Chase Sapphire Preferred Upcoming Changes
Last month, we wrote about an impending change to the Chase Sapphire Preferred: The card's 10% anniversary bonus will disappear later this year. It turns out this discontinuation is part of a larger refresh for the card that's set to launch next Monday, June 15. Some of the changes include positive updates to its earning structure and annual credits. There is one change that is going to hurt, though: Transfers to Hyatt from the Sapphire Preferred, Chase Ink Business Preferred and existing Ink Plus and Corporate Flex cards will decrease from the current 1:1 ratio to 4:3. Yes, you read that right. In an already unrelenting year for devaluations—particularly for the beloved hotel program—things are about to get even worse. Let's take a look at the Chase Sapphire Preferred upcoming changes—and what they mean. UPDATE 6/10: We've included new information about the timeline and to reflect that the updated Hyatt transfer ratio will also impact the Ink Business Preferred.
What's Changing On The Chase Sapphire Preferred
The Chase Sapphire Preferred upcoming changes will include new earning categories, revised credits, a modified transfer ratio to Hyatt and the end of the 10% anniversary bonus. There will be no increase to the $95 annual fee. The following updates will take effect Monday, June 15, for new cardholders. Some timelines may vary for existing cardholders, as noted below.
Earning Additions
- 3X points on gas purchases and electric vehicle charging: This will include Costco gas purchases.
- 3X points on vacation home rentals: including eligible purchases through Airbnb, VRBO and more
New Credits
- Complimentary Apple TV subscription: Good for one year as long as activated by Dec. 31, 2026
- $120 Global Entry, TSA PreCheck, or NEXUS credit: Every four years
Modified Benefits
- $100 Chase Travel hotel credit (previously $50): Current cardholders will be able to access the $100 credit in full. If a member has already used their $50 credit this year, they'll receive an additional $50 credit, bringing their total available hotel credit to $100 for the benefit period.
- Enhanced travel protections: Will be updated to include emergency evacuation and transportation coverage
Other Changes
- Hyatt points transfer ratio will change from 1:1 to 4:3 ratio: For existing Sapphire Preferred cardmembers prior to June 15, 2026, this takes effect Oct. 1, 2026. New Sapphire Preferred cardmembers after June 15 will see the updated transfer rate immediately. For Ink Business Preferred cardmembers, this is effective Oct. 1, 2026, for existing cardmembers and for new cardmembers who apply on or after Oct. 1, 2026. This will also impact Ink Plus and Corporate Flex cardmembers, effective Oct. 1, 2026.
- The 10% annual points bonus will be discontinued: Effective immediately for new applicants on or after June 15, 2026. Current cardholders will continue earning on eligible purchases through Oct. 1, 2026, which will be awarded by Jan. 31, 2027.
Another Gut Punch In An Already Brutal Year For Hyatt Loyalists
A 4:3 transfer ratio effectively means that 100,000 Ultimate Rewards will amount to 75,000 Hyatt points, if transferred from the Chase Sapphire Preferred, Chase Ink Business Preferred, the Ink Plus or the Corporate Flex. This drastically shifts longterm card strategy for those who care about Hyatt. Now, you'll need to hold onto the Chase Sapphire Reserve and/or the Sapphire Reserve For Business to be able to transfer points 1:1. Those premium cards both come with a hefty $795 annual fee. We like to say an annual fee is always worth it in year one, but for some cardholders this fee will also become the new price of admission for exchanging Chase points 1:1 for Hyatt stays.
On the heels of this year's Hyatt devaluation, the Chase Sapphire Preferred upcoming changes feel like another car slamming into an already massive pileup. We are barely done grappling with the aftermath of the award chart and annual category changes. And heck, Hyatt's best news lately even amounts to another devaluation for those without status or a cobranded card.
The Chase Sapphire Preferred has long been our favorite starter card, an excellent and affordable gateway into the amazing world of points and miles. For those who aren't eligible for business cards and are otherwise unable to pay a premium card fee every year, access to Hyatt redemptions are about to get even more limited.
Analyzing The Other Changes
So, is there any silver lining to the Chase Sapphire Preferred upcoming changes? First, we appreciate that the new credits aren't resulting in an increased annual fee. If you can use even one of them, you can easily offset the annual fee every year. The value of the perks overall likely depends on your situation. Let's look at each update individually. Keep in mind that we don't yet know the specific terms and conditions on the new perks, but we'll unpack them with the information we have so far.
Earning
It is nice to have a Chase card with year-round 3X earning potential on gas purchases and EV charging, although we typically expect to see gas represented at some point throughout the year in the rotating 5X/5% quarterly categories on the Chase Freedom Flex (and original Freedom) cards. Vacation home rentals would have previously earned 2X points for travel on this card, so the increase to 3X will be welcomed by those who like to book through Airbnb and VRBO. It's worth noting that the Chase Ink Business Preferred also earns 3X on these purchases through its general travel category—and that there are other ways to earn points on Airbnb purchases, too.
New Credits and Modified Benefits
This card joins a sea of other cards offering TSA PreCheck credits. The one-year Apple TV+ subscription is similar to the Chase Sapphire Reserve's Apple benefit, though the premium card also includes Apple Music. On the premium card, this perk has been nice for some and less valuable to others.
The $100 Chase Travel hotel credit is a smart change. We've often called the $50 perk the card's most forgotten benefit—$50 doesn't go super far and may not be worth the headaches that travel portal bookings can sometimes bring. For those who can use the $100 credit, this is one way to offset the annual fee. We will have to wait to see the terms for the enhanced travel protections, but it sounds like the Preferred may add similar emergency evacuation and transportation coverage found on Chase's premium cards. Finally, we ran the math on the loss of the 10% annual points bonus in a previous article, and we do not find this change to be a significant dealbreaker on its own.
Ripple Effects: What This Means For Other Cards
The Chase Sapphire Preferred upcoming changes immediately increase the stock of the Chase premium cards that can transfer Ultimate Rewards to partners: the Chase Sapphire Reserve and the Sapphire Reserve For Business. Meanwhile, the Chase Sapphire Reserve currently boasts an all-time-high offer of 150,000 points. Those who have not earned a bonus on this card before may find this lucrative offer—and this card overall—more attractive than ever.
On the flip side, I'd argue that this change hurts other cards, like the Ritz-Carlton Credit Card. Those who might have paired the Sapphire Preferred with the Ritz card to get the best of both worlds—access to Hyatt 1:1 transfers from the Sapphire Preferred, plus luxury benefits like lounge access and travel protection benefits from the Ritz—will now need to reevaluate their wallets.
Finally, this may increase interest in Bilt Rewards. You don't even have to be a cardholder to earn Bilt Rewards—or to access the program's 1:1 Hyatt transfer ratio. (You do, however, need to have Bilt Silver, Gold or Platinum status to transfer Rakuten earnings at a 1:1 ratio.) We maintain that Bilt cards should really only be a consideration for those who are over 5/24, though.
Chase Sapphire Preferred Upcoming Changes: ToP Thoughts
Even if your card lineup means this change does not immediately affect you, it still represents another a blow to the World of Hyatt program and Chase Ultimate Rewards alike. The Chase Sapphire Preferred upcoming changes—which includes a Hyatt transfer ratio that will also impact cards like the Ink Business Preferred—will fundamentally reshape how award travelers compare two of the industry's longstanding ToP travel cards. Beginning next week, the Chase Sapphire Reserve becomes perhaps more valuable than it has ever been. And the Chase Sapphire Preferred—long an iconic card that introduced many to the world of award travel—will make some of the industry's most coveted redemptions a little less accessible. How will this influence your wallet? Come and tell us your thoughts in the ToP Facebook group.
