be compensated when you click on a link, when an application is approved, or when an account is opened from one or more of our advertising partners. Terms apply to the offers below. See our Advertising Policy for more about our partners, how we make money, and our rating methodology. Opinions and recommendations are ours alone.

The Sapphire Reserve for Business℠ and the American Express^® Business Gold Card are some of the best card options for business owners, and both currently feature welcome bonus offers as high as 200,000 points.

Read on for tips on deciding which card (and welcome offer) is right for your business.

Welcome Offer Details

Currently, the Chase Sapphire Reserve Business card has a welcome bonus of: Earn 200,000 bonus points after you spend $30,000 on purchases in your first 6 months and access more than $7,000 in total business and travel value in your first year.

Alternatively, the Amex Business Gold card has a welcome bonus of: As High As 200,000 points. Find Out Your Offer. You may be eligible for as high as 200,000 Membership Rewards^® Points after spending $15,000 in your first 3 months of Membership. Welcome offers vary and you may not be eligible for an offer.

Which Welcome Offer Should You Apply For?

We value Amex Membership Rewards points at 2.2 cents per point and Chase Ultimate Rewards at 2 cents per point. That makes the welcome offer for the Amex Business Gold card slightly more valuable based on those valuations, at a value of up to $4,400 and $4,000, respectively.

Chase Sapphire Reserve Business card Amex Business Gold card Upgraded Points LLC — Amex Business Gold card vs. Chase Sapphire Reserve card. Image Credit: Upgraded Points LLC

However, if you’re not targeted for the maximum welcome offer on the Amex Business Gold card, then the math becomes much easier, with the 200,000-point Chase Sapphire Reserve for Business card offer being potentially more lucrative.

However, there’s a spending consideration worth factoring in. The Chase Sapphire Reserve for Business card requires $30,000 in purchases within 6 months, and the Amex Business Gold card requires $15,000 within 3 months. Consider whether your business spending can realistically meet these requirements.

What Are 200,000 Amex Points Worth?

The exact value of 200,000 Amex Membership Rewards points depends on how you redeem them.

If you were to redeem your Amex points as a statement credit, you’d receive just 0.6 cents per point, making 200,000 points worth $1,200. This is not a redemption method we would recommend, as you can get far more value from other redemption options.

You can get better value on travel by redeeming your points through AmexTravel.com for flights at a rate of 1 cent per point, where your 200,000 points would be worth $2,000 in flight purchases. Hotels and rental cars booked through AmexTravel.com don’t quite measure up, offering 0.7 cents per point.

Since Amex Membership Rewards is a transferable rewards program, your best option is to use your points through Amex transfer partners to maximize their value. This is why we value Amex points at 2.2 cents per point, making 200,000 points worth $4,400.

Air France Business Class Airbus A350 sest 2A — Fly in style in Air France business class with points. Image Credit: Daniel Ross

For example, you could transfer your points to the Air France-KLM Flying Blue program at a 1:1 rate and book 2 round-trip business-class tickets to Europe for around 240,000 points combined, meaning a single welcome bonus offer can nearly cover the full cost.

What Are 200,000 Chase Points Worth?

Similarly, the exact value of the 200,000 Chase Ultimate Rewards points you receive from the welcome offer on the Chase Sapphire Reserve Business card comes down to how you decide to redeem them.

At a minimum, your Chase Ultimate Rewards points can be redeemed at 1 cent per point as a statement credit or cash-back, making 200,000 points worth $2,000.

You can do better by using the Points Boost feature to get up to 2 cents per point on select premium-cabin flights and luxury hotels booked through the Chase Travel portal, including properties in The Edit. However, this doesn’t apply to all bookings made through Chase Travel.

We value Chase Ultimate Rewards points at 2 cents per point because of the value you can receive when transferring to various Chase airline and hotel partners to book business-class flights and luxury hotel stays for a fraction of the usual cost, making 200,000 points worth $4,000 based on our valuation.

Hot Tip:

Read more about our recommendations for the best ways to redeem your Chase points and best ways to redeem your Amex points, to learn just how much value you can get out of Chase transfer partners and Amex transfer partners.

Chase Sapphire Reserve Business Card vs. Amex Business Gold Card

Beyond the welcome bonus offers, here is how each card compares to the other to help you determine which is a better fit for you and your business.

SCROLL FOR MORE

Card Feature	Sapphire Reserve for Business℠	American Express^® Business Gold Card
Welcome Offer	Earn 200,000 bonus points after you spend $30,000 on purchases in your first 6 months and access more than $7,000 in total business and travel value in your first year.	As High As 200,000 points. Find Out Your Offer. You may be eligible for as high as 200,000 Membership Rewards^® Points after spending $15,000 in your first 3 months of Membership. Welcome offers vary and you may not be eligible for an offer.
Earning Rates	1x-8x pointsSapphire Reserve for Business℠ Earn 8x points on Chase Travel℠ for airline tickets, hotels, including The Edit℠, car rentals, cruises, activities and tours Earn 5x total points on Lyft rides through September 30, 2027 Earn 4x points on flights & hotels booked direct Earn 3x points on social media & search engine advertising	1x-4x pointsAmerican Express^® Business Gold Card Earn 4X Membership Rewards^® points on the top two eligible categories where your business spends the most each month from 6 eligible categories. While your top 2 categories may change, you will earn 4X points on the first $150,000 in combined purchases from these categories each calendar year (then 1X thereafter). Only the top 2 categories each billing cycle will count towards the $150,000 cap. Earn 3X Membership Rewards^® points on flights and prepaid hotels booked on amextravel.com using your Business Gold Card. Earn 1X Membership Rewards^® points on all other eligible purchases. Terms Apply.
Card Credits	Up to $300 annual travel credit that can be applied toward purchases of flights, hotels, car rentals, cruises, and more Up to $500 annual credit for stays with The Edit by Chase Travel, delivered in 2 $250 credits (2-night minimum stay required) Up to $250 in statement credits for select Chase Travel hotels through December 31, 2026 Up to $400 annual ZipRecruiter credit, delivered in 2 $200 biannual credits Up to $200 annual Google Workspace credit Up to $100 Giftcards.com credit, delivered in 2 $50 biannual credits Up to $300 annually in monthly DoorDash promos ($5 restaurant credit and 2 $10 non-restaurant credits) and a complimentary DashPass membership worth $120 annually Up to $120 in annual Lyft in-app credits, up to $10 monthly Up to $120 Global Entry, TSA PreCheck, or NEXUS credit every 4 years	Up to $20 in monthly credits for eligible U.S. purchases at FedEx (through 10/01/2026), Grubhub, and office supply stores after enrollment Up to $300 in statement credits on U.S. purchases of ChatGPT Business (subject to auto-renewal) after enrollment Up to $155 Walmart+ credit Up to $150 Squarespace credit (U.S. purchases only) after enrollment
Other Perks	Access to the Chase Sapphire Lounge by The Club network of lounges, Priority Pass lounges, and select Air Canada Maple Leaf Lounges IHG One Rewards Platinum Elite status	Access to The Hotel Collection
Card Protections	Primary rental car insurance Trip delay insurance Baggage delay insurance Extended warranty coverage Purchase protection	Cell phone insurance Baggage insurance Trip delay insurance Car rental loss and damage insurance Extended warranty protection Purchase protection
Annual Fee	$795	$375 (rates & fees)

The Chase Sapphire Reserve Business card leans heavily into travel. Its 8x earning rate on Chase Travel bookings, 4x on flights and hotels booked directly, airport lounge access, and a lineup of travel-focused credits make it a strong pick for business owners who travel often and can consistently put those perks to use.

It’s also pricier by a large margin with a $795 annual fee, but the card can easily offset the annual fee each year.

LIMITED TIME OFFER

Terms Apply / Rates & Fees

Sapphire Reserve for Business℠

U.P. Rating

The Chase Sapphire Reserve for Business card is perfect for frequent traveler business owners who want premium perks.

Apply Now

Sapphire Reserve for Business℠

The Chase Sapphire Reserve for Business card is perfect for frequent traveler business owners who want premium perks.

Welcome OfferEarn 200,000 bonus points after you spend $30,000 on purchases in your first 6 months from account opening and access more than $7,000 in total business and travel value in your first year.
200,000 points

UP's Offer Valuation*:
$4,000

Annual Fee

$795

APR

Flex for Business Variable APR: 17.74% - 28.49%

Credit Recommended

Excellent

Why We Like This Card

The Chase Sapphire Reserve Business card is a great pick for business owners who can easily make use of the annual credits for travel, Google Workspace, ZipRecruiter, and more. Plus, it offers helpful bonus categories such as ad spend and offers access to over 1,300 airport lounges — including Chase Sapphire Lounges.

Pros & Cons

Pros

8x points on Chase Travel purchases
4x points on flights and hotels booked directly
3x points on advertising purchases made with social media sites and search engines (uncapped)

Cons

$795 annual fee

Read Full Review

Card Highlights

Earn 200,000 bonus points after you spend $30,000 on purchases in your first 6 months from account opening.
$7,000+ in value your first year. 200K points, valued at $4,000 for select flights and hotels through Chase Travel℠, plus $3,000+ in annual value through travel and business benefits.
Earn 8x points on Chase Travel℠ for airline tickets, hotels, including The Edit℠, car rentals, cruises, activities and tours.
Earn 5x total points on Lyft rides through 9/30/27.
Earn 4x points on flights & hotels booked direct.
Earn 3x points on social media & search engine advertising.
Get the most flexible travel credit compared to any other card, with up to $300 in statement credits each anniversary year on travel purchases.
Enjoy complimentary access to the Chase Sapphire Lounge^® by The Club network and Priority Pass™ Select membership. Two guests may accompany the Primary Cardmember to the lounges free of charge.
Member FDIC

Financial Snapshot

APR: Flex for Business Variable APR: 17.74% - 28.49%
Foreign Transaction Fees: None

The Amex Business Gold card is built around everyday business expenses. Its ability to earn 4x points on your top 2 monthly expenses from 6 common categories, such as U.S. advertising, gas stations, or restaurants, makes it especially strong for business owners with concentrated spending in a few areas.

Plus, its $375 annual fee is substantially lower, though it doesn’t offer quite as many travel benefits.

NEW OFFER

Terms Apply / Rates & Fees

American Express^® Business Gold Card

U.P. Rating

Get 4x points in 2 select categories where your business spends the most each month (on your first $150,000 spent each year).

Apply Now(at Amex's secure site)

American Express^® Business Gold Card

Get 4x points in 2 select categories where your business spends the most each month (on your first $150,000 spent each year).

Welcome OfferAs High As 200,000 points. Find Out Your Offer. You may be eligible for as high as 200,000 Membership Rewards® Points after spending $15,000 in eligible purchases on your new Card in your first 3 months of Membership. Welcome offers vary and you may not be eligible for an offer.
As High As 200,000 Points. Find Out Your Offer.

UP's Offer Valuation*:
Up to   $4,400

Annual Fee

$375

APR

17.74% - 28.49% Variable

Credit Recommended

Good to Excellent

Why We Like This Card

The American Express^® Business Gold Card is excellent at racking up rewards for your business spend.

The card earns a whopping 4x points per $1 in the 2 categories (from a list of 6) that your business spends the most money on each month. With no need to opt-in or preselect your categories, so you can focus on what matters most — running your business.

Pros & Cons

Pros

4x points per dollar spent on your 2 highest purchase categories each month up to $150,000 each calendar year in purchases; categories include:
- Transit purchases including trains, taxicabs, rideshare services, ferries, tolls, parking, buses, and subways
- U.S. purchases made from electronic goods retailers and software & cloud system providers
- Monthly wireless telephone service charges made directly from a wireless telephone service provider in the U.S.
- U.S. purchases at gas stations
- U.S. purchases at restaurants, including takeout and delivery
- Purchases at U.S. media providers for advertising in select media (online such as Google Ads, Facebook Ads, plus TV and radio)
3x points per dollar on flights and prepaid hotels booked on amextravel.com using your Business Gold Card
Access to Amex’s The Hotel Collection

Cons

$375 annual fee (rates and fees)
No elite travel benefits like airport lounge access or elite status

Read Full Review

Card Highlights

As High As 200,000 points. Find Out Your Offer. You may be eligible for as high as 200,000 Membership Rewards^® Points after spending $15,000 in eligible purchases on your new Card in your first 3 months of Membership. Welcome offers vary and you may not be eligible for an offer.
Earn 4X Membership Rewards^® points on the top two eligible categories where your business spends the most each month from 6 eligible categories. While your top 2 categories may change, you will earn 4X points on the first $150,000 in combined purchases from these categories each calendar year (then 1X thereafter). Only the top 2 categories each billing cycle will count towards the $150,000 cap.
Earn up to $20 in statement credits monthly after you use the Business Gold Card for eligible U.S. purchases at FedEx (through 10/01/2026), Grubhub, and Office Supply Stores. This can be an annual savings of up to $240. Enrollment required.
Enroll and get up to $300 in statement credits per calendar year on U.S. purchases of ChatGPT Business* on the Business Gold Card. *Subject to auto-renewal.
Enroll and get up to $150 in statement credits per calendar year for U.S. purchases with Squarespace. Subscription purchases subject to auto-renewal.
Get up to a $12.95** statement credit back each month after you pay for a monthly Walmart+ membership (subject to auto-renewal) with your Business Gold Card. **Up to $12.95 plus applicable taxes on one membership fee.
Earn 3X Membership Rewards^® points on flights and prepaid hotels booked on AmexTravel.com or the Amex Travel App™.
The Business Gold Card comes in three metal designs: Gold, Rose Gold and White Gold. Make your selection when you apply on Americanexpress.com.
Terms Apply

Financial Snapshot

APR: 17.74% - 28.49% Variable
Foreign Transaction Fees: None

Rewards Center

American Express Membership Rewards

Final Thoughts

The Chase Sapphire Reserve Business card and the Amex Business Gold card both offer a lot to business owners and come with excellent welcome offers as high as 200,000 bonus points.

If you aren’t targeted for the maximum bonus offer on the Amex Business Gold card, the set 200,000-point welcome offer on the Chase Sapphire Reserve Business card is the better bet. That said, you should consider which card better matches your business spending and travel habits.