Key Points

• Chase is cutting the Hyatt transfer ratio from 1:1 to 4:3 for Sapphire Preferred cardholders starting October 1, 2026, meaning 40,000 Chase points will only yield 30,000 Hyatt points.
• The card is gaining meaningful new benefits: a $100 hotel credit (up from $50), a new $120 Global Entry/TSA PreCheck credit, and 3x points on gas stations and vacation rentals.
• Existing cardholders have a window to act before October 1 — and the Sapphire Reserve now looks more compelling than ever for Hyatt loyalists.

The Chase Sapphire Preferred has long been the card we recommend first to nearly every points beginner, and for good reason. A reasonable $95 annual fee, flexible Ultimate Rewards points, and solid earning across travel and dining — it's hard to argue with. But on June 10, 2026, Chase announced a significant refresh that includes both genuinely good news and one change that's going to sting for a specific group of cardholders.

Here's the full picture, what it actually means for your points strategy, and — most importantly — what you should do before October 1, 2026.

The Bad News First: Hyatt Transfers Are Getting Cut

Let's address the elephant in the room. Starting October 1, 2026, Chase is reducing the transfer ratio from Ultimate Rewards to World of Hyatt for Sapphire Preferred cardholders from 1:1 to 4:3.

In plain terms: transfer 40,000 Chase points to Hyatt today and you get 40,000 Hyatt points. Transfer those same 40,000 points after October 1 and you'll only get 30,000 Hyatt points. That's a 25% haircut on one of the most valuable transfer partnerships in the points world.

If you hold a Sapphire Preferred and have been banking Chase points specifically to transfer to Hyatt, this matters a lot. Hyatt award rates aren't changing — a Park Hyatt redemption will still cost the same number of Hyatt points — you'll just need more Chase points to get there.

For new applicants, the bad news hits sooner. If you apply on or after June 15, 2026, the 4:3 ratio is effective immediately.

The Sapphire Reserve Still Transfers 1:1 to Hyatt

This is worth saying clearly: Chase confirmed there are no planned changes to the Hyatt transfer ratio for Chase Sapphire Reserve cardholders. If Hyatt is central to your travel strategy, this refresh makes the case for upgrading from the Preferred to the Reserve stronger than it has been in years.

The Sapphire Reserve is currently offering a publicly available welcome bonus of 150,000 points after $6,000 in spending in the first three months — its highest-ever public offer. And because of a recent change to Chase's Sapphire eligibility rules, holding the Preferred no longer automatically disqualifies you from earning the Reserve's welcome bonus.

That combination — preserved 1:1 Hyatt transfers plus a record bonus — is worth serious consideration for anyone who stays at Hyatt properties regularly.

The Good News: Three Real Upgrades

The Hyatt transfer change is real, but so are the improvements Chase is adding. All three take effect June 15, 2026 for new applicants and existing cardholders alike.

Hotel Credit Doubles to $100

The annual Chase Travel hotel statement credit is increasing from $50 to $100. This is an uncomplicated win. There's no minimum stay requirement, no spending threshold, and no category restrictions — you just need to book a prepaid hotel stay through Chase Travel with your Sapphire Preferred. At $95 annual fee, this credit alone now exceeds the card's yearly cost, which makes the math significantly easier to justify.

If you've already used your $50 credit this year, Chase will issue an additional $50 as of June 15. If you haven't used it yet, you'll have access to the full $100 starting June 15.

New $120 Global Entry / TSA PreCheck Credit

The Sapphire Preferred is adding a statement credit of up to $120 every four years for Global Entry, TSA PreCheck, or Nexus enrollment fees. This benefit has historically been reserved for premium travel cards with much higher annual fees, so seeing it land on a $95 card is legitimately surprising.

Quick pro tip here: apply for Global Entry rather than TSA PreCheck alone. Global Entry ($120, renewed every five years) includes TSA PreCheck automatically, plus gives you expedited customs processing when you return from international trips. You're getting two programs for the price of one.

If your Global Entry is expiring or you've never enrolled, this is a good time to check your application eligibility and pay the fee with your Sapphire Preferred.

New 3x Categories: Gas, EV Charging, and Vacation Rentals

The Sapphire Preferred is adding 3 points per dollar on:

• Gas stations
• EV charging stations
• Vacation home rentals booked through Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com, and Vacasa

The gas and EV charging categories close a real gap — it's always been a bit awkward that a card so focused on travel didn't earn well at the pump. And the vacation rental category is smart timing, given how many travelers now book Airbnb or Vrbo for longer trips. Previously, those bookings earned just 2x as general travel; now they'll earn 3x.

These new categories add to an already strong earning lineup: 5x on Chase Travel purchases, 3x on dining, 3x on select streaming services and online groceries, and 2x on all other travel.

What's Going Away: The 10% Anniversary Bonus

The Sapphire Preferred's 10% anniversary points bonus is being eliminated. Each year, cardholders received a bonus equal to 10% of all points earned on the card during the prior year. Spend $30,000 and you'd get 3,000 bonus points deposited at renewal.

Honestly? For most cardholders, this benefit was more impressive-sounding than it was valuable. Even at high spend levels, the bonus rarely exceeded 3,000–5,000 points. The new $100 hotel credit and Global Entry credit more than offset this loss in real dollar terms.

Existing cardholders will continue to earn the 10% bonus on purchases through October 1, 2026, with the final deposit arriving by January 2027.

How to Think About This If You're an Existing Cardholderks

The right response to this refresh depends almost entirely on how much you use the Hyatt transfer partnership.

If Hyatt is central to your strategy: This is the time to evaluate whether upgrading to the Chase Sapphire Reserve makes sense. The Reserve's $550 annual fee is significantly higher, but the preserved 1:1 Hyatt ratio, $300 travel credit, and full credits breakdown change the calculus for frequent travelers. We have a full breakdown of when it makes sense to upgrade from the Preferred to the Reserve if you want to run the numbers.

If you rarely or never transfer to Hyatt: This refresh is mostly good news. You're gaining $50 in additional hotel credit, a valuable Global Entry benefit, and new earning categories at no extra cost. The loss of the 10% anniversary bonus matters less than the new credits.

Either way: If you're sitting on Chase points you'd planned to transfer to Hyatt, do it before October 1, 2026. The 1:1 ratio is still in effect for existing cardholders through September 30. There's no reason to wait.

Is the Chase Sapphire Preferred Still Worth It After These Changes?

Yes — for most people, and arguably more so now.

The fundamental value proposition of the Chase Sapphire Preferred hasn't changed: you're earning flexible Ultimate Rewards points that transfer to 14 airline and hotel partners, with a $95 annual fee that's now offset by $100 in hotel credits alone. Add the new Global Entry credit (amortized over four years, that's $30 per year of value), and the out-of-pocket cost of this card is effectively negative for many cardholders.

The Hyatt transfer cut is real, and if you're a Hyatt devotee, it hurts. But for the majority of Sapphire Preferred cardholders — especially beginners building their first points strategy — the 2026 refresh makes this card better, not worse.

For a full analysis of how the Preferred stacks up to other cards in its class, see our Chase Sapphire Preferred vs. Reserve vs. Venture X comparison.

Frequently Asked Questions

When do the 2026 Chase Sapphire Preferred changes take effect?

New applicants who apply on or after June 15, 2026 will see the new transfer ratio, new bonus categories, increased hotel credit, and new Global Entry credit immediately. Existing cardholders keep the 1:1 Hyatt transfer ratio through September 30, 2026, and continue to earn the 10% anniversary bonus on purchases through the same date.

Does the Hyatt transfer ratio change affect the Chase Sapphire Reserve?

No. Chase confirmed there are no planned changes to the 1:1 Hyatt transfer ratio for Sapphire Reserve cardholders or Chase Sapphire Reserve for Business cardholders.

Does the 4:3 Hyatt change affect other Chase cards?

Yes. The Ink Business Preferred Credit Card is also moving to the 4:3 Hyatt transfer ratio. The legacy Chase Ink Plus and legacy Corporate Flex cards are affected as well.

If I already used my $50 hotel credit, do I get more credit on June 15?

Yes. If you've already used your $50 credit, Chase will issue an additional $50 credit as of June 15, 2026. If you haven't used it yet, you'll simply have access to the full $100 starting June 15.

Can I still get the Chase Sapphire Reserve welcome bonus if I currently hold the Preferred?

Potentially, yes. Chase recently changed its Sapphire card eligibility rules so that holding the Preferred no longer automatically disqualifies you from the Reserve's welcome bonus. Check current eligibility requirements before applying, as terms apply.

The Bottom Line

The 2026 Chase Sapphire Preferred refresh is a genuine mixed bag — one significant negative change wrapped in several meaningful improvements. For Hyatt loyalists, the 4:3 transfer ratio is a reason to seriously evaluate the Sapphire Reserve. For everyone else, the doubled hotel credit and new Global Entry benefit push this card's value firmly into positive territory.

If you hold the Sapphire Preferred right now, your immediate priority is simple: decide whether you want to transfer any Chase points to Hyatt before October 1, and then take stock of the new benefits that start flowing June 15. The card you signed up for is changing — in most ways, for the better.

This article contains affiliate links. If you apply through our links, we may earn a commission at no cost to you, which helps us continue sharing points and miles strategies with the community.