Today, Chase announced a complete refresh of the Chase Sapphire Preferred® Card, starting June 15, 2026. Positive changes include a couple of additional bonus categories, including 3X on gas and vacation rentals, new emergency evacuation coverage, doubled hotel credit, and no increase to the card’s $95 annual fee. Those changes will be welcomed by some, but World of Hyatt enthusiasts will be incredibly disappointed to learn that transfers from Chase Ultimate Rewards to World of Hyatt will be devalued to a 4:3 transfer ratio for Chase Sapphire Preferred (and Chase Ink Business Preferred® Credit Card, Corporate Flex, and Ink Plus) cardholders, effective immediately for those who apply on or after June 15, 2026, and effective on October 1, 2026, for those whose card accounts were opened prior to June 15, 2026.
The refreshed Chase Sapphire Preferred® Card launches on June 15, 2026
it is important to understand that new benefits will be available both to new applicants and existing cardholders as of June 15th, 2026. The change in transfer ratio to World of Hyatt and the discontinuation of the 10% anniversary bonus will take effect on different dates depending on when you get the card.
For those who apply new from June 15th, 2026 onward, the transfer ratio to World of Hyatt will drop to 4:3, and the card will no longer have the annual 10% anniversary bonus. For those who apply for the Sapphire Preferred prior to June 15th, 2026, the transfer ratio to Hyatt will decrease to 4:3 and the 10% anniversary bonus will be discontinued on October 1st, 2026. More details can be found in the sections to follow, outlining the major changes coming to the card.
New bonus categories: 3X gas/EV charging, 3X vacation rentals. 2X travel remains.
The two biggest additions on this card will surely be the chance to now earn 3X on gas and EV charging stations, as well as 3X on vacation rentals, including Airbnb, Vrbo, Plum
Guide, HomeAway, Homestay.com and Vacasa. Those are excellent additions that will surely be popular among many cardholders.
Somewhat surprisingly, the Sapphire Preferred will maintain its 2X on all travel. We had very much expected a change there, especially given that the Chase Sapphire Reserve® Card no longer offers a broad bonus category on all travel, but we’re glad to report that the Sapphire Preferred is seeing no change in that bonus category.
Here is the full list of earning rates on the new Sapphire Preferred as of June 15, 2026:
- 5x points on all Chase Travel purchases, including flights, hotels, rental cars, cruises, activities, and tours
- 3x points on gas and EV charging
- 3x points on vacation homes at top brands, including Airbnb, Vrbo, and more
- 3x points on dining worldwide, including takeout and eligible delivery services
- 3x points on top streaming services
- 3x points on online grocery purchases
- 2x points on all other travel worldwide
- 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
Annual Chase Travel hotel coupon increased to $100
An additional piece of good news is that the Sapphire Preferred’s annual hotel coupon credit is being increased to $100 in statement credits annually for hotel bookings made through Chase Travel. This makes the credit far easier to use.
Previously, the card came with up to $50 in statement credit for Chase Travel Hotel bookings.
Annual fee will not increase
Surprisingly good news is that there is no increase in the annual fee. The Chase Sapphire Preferred will still carry an annual fee of $95.
This is great news, especially given the current era of couponification and ever-increasing annual fees. It is great to see that the Sapphire Preferred will continue to carry a reasonable $95 annual fee.
Travel protections updates
The Sapphire Preferred’s solid travel protections remain, and those travel protections now include emergency evacuation and transportation coverage benefits.
If a covered traveler is injured or becomes sick during a trip 100 miles or more from home that results in emergency evacuation, they can be covered for medical services and transportation up to $100,000.
Global Entry / TSA PreCheck or NEXUS benefit added
Cardholders will now receive up to $120 in statement credits every four years for Global Entry, TSA PreCheck, or NEXUS.
This brings the Sapphire Preferred in line with other popular travel credit cards, most of which offer reimbursement for Global Entry or TSA PreCheck. Adding NEXUS here is great, and if you make use of this benefit plus the card’s annual hotel credit, the two combined could go a long way toward mitigating the card’s annual fee.
Complimentary year of Apple TV
Starting on June 15th, 2026, Chase Sapphire Preferred cardholders can receive a complimentary Apple TV subscription for one year when activated by December 31, 2026. Terms apply.
I imagine that this will be a popular addition for some. Apple TV is an ongoing benefit of the Sapphire Reserve card, but this benefit will only be good for one year on the Sapphire Preferred.
Transfers to World of Hyatt are to be massively devalued. The new transfer ratio is 4:3.
The worst piece of news in today’s refresh is that transfers to World of Hyatt are being devalued. Cardholders will no longer be able to transfer 1:1 to World of Hyatt. Instead, the transfer ratio will drop to 4 Ultimate Rewards points to 3 World of Hyatt points for cardholders who apply on or after June 15, 2026. For cardholders whose accounts were opened prior to that date, the new 4:3 ratio will take effect on October 1, 2026. That is a massive disappointment that represents a huge decrease in the value of Ultimate Rewards for World of Hyatt fans. Read more analysis of this change here.
Annual 10% bonus discontinued
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
This benefit only applies to base earnings on the card, so it has meant that the card effectively earns an additional 0.1 points per dollar spent. The 10% Anniversary Bonus only applies to base earnings, not category bonus multipliers, so, for example, the anniversary bonus means that the card has historically earned 1.1 points per dollar as a base rate, 2.1 points per dollar for travel, 3.1 points per dollar for dining, etc. I doubt this benefit has ever amounted to a huge boost for most readers, and it likely will not be widely missed. Still, it does mean fewer points overall, which is never, ahem, preferred.
Are these changes net positive or net negative?
Your view on the refreshed Chase Sapphire Preferred Card likely depends on how much you care about World of Hyatt. For those who never used World of Hyatt very much, whether because of Hyatt’s limited footprint or their preference for other accommodations, the changes announced today are net positive. The additional bonus categories are broadly useful, and in the case of vacation home rentals, it represents a relatively unique new bonus category that covers an area where some folks certainly spend a good sum of money. If you were never interested in transferring to World of Hyatt anyway, these changes are net good news.
On the other hand, if you are loyal to Hyatt and view your Chase Ultimate Rewards points primarily as a way to get excellent hotel value through World of Hyatt, this is a massive devaluation. The new 4:3 transfer ratio to World of Hyatt is a huge hit for those accustomed to transferring to Hyatt for hotel redemptions. Moving forward with that new ratio, it will only make sense to transfer to Hyatt for redemptions of outsized value. “Average” Hyatt redemptions simply won’t offer enough value for Sapphire Preferred cardholders, especially as compared to our Reasonable Redemption Value of Chase Ultimate Rewards points. In fact, in some cases, you’ll lose value transferring to Hyatt. See our separate post fully analyzing the new Hyatt transfer ratio.
Folks who are primarily domestic travelers will likely still have a relatively strong preference for Chase Ultimate Rewards, given the ability to transfer one-to-one to partners like United Mileage Plus, Southwest Airlines Rapid Rewards, and JetBlue TrueBlue. Considering the fact that United, Southwest, and JetBlue can be particularly useful for domestic awards when partner awards are not available, I think a lot of people will still do well collecting and using Chase Ultimate Rewards points for domestic flights. And Chase still has useful foreign airline partner programs, though if my main reason for collecting points was for international travel, I would rather earn Capital One miles, American Express Membership Rewards points, Citi ThankYou Rewards, or Bilt points, as all of the above provide access to Chase’s core foreign programs but also add even more foreign partner program opportunities. Still, Chase’s mix of domestic and international partners certainly retains some appeal.
Keep in mind that the transfer ratio from Ultimate Rewards to World of Hyatt will remain 1:1 for Sapphire Reserve cardholders. That will create an advantage for holding a Sapphire Reserve over a Sapphire Preferred. Is that enough of an advantage to justify paying 8x the annual fee? Some will have to do the math to decide whether the 1:1 transfer to Hyatt and the card’s coupon credits add up to enough value to justify a Sapphire Reserve over a Preferred, though others will likely decide that there are better ways to earn Hyatt points.
Stay tuned for more analysis on these changes.
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While I am not a frequent Hyatt guest, it did help sometimes to transfer over miles. Also, now that the backdoor from Amex-Hawaiin-Alaska has closed, I find myself needing a source of transferable points from time to time for AA flights. Though AA is not my preferred airline, I still take it 2-4x year, which is more than I stay at Hyatt. I’m starting to wonder about Bilt as an option….or is Citi a better vehicle…what do you think?
Math help please!
If a Hyatt Hotel is 20k today I would transfer 20k Ultimate Rewards. How many URs will that be after June15?
Roughly 27K
or $795.
When I first got into the game, the first card I got was the CSP because I was convinced that I would be using it to stay at Hyatts around the world lol. Funnily enough, in ten years I’ve only ever stayed at one super nice Hyatt and a few Cat 1s on points. I underestimated how their limited footprint would be more difficult than I thought to work with at the places I was traveling.
So for me the reduced transfer ratio definitively hurts, but the 3x gas is a massive improvement that I think tips this into net positive territory for me since I don’t participate in the Citi ecosystem, especially since Chase has been on a roll lately with good transfer bonuses. Still, limiting the potential reasonable transfer partner pool does give me pause about investing further in the Chase ecosystem. Chase better be careful, because they are dangerously close to becoming an irrelevant program to the majority of people in the game on the Sapphires.
The limited footprint is the primary reason I never got into Hyatt. I have (or had) Marriott, Hilton, IHG and Choice credit cards but never even considered Hyatt and don’t understand why it’s so popular with reward enthusiasts. I guess they just aren’t in the places I want to be.
I usually start my hotel searches with Hyatt and see if they fit the trip, then I go to IHG and Marriott, then others.
There’s a ton of places I travel to where Hyatt doesn’t exist, but I’ve started with them first where they do exist.
I stay in Richmond, VA fairly frequently, and there are two nice Hyatts there for only 5,000 points (with free breakfast). I’m probably a niche case, but this will be a sad change for folks like me who use a low-point Hyatt frequently.
Chances of an elevated sign up bonus when the changes take effect?
Perfect scenario for someone such as myself who could care less about Hyatt and recently applied and got approved for the CSR. I’ll be downgrading to CSP for sure after year one. Thanks Chase 🙂
I am overall happy. I have become so disenchanted with the CSR that I was losing faith in Chase overall. I knew I’d have to downgrade my CSR to CSP, as the couponization and hiked fee were becoming ridiculous. Hyatt: well, they are so rarely available for the towns or dates I’ve wanted to visit, that I gave up on them long ago.
I’m on your team Mercedes. CSR AF is coming up next month with the new fee and coupons that just do not fit my lifestyle or where I live. Knew I would begrudgingly have to downgrade to CSP which I felt was a bit of a dud… until today! Never got into Hyatt, so this change is finally a good thing in my situation. Now if they would just bring back some decent 5X categories for the Freedom cards….
I assume the $100 annual hotel credit will be given as 2 $50 certificates (1 for first half of anniversary year, 1 for second half). Any word on this?
No- you can use $100 in one booking if you like.
I don’t transfer to Hyatt so this actually makes the CSP look interesting to me. For it to be a slam dunk they do need to up their game on foreign airlines, or at least fix the transfer time to Singapore Airlines.
Cant wait for Chase to offer a 25% transfer bonus to Hyatt, still below 1:1, and promote it with a straight face
It’s a great day for Bilt
Any word if Chase Ink Business Preferred will be getting any new benefits, or just the negative Hyatt points transfer devaluation with no compensating new changes?
We have not heard anything about other changes to the Ink Business Preferred.
If I currently hold the CSP and have not used the $50 hotel credit. Can I use that before June 15th and then get an additional $100 after June 15th?
No. We asked and were told that you’ll get a total of $100 whether or not you have used the $50 credit.
In other words, if you already used $50, you’ll only get an additional $50.
Will booking and cancelling the booking once the credit post still work?
Good changes. I cancelled my card recently. Hyatt never had enough locations so I never used them.
When does $100 hotel coupon become available for existing cardholders, now or in October?
June 15th. Only the negative changes are delayed.
Can it be used all in one booking?
Yes
This will annoyingly incentivize us to move our Chase points and Hyatt points to P2, who is the CSR holder in my household.
It’s fine, just makes it more annoying for me to control things. Currently, he transfer all earned Chase points to me once per month. Now I will be transferring to him when we need a Hyatt redemption.