Chase is overhauling the Sapphire Preferred Card on June 15, 2026, adding richer travel credits, new bonus categories and expanded protections for new and existing cardmembers, while also reducing the card’s value for Hyatt transfers later for some holders, according to a Chase press release. The changes affect U.S. cardholders and matter because Sapphire Preferred has long been one of the most widely used cards for travelers who collect flexible Ultimate Rewards points.
What is changing
Chase said the card’s annual hotel credit will rise to $100 per account anniversary, up from $50. The card will also earn 3X points on gas and EV charging, plus 3X points on vacation rentals booked through Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com and Vacasa.
Additional benefits include a $120 credit toward Global Entry, TSA PreCheck or NEXUS every four years, emergency evacuation and transportation coverage, and a one-time free 12-month Apple TV subscription if activated by December 31, 2026. The $95 annual fee stays the same, and the card keeps 5X points on Chase Travel purchases, 3X on dining and 2X on other travel worldwide.
The main trade-off
The biggest negative change is the transfer rate to World of Hyatt. Under Chase’s updated terms, Sapphire Preferred and Ink Business Preferred cardmembers will transfer Ultimate Rewards points to Hyatt at a 4:3 rate, or 0.75 Hyatt points for each Ultimate Rewards point. That means 1,000 Ultimate Rewards points will now become 750 Hyatt points instead of 1,000.
Chase said the lower rate applies immediately for new Sapphire Preferred applicants who apply on or after June 15, 2026, and on October 1, 2026 for existing Sapphire Preferred cardholders who applied before that date. Chase Sapphire Reserve cardholders will keep the 1:1 transfer rate to Hyatt.
Why cardholders are paying attention
The timing matters because Hyatt transfers have often been one of the most efficient ways to extract premium value from Ultimate Rewards points. With the new 4:3 ratio, cardholders will need to find stronger alternatives, such as airline transfers or portal redemptions, to match the value they once got at Hyatt.
Chase is also ending the 10% anniversary points bonus for new applicants on June 15, 2026. Existing cardmembers will keep it on eligible purchases through October 1, 2026, with bonus points posted by January 31, 2027, according to the issuer.
What it means next
The changes appear designed to make the Sapphire Preferred more useful for everyday travel spending while lowering one of its most attractive transfer sweet spots. For many points collectors, that could make the Sapphire Reserve more appealing if Hyatt stays remain a priority.
What to watch next is whether Chase’s broader Ultimate Rewards strategy encourages more cardholders to move up to premium products, and whether travelers begin shifting redemption habits as the Hyatt transfer cut takes effect in stages through October 1, 2026.
