Muslims, can you explain this quaran verse to me?

What it basically means is that Muslims aren't the only ones who have a chance to reach Jannat: Jews and Christians can also. It basically means that if your a Christian, then you should believe in the Bible deeply as we do with the Quran. If your a Jew, then you should believe in the Torah deeply as we do with the Quran. You also have to believe in the Day of Judgement and perform good deeds. If you follow these three steps, you are guaranteed to Jannat. So the this Quranic verse basically says that Jews and Christians still have a chance!