The credit card space is incredibly competitive, and nowadays we see card changes with a frequency that’s much higher than in the past. Along those lines, Chase has just announced some major changes to the $95 annual fee Chase Sapphire Preferred Card. They’re a mixed bag, with some good news, and some bad news.
In this post:
Details of the Chase Sapphire Preferred changes
The Chase Sapphire Preferred is undergoing some updates. All of the changes apply for new cardmembers as of June 15, 2026. For existing cardmembers, the positive changes will apply as of June 15, 2025, while the negative changes will apply as of October 1, 2026.
On the plus side, the Chase Sapphire Preferred annual fee is staying the same, at just $95. We’ve seen so much annual fee inflation over the years, so it’s great to see that annual fee remain the same. Let’s go over the details of what is changing, in no particular order…
New 3x points categories added, 10% bonus taken away
The Chase Sapphire Preferred is seeing new bonus categories added. With these updates, the card will start earning 3x points on gas stations and EV charging, as well as 3x points on vacation home rentals with Airbnb, HomeAway, Homestay.com, Plum Guide, Vrbo, and Vacasa.
This complements the existing bonus categories, which include 3x points on dining, select streaming services, and online grocery store purchases (excluding Target, Walmart, and wholesale clubs), along with 2x points on travel. Then there are additional bonus categories for Chase Travel bookings and Lyft spending.
Unfortunately there is some bad news when it comes to earning points, and this is something we knew was coming. The Sapphire Preferred will lose its 10% anniversary points bonus, whereby the base points that cardmembers earned from spending have received a 10% annual bonus. In other words, $100K in spending would earn you 10K bonus points.
Chase to Hyatt points transfer ratio being devalued
Currently, Chase Ultimate Rewards points can be moved to World of Hyatt at a 1:1 ratio. With these updates, the ratio will be devalued, to 4:3. Note that this change applies to all Chase Ultimate Rewards cards except the Chase Sapphire Reserve (both personal and business), so that becomes a point of differentiation for those cards.
As before, points can be pooled between cards, and you can use the highest transfer ratio available. This is the first non-1:1 transfer ratio we’re seeing from Chase Ultimate Rewards.
$50 Chase Travel hotel credit increased to $100
The Chase Sapphire Preferred offers a Chase Travel hotel credit, and that will be increased in value, from $50 to $100.
As before, there’s no minimum stay required, so as long as you book a hotel through Chase Travel that costs at least $100, you should be able to get full value out of that, and basically more than offset the annual fee. That’s great. I appreciate that this is just a single credit, so this isn’t a semi-annual $50 credit, or anything like that.
New travel protection improvements
The Chase Sapphire Preferred will be getting enhanced travel protection, including emergency evacuation coverage. This makes the card’s travel coverage more well rounded, and puts it closer to being in line with that of the Chase Sapphire Reserve.
One-year complimentary Apple TV subscription
The Chase Sapphire Preferred will be getting a complimentary Apple TV subscription for one year, with activation required by December 31, 2026. This is awesome to see, as it’s another perk that adds a lot of short term value.
New Global Entry, TSA PreCheck, or NEXUS credit
The Chase Sapphire Preferred will be getting a new up to $120 statement credit that can be used toward Global Entry, TSA PreCheck, or NEXUS, valid once every four years. This is a pretty common perk on premium cards, so it’s cool to also see this on a card with an annual fee of under $100.
My take on the Chase Sapphire Preferred changes
As you can tell, there are both positive and negative changes here, and cardmembers will probably have varying takes, depending on their behavior and spending patterns. What’s my opinion?
Personally I think the improved bonus categories are positive, and it’s especially nice to have a personal Chase Ultimate Rewards card offering bonus points on gas station purchases. Admittedly the 10% anniversary bonus points being cut is less than ideal — some people will come out ahead, while others won’t.
Meanwhile the bigger hotel credit, the Global Entry or TSA PreCheck credit, the better travel protection, and the Apple TV subscription, are all awesome, and make this a card that potentially offers outsized value compared to the annual fee.
Now let’s get to what symbolically I find to be the most painful. We’re seeing the transfer ratio from Chase to Hyatt devalued. This doesn’t impact those with the Chase Sapphire Reserve, so it starts to become a point of differentiation between the cards.
As I see it, there are two major issues here. First, as I’ve covered in the past, I think transferable points are reaching a negative inflection point, as we’re increasingly seeing non-1:1 transfers. I feel like five years down the road, programs will have 12 partners with 12 different transfer ratios. It’s not great.
Second, it’s incredibly disappointing to see this just shortly after World of Hyatt massively devalued its points. But I guess we also shouldn’t be surprised. When Hyatt and Chase promoted their renewed co-brand deal, they announced that Hyatt’s profits from the partnership are expected to double over the next couple of years.
Well, it’s pretty clear how that’s being done, at least in part — points will just be worth a lot less. I can’t blame Hyatt for trying to maximize profits, but as consumers, this is very bad for us, and I do think this poses a risk to Hyatt in terms of people even being interested in the ecosystem anymore.
Bottom line
The Chase Sapphire Preferred is undergoing some major changes, which apply for new cardmembers as of June 15, 2026, and for existing cardmembers as of October 1, 2026. The card’s $95 annual fee is staying the same, but a lot else is changing.
The card will get new 3x points categories for gas stations, EV charging, and vacation rentals, but it’ll also lose its 10% anniversary points. Meanwhile the card’s $50 hotel credit is being doubled, and a Global Entry or TSA PreCheck credit is being added as well. Then the card is also getting new travel coverage. On top of that, the Hyatt transfer ratio will be devalued, from 1:1 to 4:3.
What do you make of these Chase Sapphire Preferred changes?
To recap where we are with Ultimate Rewards:
- Points are now worth $0.01 / point when used in the overpriced Chase travel portal.
- Points Boost is minimally available and often at the old value of points.
- Can still convert the points to a transfer partner’s currency in highly devalued programs.
- Coupon book for CSR cardholders.
Not sure about the rest, but I’m pulling out my spreadsheet to...
To recap where we are with Ultimate Rewards:
- Points are now worth $0.01 / point when used in the overpriced Chase travel portal.
- Points Boost is minimally available and often at the old value of points.
- Can still convert the points to a transfer partner’s currency in highly devalued programs.
- Coupon book for CSR cardholders.
Not sure about the rest, but I’m pulling out my spreadsheet to review other cards, including no fee cash back cards, to see where I can maximize value, and go from there.
Clarifying: if someone already has the card, these new benefits only start on October 1 i.e., no $100 hotel credit before then, no complimentary apple tv subs?
@ Khatl -- Sorry, I updated the post to clarify that. The positive changes kick in as of June 15, while the negative changes kick in as of October 1.
Is there any reason, really, to have both the Chase Sapphire Preferred AND the Chase Sapphire Reserve?
well now there is lol. if you cared about 3x on gas/airbnbs and spend a lot in those categories then its not a bad idea now
@ TravelinWilly -- Yeah, the use case for that would be very niche. Different bonus categories would be the primary reason to have both cards, but you'd have to spend a lot in one particular category for that to make sense.
Does this change include Chase Ink Preferred as well? It's not explicitly called out, but it seems that if CSP goes down, then Ink will as well
Yes it does. Only Reserve and Reserve Business are exempt
@ Julie -- Indeed, as notes by Alex Z, only the Sapphire Reserve, both personal and business, are excluded.
“A mixed bag” sure, that’s a way to put it if you’re trying to sell credit cards!
@ Connor -- I'm confused, you really don't think there are any positives here? New bonus categories, a bigger hotel credit, better travel protection, and a Global Entry or TSA PreCheck credit, aren't worth anything on a $95 fee card?
what is the date for the hyatt devaluation ?
Read the article
For existing card members it's Oct 1
@ michelle -- June 15 for new cardmembers, October 1 for existing cardmembers.
Cant wait for Chase to offer a 25% transfer bonus to Hyatt, still below 1:1, and promote it with a straight face
This is a real kick in the gut with all that just happened at hyatt. Am I able to product change the Sapphie Preferred to a Chase Marriott Bold then change to a Ritz Carlton Card?
@ David Martin -- I believe Chase doesn't generally let you product change between card families, so I don't think you could go from an Ultimate Rewards card to a Marriott Bonvoy card.
I opened this card on October 31st of last year. If these changes go into effect October 1st, will I get my first and only 10% bonus?
@ DC -- By January 2027 you should get the bonus based on all your spending between when you opened the card and October 1, 2026.
Thanks for clarifying!! How do you feel about the CSP now- is Amex Gold looking like a better option?
@ DC -- It's hard to say, because everyone's situation is so different based on their spending profile, how much they value credits, and what other cards they have. I do think the bonus categories on the Sapphire Preferred are becoming much more well rounded, which I appreciate. I also appreciate that the hotel credit can now more than offset the annual fee.
I guess my one major hesitation is actually wanting to collect Ultimate...
@ DC -- It's hard to say, because everyone's situation is so different based on their spending profile, how much they value credits, and what other cards they have. I do think the bonus categories on the Sapphire Preferred are becoming much more well rounded, which I appreciate. I also appreciate that the hotel credit can now more than offset the annual fee.
I guess my one major hesitation is actually wanting to collect Ultimate Rewards points without having the Chase Sapphire Reserve. Hyatt is the most valuable transfer partner to me, and without that, I'm generally more tempted by programs like Amex Membership Rewards. For someone who spends a lot on dining and supermarkets, I think the Amex Gold is very tough to beat.
TLDR version - UR points associated with all Chase personal and business cards, except the Sapphire Reserve cards, will have the lower 4:3 transfer rate to Hyatt points.
With these changes, I’m continuing to wonder what’s the point of continuing to spend my money with the Chase ecosystem. Do they even have a unique transfer partner that’s worth anything? I’ve already downgraded from CSR to CSP (the coupon book was too much of a pain, even if I could extract value), and I’ve mostly liquidated my points to Hyatt before the devaluation, so these changes (I don’t spend money on gas/charging or vacation...
With these changes, I’m continuing to wonder what’s the point of continuing to spend my money with the Chase ecosystem. Do they even have a unique transfer partner that’s worth anything? I’ve already downgraded from CSR to CSP (the coupon book was too much of a pain, even if I could extract value), and I’ve mostly liquidated my points to Hyatt before the devaluation, so these changes (I don’t spend money on gas/charging or vacation rentals) are a net-negative for me.
Americans can transfer to United so that has some use.
I have Bilt Palladium so I don’t need Chase for United transfers.
@ Samar -- It's a good question, and there are a couple of interesting things going on here. Chase used to be unique for Hyatt and United transfers, but now Bilt partners with those programs as well. Quite frankly, I'm surprised that Chase isn't forcing its partners to cut ties with Bilt, because Bilt cards are quickly becoming Chase substitutes.
The other point is that there's no denying that Chase hasn't done much to...
@ Samar -- It's a good question, and there are a couple of interesting things going on here. Chase used to be unique for Hyatt and United transfers, but now Bilt partners with those programs as well. Quite frankly, I'm surprised that Chase isn't forcing its partners to cut ties with Bilt, because Bilt cards are quickly becoming Chase substitutes.
The other point is that there's no denying that Chase hasn't done much to innovate its transfer partners, and if anything, the program has been growing at a slower pace than competitors. While I still think there's great value with some Chase cards, it's not a "must have" currency in the way that it used to be.
@ Ben - I wouldn't be surprised if Bilt loses some of the supposedly exclusive transfer partners of Chase eventually. Until then the CSP is likely to stay in my safe and not be used for now, and it's value will be dependent on if I can utilize the $100 hotel credit.
Hyatt was by far the top value for Chase points. Double whammy with the recent Hyatt deval and now this.
Technically, the work-around here is to have a CSR, and just 'combine points' from those cards now with the lesser transfer rates to the CSR, then still transfer at 1:1... but, with the overall Hyatt devaluations, is that still even the best use of UR points? Meh. Depends.
I don’t use Hyatt so these changes are a positive for me.
Hyatt is a smaller chain so while people have loved the generous reward program this will not impact things as much as some other devaluations could.
That being said, Hyatt users are suffering a significant loss and I understand their disappointment.
"I don’t use X so these changes are a positive for me." What a bad take. Not to dilute Niemöller, but... first they came for (Hyatt)... and I said nothing, because MM "don't use Hyatt" ...
You forgot to quote this:
“That being said, Hyatt users are suffering a significant loss and I understand their disappointment.”
But as much as I understand Hyatt fanboys not liking this the changes are an overall positive for me.
I think the bad take is “We Hyatt users had a devaluation and I will only complain about that and not notice the positive changes”
All you ever do is complain and make up childish statements.
...You forgot to quote this:
“That being said, Hyatt users are suffering a significant loss and I understand their disappointment.”
But as much as I understand Hyatt fanboys not liking this the changes are an overall positive for me.
I think the bad take is “We Hyatt users had a devaluation and I will only complain about that and not notice the positive changes”
All you ever do is complain and make up childish statements.
Like your recent comment that 150k
Marriott points SUB plus spending points only get you a night at a Courtyard.
Go to Marriott.com
Search for USA
I recently looked for a random date in July.
Then select Luxury brands
That brings up 139 properties
Of those 124 could be booked with those points.
For example, the RC Charlotte is $587/57k a night.
Wait for your anniversary certificate and book three nights and have points leftover.
Or do the RC Amelia Island, $1431/108k
Why don’t you just stop whining, making up stuff and grow up?
Sheesh, 150k gets you a night in a Courtyard?
Have you ever thought of being an honest grownup?
Apparently not.
Search for USA
Don't hold back. Tell us how you REALLY feel.
(That Amelia Island stay seems like decent value... though, probably a little hot there in July.)
Still, these programs are near completely unregulated and often devalue with limited notice. Consumers have every right to feel duped.
He didn't forget to quote it, he deliberately ignored it so it would make his whining sound better.
"For Chase Sapphire Preferred as well as Ink Business Preferred and legacy Ink Plus (and Corporate Flex), points transfers to Hyatt will no longer be 1:1. Instead, they’ll be 4:3."
On top of the major Hyatt devaluations in May, Chase is basically shooting the other foot now.
The Hyatt transfer is nothing but to ensure that people keeping 800 bucks for the pretty much useless CSR.
But after the recent Hyatt devaluation, not sure who would want to keep doing that