For all of us that applied and received the Chase Sapphire Reserve card up till now, we were able to get TWO $300 travel credits: 1. for the calendar year you received the card and 2. for the following calendar year starting January 1. So in reality, new cardholders were getting $600 in travel credits within the first year of having the card.
But, as of May 21, not anymore. The language in the terms on the application now read
$300 Annual Travel Credit: A statement credit will automatically be applied to your account when your card is used for purchases in the travel category, up to an annual maximum accumulation of $300. Annual means the year beginning 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 what this means, is that anyone who gets this card after May 21, will not be able to get $600 in travel credits their first year but rather just $300 each anniversary year. This is unfortunate, but in my opinion, not a deal breaker. I still love the card!