Chase just announced the biggest refresh to the Sapphire Preferred since the card launched in 2009 — and depending on how you use your points, this is either welcome news or a serious blow to your strategy.
The changes go live on June 15, 2026. Some are genuinely good. One is genuinely ugly. And if you have Chase points earmarked for Hyatt, you have a hard deadline to act.
Here’s the full breakdown.
What’s Changing on the Chase Sapphire Preferred
The refresh touches earning categories, statement credits, the anniversary bonus, and — most importantly — transfer partner value. The Ink Business Preferred is affected too, so business cardholders should pay attention to the Hyatt section below.
The headline most people will be relieved to hear: the annual fee is staying at $95. That’s the same price the card has carried since 2009. Adjusted for inflation, it would be nearly $150 today, so holding the line on the fee while adding benefits makes this refresh far gentler than the Sapphire Reserve overhaul.
New 3x Earning Categories
Two new categories join the 3x lineup:
- Gas stations and EV charging — previously 1x, now 3x points per dollar
- Vacation rentals booked direct — Airbnb, Vrbo, Vacasa, and other platforms now earn 3x when you book directly
Your existing multipliers aren’t going anywhere. You’ll still earn 3x on dining, select streaming services, and online grocery purchases, plus 5x on travel booked through Chase Travel.
Gas at 3x is a meaningful addition. Most cards that earn well on gas are cash back products, so getting transferable Ultimate Rewards points at 3x on fuel makes the Preferred a legitimate everyday driver for a lot of households.
Improved Statement Credits and New Perks
The credits side of the card gets noticeably stronger:
| Benefit | Before June 15 | After June 15 |
|---|---|---|
| Chase Travel hotel credit | $50 per year | $100 per year, no minimum stay |
| Global Entry / TSA PreCheck / NEXUS credit | Not offered | $120 every 4 years |
| Apple TV subscription | Not offered | One complimentary year (enroll by 12/31/26) |
| Annual fee | $95 | $95 |
The doubled hotel credit is the standout. At $100 per year with no minimum stay requirement, the credit alone now fully offsets the annual fee — before you count a single point earned.
The Global Entry credit closes a long-standing gap. The Preferred was one of the few premium-adjacent cards without a trusted traveler credit, and the $120 every four years matches what competing mid-tier cards offer.
The Bad: The 10% Anniversary Bonus Is Going Away
The 10% anniversary points bonus — which awarded bonus points equal to 10% of your total purchases each cardmember year — is being discontinued.
Here’s how the wind-down works:
- New applicants on or after June 15, 2026 will not receive the anniversary bonus at all
- Existing cardholders continue earning the bonus on purchases made through October 1, 2026
- Final bonus payouts will post by January 31, 2027
For light spenders, this is a minor loss. The bonus effectively added 0.1x to every purchase, so someone spending $20,000 per year on the card loses 2,000 points annually. Heavy spenders will feel it more, but the improved credits should more than cover the gap for most cardholders.
The Ugly: Hyatt Transfers Drop to 1,000:750
This is the change that matters most, and it applies to both the Sapphire Preferred and the Ink Business Preferred.
Starting October 1, 2026, points transferred from these cards to World of Hyatt will convert at a ratio of 1,000 Ultimate Rewards points to 750 Hyatt points — a 25 percent devaluation on what has long been the single most valuable use of Chase points.
Only Sapphire Reserve cardholders retain the full 1:1 transfer ratio to Hyatt.
The timing rules are critical:
- Apply for the Preferred on or after June 15, 2026: you get the reduced 1,000:750 Hyatt rate immediately
- Existing Preferred and Ink Preferred cardholders: you keep 1:1 transfers through September 30, 2026
- October 1, 2026: the devaluation applies to everyone without a Sapphire Reserve
If you’ve been getting 2+ cents per point booking Hyatt award stays, this devaluation cuts your effective value by a quarter overnight.
5 Moves to Make Before the Deadlines
- Transfer to Hyatt before September 30, 2026 if you have firm plans. If your Chase points are earmarked for specific Hyatt redemptions, move them at 1:1 while you still can. Just remember transfers are one-way — don’t move points speculatively unless you’re confident you’ll use them.
- Apply before June 15, 2026 if you’ve been on the fence. Applications submitted before the refresh lock in the 10% anniversary bonus through October 1 and the 1:1 Hyatt rate through September 30.
- Consider the Sapphire Reserve if Hyatt is core to your strategy. Reserve cardholders keep 1:1 Hyatt transfers indefinitely. If you redeem heavily at Hyatt properties, the Reserve’s higher fee may pay for itself in preserved transfer value alone.
- Use household combining as a workaround. You can move points to a spouse or household member who holds a Sapphire Reserve, then transfer to Hyatt at the full 1:1 rate from their account.
- Re-run your earning math after June 15. With gas and vacation rentals at 3x and the hotel credit doubled, the Preferred may deserve a bigger role in your wallet even with the weaker Hyatt ratio — especially if you transfer to airline partners, which remain 1:1.
Is the Sapphire Preferred Still Worth It?
For most people, yes. The card keeps its $95 fee, adds two strong earning categories, and now carries credits that more than offset the cost of holding it. Airline transfer partners — United, Southwest, Air Canada Aeroplan, British Airways, and the rest — are untouched at 1:1.
The calculus only changes if Hyatt was your primary redemption strategy. In that case, the Reserve upgrade path or the household combining workaround becomes essential, because a 25 percent haircut on Hyatt transfers is too large to ignore.
Takeaway
The June 15, 2026 Sapphire Preferred refresh is a net win for everyday earners and a real loss for Hyatt loyalists. The annual fee holds at $95, gas and vacation rentals join the 3x categories, the hotel credit doubles to $100, and new Global Entry and Apple TV benefits arrive. In exchange, the 10% anniversary bonus disappears and Hyatt transfers drop to 1,000:750 for everyone without a Sapphire Reserve. Mark two dates: apply by June 14 to lock in the old terms, and transfer to Hyatt by September 30 to keep full 1:1 value.
