Chase replaced its long-standing flat-rate Sapphire portal multipliers with Points Boost, a variable redemption system that pays up to 2 cents per Ultimate Rewards point on select hotels and flights. The change took effect June 23, 2025, when Chase confirmed in updated cardmember terms that the predictable 1.25x and 1.5x bonuses on Chase Travel had been retired in favor of rotating, inventory-driven offers. Existing cardholders are grandfathered through October 26, 2027 on legacy rates for points earned before October 26, 2025.
The shift is the most consequential change to Ultimate Rewards' redemption math in more than a decade. It reframes what Sapphire Reserve and Sapphire Preferred annual fees actually buy on the redemption side, and it pulls Ultimate Rewards closer to American Express's Pay With Points model, where portal value depends on the specific booking rather than a flat multiplier.
What Chase Changed
Under the old system, every point booked through Chase Travel had a known value. Sapphire Reserve cardholders received 1.5 cents per point on every flight, hotel, cruise, activity, and rental car the portal sold. Sapphire Preferred and Ink Business Preferred holders received 1.25 cents per point on the same bookings. Other Ultimate Rewards cards redeemed at 1 cent per point.
Points Boost dismantles that flat structure. Per Chase's June 23, 2025 announcement, the new system applies only to a hand-selected subset of hotels and flights flagged in the portal with a rocket icon. Eligible bookings now pay variable rates that top out at:
- 2 cents per point on Sapphire Reserve
- 1.75 cents per point on Sapphire Preferred and Ink Business Preferred for premium-cabin flights
- 1.5 cents per point on Sapphire Preferred and Ink Business Preferred for hotels
Bookings that don't carry the rocket icon revert to 1 cent per point regardless of card. Cruises, activities, rental cars, and basic-economy fares are now permanently locked at the 1-cent baseline, even on Reserve. Chase has confirmed that participating airlines include United, Air Canada, Southwest, Emirates, Qantas, and Singapore Airlines, with United appearing most often in our portal searches. Eligible hotels skew toward The Edit by Chase Travel collection and chain luxury properties priced above roughly $300 a night.
The Grandfathering Window
The piece existing cardholders need to track is the transition timeline Chase published with the launch. Points earned before October 26, 2025 retain access to the legacy 1.25x and 1.5x rates through October 26, 2027. Through that window, the portal automatically applies whichever rate produces the higher value (old multiplier or Points Boost) on a per-booking basis.
After October 26, 2027, every Ultimate Rewards point in your account, regardless of when it was earned, redeems through Points Boost or at 1 cent. The grandfathering door closes for good.
Why This Matters For Your Redemption Strategy
The practical impact splits along travel style. Premium-cabin and luxury-hotel bookers gain a real lever: 2 cents per point on a United business-class fare to Europe is competitive with direct United MileagePlus award pricing on many dates, and The Edit's higher Points Boost rates frequently come bundled with breakfast and a $100 property credit. Sapphire Reserve's $795 annual fee becomes more defensible if you're consistently hitting the 2-cent ceiling.
The downside lands hardest on travelers who relied on the old flat 1.5x for predictability. A Category 2 Hyatt redeemed through Hyatt's transfer partnership at roughly 9,000 points a night still beats most Points Boost hotel rates, and short-haul economy fares under $300 generally don't qualify at all. Activity bookings (theme park tickets, tours, experiences) were quietly devalued from 1.5x to 1x for Reserve holders, a change that disproportionately hits family travelers who used Chase Travel for Disney and similar bookings.
The reliability calculus also changed. Under flat multipliers, you could plan a year of redemptions with confidence in the math. Under Points Boost, the same hotel might offer 1.8 cents per point one day and 1 cent the next, with no notice. That uncertainty pushes more weight toward Chase's transfer partner program, where Hyatt sweet spots, Air Canada Aeroplan, and Singapore KrisFlyer continue to deliver consistent value above what the portal pays.
What To Do Before October 25, 2025
If you hold a Chase card opened before June 23, 2025, the immediate action is to consolidate. Use Chase's Combine Points feature to move every Ultimate Rewards point into your highest-tier card before October 25, 2025. Points sitting on a Freedom Unlimited or Freedom Flex on October 26, 2025 lose access to the legacy 1.5x rate; the same points moved to a Sapphire Reserve before that date keep it through October 2027.
For the next two years, use grandfathered points where the old 1.5x rate beats both Points Boost and transfer partners, typically mid-tier hotels and economy domestic flights the portal hasn't flagged for boosting. Save Points Boost for the bookings where it genuinely wins: premium-cabin international flights and The Edit hotel stays. Keep transferring to Hyatt, Aeroplan, and KrisFlyer for the redemptions where partners still beat both options.
The points game under Chase just became less predictable, but the underlying earn structure on the Sapphire and Ink cards hasn't changed. The right move is to know which redemption path each booking deserves rather than defaulting to the portal the way the old system rewarded.
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