The Chase Sapphire Preferred has long been one of the best travel rewards credit cards for casual and intermediate points enthusiasts. Now Chase has rolled out the biggest refresh to the card in years and surprisingly, the annual fee remains just $95.  

At first glance, the changes look overwhelmingly positive with ✅ New TSA PreCheck/Global Entry $120 credit, New 3X earning categories, addition of emergency evacuation coverage, hotel credit double to $100 and addition of Apple TV+ subscription.

But there is one major downside that will hit many hard and that is that ❌ Chase Ultimate Rewards transfers to Hyatt are being reduced from 1:1 to 4:3 for Sapphire Preferred cardholders. And rightfully so, for many points enthusiasts, that’s the headline

So let’s break down exactly what’s changing and whether the Chase Sapphire Preferred is still worth holding.

What’s New with the Chase Sapphire Preferred?

Quick Overview of Changes

Benefit	Old Version	New Version
Annual Hotel Credit	$50	$100
Hyatt Transfer Ratio	1:1	4:3
Gas Stations	1X	3X
EV Charging	1X	3X
Vacation Home Rentals (Airbnb, Vrbo, etc.)	1X	3X
TSA PreCheck / Global Entry Credit	None	Up to $120 every 4 years
Emergency Evacuation Insurance	No	Yes
Apple TV+	None	Included for one year
Anniversary Bonus	10% Bonus	Removed
Annual Fee	$95	Still $95

New 3X Categories Make Everyday Spending More Rewarding

Starting June 15, cardholders will earn 3X points on gas stations, EV charging and vacation home rentals, including Airbnb and Vrbo purchases

The BEST news is that these categories JOIN existing bonus categories like dining and select travel purchases (vs REPLACE!) For road trippers, families, and travelers who frequently book vacation rentals, this is a meaningful improvement e

New TSA PreCheck / Global Entry Credit

Another notable addition is Up to $120 statement credit every four years for TSA PreCheck, Global Entry or NEXUS.

Beautiful Tip: The play is to sign up for Global Entry which includes TSA PreCheck! And if you already have this, you can use the credit to renew OR to pay for a family member’s Global Entry.

Emergency Evacuation Coverage Added

Travel protections have always been a Chase Sapphire Preferred strength especially for a card that had a $95 annual fee. Included benefits are Trip Cancellation/Interruption Insurance, Baggage Delay Insurance, Trip Delay Reimbursement & Travel, Emergency Assistance Services, and Auto Rental Collision Damage Waiver.

Now Chase is adding emergency evacuation coverage, further strengthening one of the card’s biggest competitive advantages!

While hopefully never needed, this is the kind of benefit that can become incredibly valuable during a serious medical emergency abroad. As always, it is imperative to review coverage details and limits as for many, it makes sense to have this as a secondary benefit to a primary travel insurance plan.

Hotel Credit Doubles to $100

One of the easiest benefits to use is getting significantly better. The Chase Sapphire Preferred’s annual Chase Travel hotel credit increases from $50 to $100 annually, effectively covering the card’s entire annual fee if you book at least one eligible hotel stay each year.  

For some casual travelers, this change alone may justify keeping the card. Note that hotel does need to be booked via the Chase Travel portal to trigger the credit which I personally never used due to it being a third party booking.

AND the BIG and Bad News: Hyatt Transfers Are Being Devalued

I can’t sugarcoat this as this is where things get painful. Historically, one of the best uses of Chase Ultimate Rewards points has been transferring directly to Hyatt at a 1:1 ratio.

That changes soon.

New Hyatt Transfer Ratio AKA Why This Matters So Much

Under the new ratio:

Hyatt Redemption Needed	Chase Points Required Before	Chase Points Required After
15,000 Hyatt Points	15,000 UR	20,000 UR
25,000 Hyatt Points	25,000 UR	33,334 UR
40,000 Hyatt Points	40,000 UR	53,334 UR

For years, Hyatt has been considered one of the most valuable hotel transfer partners available and this is now a 25% reduction in value when transferring to Hyatt.  

Many travelers routinely received outsized value by transferring Chase points to Hyatt properties worldwide (ie just two big examples would be my own experience with stays during the Paris2024 Olympics at the Park Hyatt Paris Vendôme and Hyatt Regency Paris Étoile!)

When Does the Hyatt Change Take Effect?

A Potential Workaround for Some Travelers

One interesting wrinkle, Chase is reportedly maintaining 1:1 Hyatt transfers for Sapphire Reserve cardholders.  

Because Chase allows point pooling among eligible Ultimate Rewards accounts, cardholders who hold both products may still be able to transfer points through a Sapphire Reserve account and retain the better transfer ratio.  

Quick Reminder – Hyatt is the ONLY Devaluation

This is my reminder to take a deep breath as yes the Hyatt news is big but all other Ultimate Rewards transfer ratios remain the same including for Air Canada, Air France and United. I have use transfer bonuses for the first two programs for some incredible redemptions and being based in Denver, UA often is the only non-stop option I have.

The Other Loss: Goodbye 10% Anniversary Bonus

Another benefit quietly disappearing is the Sapphire Preferred’s annual 10% anniversary points bonus.  While never as exciting as Hyatt transfers, it was an easy-to-forget perk that added a little extra value every year.

Is the Chase Sapphire Preferred Still Worth It?

For almost all travelers: Yes. The math is actually pretty compelling with the new credits.

One of the ways that I personally evaluate my credit cards is to track whether or not, I can use the benefits to cover the annual fee of the card. With the new changes, there’s a good chance that Chase will be paying you to keep the Sapphire Preferred which is always my goal! In addition, don’t forget that you need a Sapphire Preferred, Sapphire Reserve or a Business Ink Preferred to transfer Ultimate Rewards to a Chase travel partner.

If you’re a dedicated points enthusiast who regularly transferred large amounts of Ultimate Rewards points to Hyatt, this announcement is far more mixed.

For heavy points maximizers, it adds to the sting of the recent Hyatt devaluation.

Final Thoughts

The Chase Sapphire Preferred refresh is one of the biggest credit card stories of the year.

Chase managed to add several genuinely useful benefits while keeping the annual fee unchanged. For many cardholders, the increased hotel credit alone offsets the entire annual fee.

However, the Hyatt transfer devaluation is significant. Hyatt has long been one of the crown jewels of the Ultimate Rewards ecosystem, and losing the 1:1 transfer ratio will reduce the value many travelers can extract from their points.  

The result? The Sapphire Preferred may become even more attractive for mainstream travelers but slightly less appealing for hardcore points-and-miles enthusiasts.

Key Dates to Remember

📅 June 15, 2026

• New benefits begin
• New applicants get 4:3 Hyatt transfers

📅 October 1, 2026

• 10% anniversary bonus ends for existing cardholders
• Existing cardholders move to 4:3 Hyatt transfers