Chase Sapphire Preferred Refresh: Still Worth It?

The Sunset of the 10% Bonus

The first sign that a major shakeup was coming arrived when Chase announced they were discontinuing the Preferred card’s 10% anniversary Ultimate Rewards points bonus.

• Existing Cardholders: If you were approved for the card prior to June 15, 2026, this benefit will officially end on October 1, 2026.
• New Applicants: If you applied on or after June 15, 2026, you are unfortunately no longer eligible for the anniversary bonus.

The Good News: Massive New Multipliers and Perks

Thankfully, the positive updates arriving with this refresh are substantial, especially for road-tripping families and vacation renters.

• 3x Points on Gas & EV Charging: A massive addition. For families looking to dabble in just the Chase ecosystem, the lack of a 3x gas multiplier was previously a major blind spot.
• 3x Points on Vacation Rentals: Perfect for families who prefer vacation rentals like Airbnb or Vrbo over standard hotel rooms.
• Up to $120 Global Entry, TSA PreCheck, or NEXUS Credit: Available every 4 years, bringing the card’s perks closer in line with other premium travel cards.
• $100 Annual Chase Travel Hotel Credit: Doubled from the previous $50 credit, this makes it incredibly easy to completely negate the card’s annual fee.
• Upgraded Travel Protections: New coverage includes Emergency Evacuation and Transportation insurance.
• Free Apple TV+: A complimentary one-year subscription when activated before December 31, 2026.

The most shocking part? Chase added all of these perks while keeping the annual fee at an affordable $95.

The Bad News: A Huge Blow to Hyatt Fans

Unfortunately, it isn’t all good news. Along with the upgrades came a massive blow. Chase is changing the World of Hyatt transfer ratio from 1:1 to 4:3 for the Sapphire Preferred.

This 4:3 ratio means that 4,000 Chase Ultimate Rewards points will now only net you 3,000 Hyatt points. This change also applies to the Chase Ink Business Preferred®, leaving the premium (and more expensive) Chase Sapphire Reserve® as the only Chase card maintaining its 1:1 transfer ratio to Hyatt.

This is a massive surprise, as Chase has historically maintained a strict 1:1 transfer ratio across all of its travel partners.

When does the change take effect?

• New Cardholders: The 4:3 ratio is already in effect for anyone who applied on or after June 15, 2026.
• Existing Cardholders: For current Sapphire Preferred and Ink Preferred holders, the new ratio begins October 1, 2026.

For Hyatt loyalists, this hurts; especially when combined with Hyatt’s recent award chart devaluations and the Sapphire Reserve’s annual fee hike back in 2025. While Chase points transferred to Hyatt still go a bit further than transferring to Hilton or Marriott, they certainly don’t go as far as they used to.

The Silver Lining: New Card Pairing Rules

Fortunately, Chase changed some of its strict card-holding rules alongside last year’s Sapphire Reserve update. Previously, Chase only allowed you to hold one card in the Sapphire family at a time. Now, they allow an individual to hold both the Sapphire Preferred and the Sapphire Reserve.

If you hold both cards, or have a family member in your household who carries the Sapphire Reserve, you can still combine your points into the Reserve account to protect your 1:1 Hyatt transfer ratio. The two cards now complement each other rather than forcing you to choose just one.

Keep in mind that Chase also updated its sign-up bonus language in 2025. Instead of being eligible for a new Sapphire Preferred or Reserve bonus every four years, the terms now state you can earn one bonus per lifetime. How long is a Chase “lifetime”? That remains a bit of a mystery. Some issuers benchmark it at 7 years, but Chase hasn’t explicitly clarified yet.

What if You Don’t Care About Hyatt?

If Hyatt isn’t your go-to hotel chain, this refresh is probably great news. You are getting significantly more bang for your buck for a $95 annual fee. It completely plugs the missing 3x gas category and bumps your vacation rentals up from 2x to 3x.

If you already have a Sapphire Reserve in your household and plan to keep it, this is also fantastic news. The Preferred will net you 3x on gas/EV charging, and the 3x on vacation rentals helps offset the 2025 Sapphire Reserve refresh that stripped some travel categories down to 1x. (Now, if only they would bring back 3x on cruises!) Other travel will continue to earn 2x on the Preferred.

Strategy Paths for Hyatt Lovers

If you love booking family Hyatt stays with points, you have a few strategic options moving forward:

1. The Premium Upgrade: Upgrade to or add the Chase Sapphire Reserve to your household strategy to protect your 1:1 transfer ratio and maximize your overall travel protections. This is likely the best route for frequent travelers.
2. The Product Change Dance: Use the Sapphire Preferred to rack up Ultimate Rewards points daily at a lower annual fee, and then periodically product-change the card to a Sapphire Reserve when it’s time to move a massive block of points over to Hyatt for a big family vacation.
3. The Pivot to Bilt: Switch your focus to the Bilt Rewards ecosystem, which still features a 1:1 transfer ratio to Hyatt across its cards. Bilt’s card options range from a no-annual-fee version to a $495 premium card that earns 2x on all spending. To learn more about the Bilt cards, please check out one of our previous posts.