The Chase Sapphire Preferred® Card just got an update, adding multiple valuable perks. But for one specific type of cardholder — those who transfer points to Hyatt — it's not great news.
Effective June 15, 2026, new cardholders will no longer be able to transfer points from Chase to Hyatt at a 1:1 ratio. Instead, Chase has downgraded that ratio to 4:3, meaning 1,000 Chase points will become 750 World of Hyatt points. That matters, because Hyatt is Chase's most valuable transfer partner, with points that NerdWallet values at 1.8 cents apiece. Existing cardholders have until Oct. 1, 2026, to transfer points at the old ratio. Also ending on Oct. 1: The 10% anniversary bonus on all points earned each year.
To be clear, the card's changes overall are a net improvement for anyone who doesn't use Hyatt transfers. Upgraded cardholder benefits include new bonus spend categories, a one-year annual subscription to Apple TV (if you activate the offer by Dec. 31, 2026), a credit for Global Entry, TSA PreCheck or Nexus, and an increased $100 annual hotel credit when you book through Chase (up from $50). For cardholders who can use the hotel credit, that perk alone could cover the card's $95 annual fee.
But for people like me, Chase's devaluation of Hyatt transfers outweighs the added benefits, especially since I use the Chase trifecta to rack up Chase points specifically for Hyatt transfers. The Hyatt change doesn't just impact the Chase Sapphire Preferred® Card — it also affects the value I get from the Chase Freedom Unlimited® and the Chase Freedom Flex®.
What's changed
Until now, all of Chase's partners transferred at a 1:1 ratio. The change comes just a year after Chase removed flat-rate 1.25-cent redemptions in Chase’s travel portal, replacing it with Points Boost pricing, which offers better values on only some redemptions. Now, they’ve devalued Hyatt transfers.
The introduction of Points Boost, coupled with the lower 4:3 Hyatt transfer ratio, is a huge hit to what I considered the two most valuable aspects of the Chase Ultimate Rewards® program. And it’s not just the Chase Sapphire Preferred® Card; that 4:3 transfer ratio also applies to the Ink Business Preferred® Credit Card.
The Chase Sapphire Reserve® and Sapphire Reserve for Business℠ will maintain the 1:1 Hyatt transfer ratio. Both of those cards might be worth a look if you want to stay in the Chase ecosystem and value Hyatt transfers. Still, you’ll need to value the other benefits on those cards beyond transfer partners to justify paying the $795 annual fee.
How the math works for Hyatt loyalists
If you're like me and transfer large volumes of points to Hyatt every year, here’s how the math shakes out.
The primary new benefits on the Chase Sapphire Preferred® Card include:
- A $100 annual hotel credit when you book through Chase (up from $50).
- Complimentary Apple TV for one year — a retail value of around $180.
- A $120 credit for Global Entry, TSA PreCheck or Nexus benefits every four years (effectively $24 a year, since each of these memberships last five years).
For every 10,000 points you transfer from Chase, you’ll now receive 7,500 World of Hyatt points. At 1.8 cents each, that means you’re losing roughly $45 in value at a 4:3 transfer ratio compared to the previous 1:1 transfer ratio for every 10,000 points you transfer.
If you assume the combined value of the new benefits are worth about $300 in a year, you’d start falling behind after transferring about 67,000 points to Hyatt. That’s assuming you value the hotel credit, the one-year Apple TV subscription and the trusted traveler credit at face value.
Last year, I transferred 350,000 points from Chase to Hyatt. Based on the Hyatt point valuation of 1.8 cents each, those transfers were worth $6,300 of Hyatt points. Under the new transfer ratio, that would be only $4,725 in Hyatt points — a difference of $1,575.
Should you keep your Chase Sapphire Preferred® Card?
For cardholders who don't use Hyatt transfers, almost certainly yes. The new benefits are an upgrade, and it's easy to recoup the annual fee from the perks alone.
But for people who use the card to access Hyatt transfers, probably not. I didn’t like it when Chase replaced its simple 1.25-cent-per-point redemptions in the Chase travel portal with the ever-changing Points Boost pricing, and I especially don’t like the downgrade to Chase's most valuable transfer partner. These changes erode the value I get from Chase Ultimate Rewards®.
For Hyatt loyalists looking elsewhere, the Bilt Obsidian Card makes for a natural replacement. It also has a $95 annual fee and earns 3x Bilt Points on your choice of grocery (up to $25,000 per year) or dining purchases, 2x points on travel, and the ability to earn points on rent or mortgage payments.
Bilt also offers the two things that Chase took away — 1:1 transfers to Hyatt and 1.25-cent redemptions on all travel booked through its travel portal. Additionally, Bilt comes with a higher-quality set of airline transfer partners and Rent Day transfer bonuses, which are monthly promotions that let you transfer points to partners at more favorable rates.
If you can max out the Chase Sapphire Preferred® Card's new hotel credit and other perks, the new version of the card offers real value. But if you were in it for the Hyatt transfers, it's time to look for a new card.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2026:
- Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card
- No annual fee: Wells Fargo Autograph® Card
- Flat-rate travel rewards: Capital One Venture Rewards Credit Card
- Bonus travel rewards and high-end perks: Chase Sapphire Reserve®
- Luxury perks: American Express Platinum Card®
- Business travelers: Ink Business Preferred® Credit Card
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