The credit card space is incredibly competitive, and nowadays we see card changes with a frequency that’s much higher than in the past. Along those lines, last week Chase announced some major changes to the $95 annual fee Chase Sapphire Preferred® Card.
They’re a mixed bag, with some good news, and some bad news. Before even getting into the long term card changes, let me mention that there’s a huge incentive to actually apply for this card right now, as it’s offering a best-ever bonus of 100K points.
Details of the Chase Sapphire Preferred changes
The Chase Sapphire Preferred has just undergone some major updates. All of the changes apply for new cardmembers as of today, June 15, 2026. For existing cardmembers, the positive changes also apply as of today, while the negative changes will apply as of October 1, 2026.
On the plus side, the Chase Sapphire Preferred annual fee remains the same, at just $95. We’ve seen so much annual fee inflation over the years, so it’s great to see that annual fee remain the same. Let’s go over the details of what has changed, in no particular order…
New 3x points categories added, 10% bonus taken away
The Chase Sapphire Preferred has just added new bonus categories. With these updates, the card now earns 3x points on gas stations and EV charging, as well as 3x points on vacation home rentals with Airbnb, HomeAway, Homestay.com, Plum Guide, Vrbo, and Vacasa.
This complements the previous bonus categories, which include 3x points on dining, select streaming services, and online grocery store purchases (excluding Target, Walmart, and wholesale clubs), along with 2x points on travel. Then there are additional bonus categories for Chase Travel bookings and Lyft spending.
Unfortunately there is some bad news when it comes to earning points, and this is something we knew was coming. The Sapphire Preferred has lost its 10% anniversary points bonus, whereby the base points that cardmembers earned from spending have received a 10% annual bonus. In other words, under the old system, $100K in spending would earn you 10K bonus points.
Chase to Hyatt points transfer ratio devalued
Previously, Chase Ultimate Rewards points could consistently be moved to World of Hyatt at a 1:1 ratio. With these updates, the ratio has been devalued, to 4:3. Note that this change applies to the Chase Sapphire Preferred and Ink Business Preferred® Credit Card (learn more).
Meanwhile it doesn’t apply to the Chase Sapphire Reserve® Card (learn more) and Sapphire Reserve for Business℠ (learn more), which continue to have a 1:1 transfer ratio. As before, points can be pooled between cards, and you can use the highest transfer ratio available. This is the first non-1:1 transfer ratio we’re seeing from Chase Ultimate Rewards.
$50 Chase Travel hotel credit increased to $100
The Chase Sapphire Preferred offers a Chase Travel hotel credit, and that has been increased in value, from $50 to $100.
As before, there’s no minimum stay required, so as long as you book a hotel through Chase Travel that costs at least $100, you should be able to get full value out of that, and more or less offset the annual fee. That’s great. I appreciate that this is just a single credit, so this isn’t a semi-annual $50 credit, or anything like that.
New travel protection improvements
The Chase Sapphire Preferred now features enhanced travel protection, including emergency evacuation coverage. This makes the card’s travel coverage more well rounded, and puts it closer to being in line with that of the Chase Sapphire Reserve.
One-year complimentary Apple TV subscription
The Chase Sapphire Preferred has a new complimentary Apple TV subscription for one year, with activation required by December 31, 2026. This is awesome to see, as it’s another perk that adds a lot of short term value.
New Global Entry, TSA PreCheck, or NEXUS credit
The Chase Sapphire Preferred now features an up to $120 statement credit that can be used toward Global Entry, TSA PreCheck, or NEXUS, valid once every four years. This is a pretty common perk on premium cards, so it’s cool to also see this on a card with an annual fee of under $100.
My take on the Chase Sapphire Preferred changes
As you can tell, there are both positive and negative changes here, and Chase Sapphire Preferred cardmembers will probably have varying takes, depending on their behavior and spending patterns. What’s my opinion?
Personally I think the improved bonus categories are positive, and it’s especially nice to have a personal Chase Ultimate Rewards card offering bonus points on gas station purchases. Admittedly the 10% anniversary bonus points being cut is less than ideal — some people will come out ahead, while others won’t.
Meanwhile the bigger hotel credit, the Global Entry or TSA PreCheck credit, the better travel protection, and the Apple TV subscription, are all awesome, and make this a card that potentially offers outsized value compared to the annual fee.
Now let’s get to what symbolically I find to be the most painful. We’ve seen the transfer ratio from Chase to Hyatt devalued. This doesn’t impact those with the Chase Sapphire Reserve, so it starts to become a point of differentiation between the cards.
As I see it, there are two major issues here. First, as I’ve covered in the past, I think transferable points are reaching a negative inflection point, as we’re increasingly seeing non-1:1 transfers. I feel like five years down the road, programs will have 12 partners with 12 different transfer ratios. It’s not great.
Second, it’s incredibly disappointing to see this just shortly after World of Hyatt massively devalued its points. But I guess we also shouldn’t be surprised. When Hyatt and Chase promoted their renewed co-brand deal, they announced that Hyatt’s profits from the partnership are expected to double over the next couple of years.
Well, it’s pretty clear how that’s being done, at least in part — points will just be worth a lot less. I can’t blame Hyatt for trying to maximize profits, but as consumers, this is very bad for us, and I do think this poses a risk to Hyatt in terms of people even being interested in the ecosystem anymore.
Bottom line
The Chase Sapphire Preferred has undergoing some major changes. All the changes apply effective immediately for new cardmembers. For existing cardmembers, the positive changes apply effective immediately, while the negative changes apply as of October 1, 2026.
The card’s $95 annual fee is staying the same, but a lot else has changed. The card now has new 3x points categories for gas stations, EV charging, and vacation rentals, but it has also lost its 10% anniversary points. Meanwhile the card’s $50 hotel credit has been doubled, and a Global Entry or TSA PreCheck credit has been added as well. Then the card also received new travel coverage. On top of that, the Hyatt transfer ratio has been devalued, from 1:1 to 4:3.
What do you make of these Chase Sapphire Preferred changes?