Chase Sapphire Preferred® Card cardholders will see a series of updates take effect on June 15, including new bonus categories, enhanced statement credits and additional travel benefits. Existing cardmembers will automatically gain access to the new benefits beginning on the launch date.

The Chase Sapphire Preferred and the Chase Ink Business Preferred® Credit Card will also see changes to the Ultimate Rewards transfer program. Dates for this change are explained more below.

The Good News: New Benefits and Credits

The Chase Sapphire Preferred card is getting higher earning rates on two bonus categories, an increased credit, a new credit and more.

New Bonus Categories

  • 3X points on gas purchases and electric vehicle charging
  • 3X points on vacation home rentals, including eligible purchases through Airbnb and VRBO

Enhanced Credits

  • $100 annual Chase Travel℠ hotel credit (up from $50)
  • TSA PreCheck or Global Entry credit

New Benefits

  • Complimentary Apple TV+ subscription for one year
  • Emergency evacuation and transportation coverage

The Bad News: Redemption Changes

While these credits and new earning rates are great additions, unfortunately these come with a couple of negative changes.

  • Hyatt transfers will move from a 1:1 ratio to a 4:3 ratio
  • The 10% Annual Points Bonus benefit will be discontinued

The Hyatt transfer ratio is also changing for the Chase Ink Business Preferred® Credit Card, from 1:1 to 4:3.

For Sapphire Preferred cardmembers, the Hyatt transfer ratio change is effective immediately for new cardmembers who apply on or after June 15, 2026, and effective October 1, 2026, for cardmembers who applied prior to June 15, 2026. For Ink Business Preferred cardmembers, this is effective October 1, 2026, whether you’re an existing cardmember or you new one.

Person holding a credit card and smartphone while making an online purchase.

FAQs

Chase has also clarified several details surrounding the update. The new 3X gas category will apply to Costco gas purchases because they are coded as gas transactions. Existing cardmembers who have already used their current $50 hotel credit will receive an additional $50 credit, bringing their total available credit to $100 during the current benefit period. Those who have not yet used the hotel credit will receive access to the full $100 credit.

Our Take

The biggest story here is the change to Hyatt transfers, and it’s hard to view that as anything other than a devaluation. Hyatt has long been one of the most valuable Chase transfer partners for points and miles enthusiasts, and moving from a 1:1 transfer ratio to 4:3 reduces the value cardholders can receive when transferring Ultimate Rewards points for hotel stays. For many travelers, this will be the most significant part of the announcement, and we’re disappointed to see Chase move in this direction.

For those looking for a 1:1 transfer ratio to Hyatt, your only other options are to use a premium Ultimate Rewards-earning card or transferring from Bilt Rewards.

At the same time, there are several positive additions that should make the Sapphire Preferred more rewarding for many cardholders. We especially like the addition of 3X points on gas purchases and vacation rentals, two categories that can generate substantial spending for travelers. The increase in the Chase Travel℠ hotel credit from $50 to $100 adds meaningful annual value, while the new TSA PreCheck/Global Entry credit is a practical benefit that helps offset the card’s annual fee. While the Hyatt transfer change is a clear negative, the broader collection of updates includes several enhancements that should appeal to a large segment of Sapphire Preferred cardholders.