The Chase Sapphire Preferred Card has long been a popular choice for cardholders, and Chase announced a series of changes that take effect June 15, 2026. Some adjustments are improvements for cardholders, while others reduce certain benefits. New applicants will see most changes immediately, while existing cardholders will retain some current benefits until specified grandfather dates.
Positive Additions
- $100 Chase Travel Hotel Credit credited each account anniversary, up from $50.
- 3X points on gas and EV charging for everyday transportation and charging costs.
- 3X points on vacation rentals including properties booked through Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com and Vacasa.
- $120 credit toward Global Entry, TSA PreCheck, or NEXUS every four years, applied toward application fees.
- New travel protection: Emergency Evacuation and Transportation coverage has been added to the card’s list of travel insurances.
- One-time 12-month Apple TV subscription provided for free if activated by December 31, 2026.
Negative or Removed Benefits
- Hyatt transfer rate reduced by 25%. Previously, Chase Ultimate Rewards transferred to World of Hyatt at a 1:1 ratio for Sapphire Preferred (and Ink Business Preferred) cards. That ratio is now 4:3 (effectively 1:0.75) for Sapphire Preferred and Ink Business Preferred cardmembers. The Chase Sapphire Reserve retains a 1:1 transfer ratio. Under the new terms, every 1,000 Ultimate Rewards points transferred from Sapphire Preferred will become 750 Hyatt points instead of 1,000.
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Official timing for the Hyatt change: “Sapphire Preferred and Ink Business Preferred cardmembers’ Ultimate Rewards points will transfer to World of Hyatt at a rate of 4:3. For Sapphire Preferred cardmembers, this is effective immediately for new cardmembers who apply on or after June 15, 2026, and effective October 1, 2026, for cardmembers who applied prior to June 15, 2026. For Ink Business Preferred cardmembers, this is effective October 1, 2026, for existing cardmembers and for new cardmembers who apply on or after October 1, 2026.”
- 10% anniversary points bonus discontinued. The 10% Anniversary Bonus Benefit is being removed for applicants who apply on or after June 15, 2026. For cardmembers who applied before that date, eligible purchases made through October 1, 2026 will continue to earn the 10% bonus; that bonus will be awarded by January 31, 2027.
Unaffected Features
- $95 annual fee remains in place.
- 5X points on purchases made through the Chase Travel portal (flights, hotels, car rentals, etc.).
- 2X points on all other travel worldwide.
- 3X points on dining worldwide, including takeout and eligible delivery services.
- 3X points on select streaming services (including Apple Music, Apple TV, Disney+, ESPN+, FuboTV, Max, Hulu, Netflix, Pandora, Paramount+, Peacock, Showtime, SiriusXM, Sling, Spotify, YouTube Premium, YouTube TV, and Vudu).
- 3X points on online grocery purchases (excludes Target, Walmart, and wholesale clubs).
- 5X points on Lyft rides through September 30, 2027.
- 5X total points on eligible Peloton equipment and accessory purchases over $150 through December 31, 2027.
- 1X point on all other purchases.
The change to Hyatt transfer rates is particularly impactful. Transferring Ultimate Rewards to Hyatt was previously a straightforward way to unlock strong value—often exceeding 2 cents per point on select redemptions. Hyatt’s own recent devaluations, combined with the reduced 4:3 transfer ratio from Ultimate Rewards, reduce the effective value of those points. With fewer points arriving at Hyatt per transfer and higher redemption costs at many Hyatt properties, cardholders may find the typical value of Ultimate Rewards trending closer to 1 cent per point unless they pursue other high-value transfer partners or creative redemptions.
These updates also shift the comparative appeal between Sapphire Preferred and Chase Sapphire Reserve for some cardholders. The Reserve card maintains a 1:1 Hyatt transfer ratio, which can preserve maximum value for those who hold a large pool of transferable points. Many households balance cardholdings—one person carries a Preferred to accumulate points efficiently, while a partner holds a Reserve to access higher transfer flexibility and premium benefits. Cardholders can also pool transferable points within eligible households and transfer between cards to take advantage of preferred transfer ratios when available.
For prospective applicants, weigh the new benefits—higher hotel credit, expanded 3X categories and the $120 credit toward Global Entry/TSA PreCheck—against the reduced Hyatt transfer value and the removal of the 10% anniversary bonus. Existing cardmembers should note the grandfather dates that preserve some legacy benefits for a limited time. As with any rewards program change, the best choice depends on your travel goals, preferred partners, and how you plan to redeem points.