My Money Blog

The Chase Sapphire Preferred Card has been a big hit for Chase since it came out, and they recently announced (press release) several positive changes that will come into effect on June 15th, 2026 for both new and existing applicants and some negative changes (notable Hyatt points transfers) that will be grandfathered for existing cardholders until October 1st, 2026.

Additions / Positive Changes

• $100 Chase Travel Hotel Credit each account anniversary (increased from $50).
• 3X points on gas and EV charging.
• 3X points on vacation rentals (Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com and Vacasa).
• $120 credit toward Global Entry, TSA PreCheck or NEXUS every four years.
• “Emergency Evacuation and Transportation coverage” added to their existing list of travel protections.
• One-time 12-month Apple TV subscription for free when activated by December 31, 2026.

Removals / Negative Changes

• Hyatt points transfers devalued by 25%. Before, Ultimate Rewards points transferred to Hyatt at a 1:1 ratio for Sapphire Preferred and Ink Business Preferred cards. Now, it is a 4:3 ratio, which is the same as a 1:0.75 ratio. (Chase Sapphire *Reserve* cardholders will keep the 1:1 ratio.) So every 1,000 Ultimate Rewards points only becomes 750 Hyatt points now, instead of the previous 1,000.

  “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 removed. “The 10% Anniversary Bonus Benefit is being discontinued, effective immediately for cardmembers who apply on or after June 15, 2026. For cardmembers who applied prior to June 15, 2026, eligible purchases made through October 1, 2026, will continue to earn the 10% bonus, which will be awarded by January 31, 2027.”

No change

• $95 annual fee.
• 5X points on Chase Travel portal purchases (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 (Apple Music, Apple TV, Disney+, ESPN+, Fubo TV, 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 points on all other purchases

The Hyatt points transfer change is a double-whammy. Ultimate Rewards points to Hyatt transfers used to be a relatively hassle-free way to easily get over 2 cents per point value. But not only has Hyatt devalued their own points a lot recently (most of their hotels now cost more points to book), but now the transfer rate from Ultimate Rewards also dropped by 25% for this card. That nudges the value of an Ultimate Rewards points much closer to the basic sad value of 1 cent per point. Now it will take more work to find other transfer partners like a United Airlines redemption to get good value.

Even though these are “improvements” to the Sapphire Preferred, this actually shifts my personal preference a bit more to the Chase Sapphire Reserve, which has its own set of complications, but at least I can still get full 1:1 value to Hyatt points with my large bank of points. You can also transfer your other points over to the Reserve from your other cards and household family members. Right now, I am still in the middle of my first year with the Chase Sapphire Reserve and trying to figure out what I’m really able to get out of all those annual credits. The sign-up bonus is also increased to 150,000 Ultimate Rewards points until 6/15.

Our household strategy in the past has been for at least one person to have the Chase Sapphire Preferred to keep our Ultimate Rewards balance going, sometimes transferring back and forth as needed, and then the other person might have the Reserve for a while.