Key Points

• Chase's Sapphire Preferred refresh keeps the $95 annual fee in place but doubles the hotel credit to $100, while quietly cutting the World of Hyatt transfer ratio from 1:1 to 4:3.
• Southwest and Singapore Airlines launched a new interline partnership, Marriott rolled out AI-assisted hotel search, and Emirates announced a global lounge upgrade.
• Existing Sapphire Preferred cardholders who transfer heavily to Hyatt have until October 1 before the new ratio kicks in, so it's worth deciding now whether to transfer before the deadline.

June was a busy month in the points and miles world, and the biggest headline came from Chase. The Chase Sapphire Preferred refresh brought a mix of good and bad news for cardholders, and it landed alongside a handful of other changes worth knowing about if you're trying to squeeze more value out of your points. Here's a rundown of what happened and what it means for your travel plans.

Chase Sapphire Preferred's Refresh Cuts Both Ways

Chase didn't raise the Sapphire Preferred's $95 annual fee, which is genuinely rare in an era when most travel cards are creeping past $100. Instead, the issuer doubled the annual Chase Travel hotel credit from $50 to $100, meaning a single hotel booking each account year can now offset the entire fee. If you're weighing whether to apply for the Chase Sapphire Preferred, that alone makes the math easier than it's been in years.

The tradeoff is the transfer ratio to World of Hyatt, which is dropping from a straight 1:1 to 4:3. Practically, that means 40,000 Ultimate Rewards points now become 30,000 Hyatt points instead of a full 40,000, a meaningful haircut if Hyatt is your go-to redemption. Existing cardholders get a grace period: the new ratio doesn't take effect until October 1, while anyone who applied on or after June 15 is already subject to it. If you're sitting on a large Ultimate Rewards balance and had Hyatt plans this year, transferring before the deadline locks in the better rate. For a deeper look at whether the refreshed card still pencils out for your spending habits, our breakdown of whether the Chase Sapphire Preferred is worth it walks through the new numbers, and if you're debating a jump to the pricier card, see when it makes sense to upgrade to the Sapphire Reserve.

Marriott, Emirates, and Southwest Make Moves

Marriott is testing an AI-powered search tool that lets members describe a trip in plain language and get Bonvoy property matches back, currently in beta for select users. It's an early step, but it fits a broader pattern of loyalty programs leaning on AI to simplify booking. If you're trying to keep up with the program's other recent changes, our Marriott Bonvoy 2025 changes guide is a good starting point.

Emirates is upgrading its lounge network globally, good news if premium cabin Emirates flights are part of your travel plans, since lounge access is one of the more tangible perks of flying business or first with the airline.

On the airline side, Southwest and Singapore Airlines entered into a new interline agreement, letting travelers connect between the two carriers on a single itinerary. It's not a full loyalty partnership yet, but it opens up more routing options for Rapid Rewards members heading overseas. If you're building a Southwest strategy around this news, our explainer on the Southwest Companion Pass is worth a look, and you can check current welcome offers on the Southwest Rapid Rewards card lineup while you're at it.

New Hotels Worth Watching

Two hotel openings stood out this month. Hilton is expanding into the Florida Keys with a new waterfront resort, a solid addition if you're chasing Hilton Honors points toward a beach getaway, especially with limited-time welcome bonuses currently running on Hilton's co-branded cards. Marriott, meanwhile, revived The London branding for its Midtown Manhattan property, now operating as The London, a Luxury Collection Hotel, New York City. The 562-suite property leans into Central Park and skyline views and should be a strong points redemption once award pricing is confirmed.

What This Means for Your Points Strategy

None of these changes are dramatic on their own, but together they're a reminder that card refreshes and program updates happen constantly, and the details matter more than the headlines. The Sapphire Preferred's bigger hotel credit is an easy win for casual travelers, while the Hyatt transfer cut is a real cost for anyone who leans hard into that program. If you haven't reviewed your card lineup in a few months, now's a good time.

Whether you're deciding if the refreshed Sapphire Preferred still fits your wallet or you're eyeing that new Hilton property for your next trip, a little planning now goes a long way toward getting more out of your points later. 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.