Chase unveils massive Sapphire Preferred overhaul: Enhanced rewards, new perks and a crushing transfer partner change

The Chase Sapphire Preferred® Card (see rates and fees) has long been my go-to travel credit card recommendation for friends and family. Now, it’s getting a major overhaul.

The good news: The annual fee is staying at $95, certain purchases are more rewarding and it’s getting new and improved benefits.

The bad news: The card’s transfer ratio to World of Hyatt is dropping from 1:1 to 4:3, and it’s losing its 10% anniversary points bonus. The Hyatt devaluation is particularly devastating news because it’s an incredibly valuable hotel program that made maximizing your Chase points easy.

This do-it-all rewards card still offers generous rewards rates and transferable points, alongside easy-to-overlook benefits like excellent travel insurance and shopping protections. Here’s what you need to know about the changes.

Most of what I love about the Chase Sapphire Preferred isn’t changing. None of its bonus spending categories are being devalued, its travel protections aren’t going away and the annual fee (mercifully) isn’t being “enhanced” to over $100.

For the typical traveler, the positives outweigh the negatives with this overhaul. However, the World of Hyatt devaluation is a huge hit and completely changes the card’s value for certain people. There have been years where Hyatt was the only Chase transfer partner I used.

You can still access 1:1 transfers to World of Hyatt if you have the Chase Sapphire Reserve® (see rates and fees) or Sapphire Reserve for Business^SM(seerates and fees). And while you can own the Sapphire Preferred and Sapphire Reserve at the same time, how practical is it to get a card with a $795 annual fee just for a 25% transfer ratio bump to one partner?

Positive changes

Starting June 15, 2026, new and existing Sapphire Preferred cardholders can now take advantage of:

• 3X points on gas and EV charging
• 3X points on vacation home rentals at top brands
• Up to $100 in annual Chase Travel Hotel Credit (previously $50)
• One year of complimentary Apple TV when activated by Dec. 31, 2026 (terms apply)
• Up to $120 in application fee credit for Global Entry, TSA PreCheck or NEXUS every four years
• Emergency evacuation and transportation coverage

With these updates, the Chase Sapphire Preferred is even more of a do-it-all travel credit card than before. The elevated earnings on gas, EV charging and vacation rentals make this card one of the top options for those purchases. Plus, the annual Chase Travel℠ hotel credit isn’t split up into small chunks, so you can earn the full $100 back on a single prepaid hotel reservation.

Trusted traveler program credits are a common feature for travel credit cards these days. While the new perk won’t set the Sapphire Preferred apart from the competition, the credit applies to NEXUS (for crossing into Canada), which isn’t standard for this benefit.

Negative changes

All of the card’s devaluations are immediately effective for anyone who applies on or after June 15, 2026. For existing cardholders or those who apply before June 15, the negative changes go into effect on Oct. 1, 2026.

Firstly, the Sapphire Preferred’s 10% anniversary points bonus is ending. If you have the Sapphire Preferred or open it prior to June 15, 2026, you’ll earn the anniversary bonus on purchases made through Oct. 1, 2026, and those points will be awarded by Jan. 31, 2027.

The loss of this anniversary bonus isn’t likely to be a huge deal unless you typically spend a massive amount on your Sapphire Preferred card each year. For example, if you spend an average of $2,500 a month on your card ($30,000 a year), you’ll receive 3,000 bonus points each year. That’s worth at least $30 in travel booked through Chase Travel℠ or when redeemed for a statement credit. The additional rewards on vacation homes and gas and EV charging could easily more than offset that loss.

The biggest loss is the 25% lower transfer ratio to World of Hyatt. This stings even more on the heels of Hyatt’s award chart overhaul, which now has five price tiers instead of three. The reduced Hyatt transfer ratio also applies to the Ink Business Preferred® Credit Card, effective Oct. 1, 2026 (see rates and fees). For years, Chase separated itself from the competition by offering 1:1 transfers to every travel partner, regardless of which Chase Ultimate Rewards travel card you had. With this devaluation, the value of Chase points hasn’t collapsed, but it’s starting to look far more ordinary.

In my opinion, the Sapphire Preferred still makes sense for the vast majority of travelers. With the additional bonus rewards on gas and EV charging, it can now serve as your card for gas, dining, streaming services and online groceries. Its rewards are still comparable to most other programs. Plus, its insurance benefits far exceed what you get with most other sub-$100 annual fee cards.

It still has a unique combination of versatility, simplicity and value. Simply put, the Sapphire Preferred can make sense for anyone. However, there are credit cards that may be more rewarding for the most ardent points maximizers and frequent flyers.

An alternative option: Access 1:1 Hyatt transfers with Bilt

If you’re willing to navigate its complexities, Bilt Rewards can be an excellent alternative to Chase Ultimate Rewards. It has a more robust list of travel partners, including World of Hyatt (at a 1:1 ratio) and programs that you don’t have access to with Chase, such as Avianca LifeMiles, Turkish Airlines Miles&Smiles, Japan Airlines JAL Mileage Bank and Atmos Rewards (Alaska and Hawaiian Airlines).

But it’s not a straightforward program. You earn two types of rewards at the same time: Bilt Cash and Bilt Points. You can also earn rewards on housing payments, but there are two options for that as well. The Bilt ecosystem can be exceptionally valuable, but you have to make more decisions to make the most of what it offers.

Bilt provides the same transfer ratio to all members, even if you don’t have a Bilt credit card. It offers several of the best rewards credit cards, such as the Bilt Obsidian Card (see rates and fees), which earns 3X points on dining or 3X points on groceries (on up to $25,000 per year for groceries, then 1X points).

There’s also the Bilt Palladium Card (see rates and fees), which earns 2X points on all purchases. Depending on how you use your Bilt Cash and what option you choose for earning housing rewards, both of these cards can be even more valuable.

The earnings on both of these cards can be increased by exchanging $200 in Bilt Cash for a 1X Point Accelerator on everyday spend for the next $5,000 in purchases following activation (activate up to five times per year for a total of 25,000 bonus points). With this perk, you could earn 3X everywhere with the Palladium card (on up to $25,000 per year) or 4X on dining or grocery (on up to $25,000 per year) with the Obsidian card.

This strategy just scratches the surface of what you can do with the Bilt cards; it doesn’t even factor in the rewards you can earn from rent or mortgage payments.

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