When the Sapphire Reserve first came out, it offered the $300 travel credit on a calendar-year basis. This meant that you could open up a card in June and use your $300 credit and then use it again after the new year. This allowed too many people to take advantage of this perk so Chase changed it to anniversary for new applicants. Now the Sapphire Reserve travel credit is based on a calendar year or anniversary depending on when you submitted your application. Anniversary year If you submitted an application on May 21, 2017 or after, your travel credit will be based on anniversary year. This means that the year begins with your account open date through the first statement date after your account open date anniversary, and the 12 monthly billing cycles after that each year. So if you opened up a card on June 4, 2017 and your first statement closed on July 10, 2017, you'd be able to use your travel credit from June 4, 2017 to when your statement closes in July 2018. At that point in 2018, it would reset. Calendar year For applications submitted before May 21, 2017, annual means the year beginning with your account open date through the first December statement date of that same year, and the 12 billing cycles starting after your December statement date through the following December statement date each year. So if your December statement closes on the 18th, then that means that any purchase after that date will count towards the travel credit for the next year. Also keep in mind that the annual travel credit will be issued for the year in which the transaction posts to your account. So if you make a purchase at the end of your annual period and it takes a couple of days to post then you risk not being able to use your credit in the annual period that you made the purchase in. I would advise to give yourself least five days of clearance when making these purchases so that you know with confidence that your credit will apply. Just call in if you're in doubt If all of this sounds confusing to you that's okay. Just call the number on the back of your Reserve card to see when you are eligible for your next $300 Annual Travel Credit. The phone reps are generally pretty good about giving you accurate information. You should also be able to see your reset month when you log-in to your account.