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, Chase has just 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.
Details of the Chase Sapphire Preferred changes
The Chase Sapphire Preferred is undergoing some updates. All of the changes apply for new cardmembers as of June 15, 2026. For existing cardmembers, the positive changes will apply as of June 15, 2026, while the negative changes will apply as of October 1, 2026.
On the plus side, the Chase Sapphire Preferred annual fee is staying 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 is changing, in no particular order…
New 3x points categories added, 10% bonus taken away
The Chase Sapphire Preferred is seeing new bonus categories added. With these updates, the card will start earning 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 existing 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 will lose its 10% anniversary points bonus, whereby the base points that cardmembers earned from spending have received a 10% annual bonus. In other words, $100K in spending would earn you 10K bonus points.
Chase to Hyatt points transfer ratio being devalued
Currently, Chase Ultimate Rewards points can be moved to World of Hyatt at a 1:1 ratio. With these updates, the ratio will be devalued, to 4:3. Note that this change applies to all Chase Ultimate Rewards cards except the Chase Sapphire Reserve (both personal and business), so that becomes a point of differentiation for those cards.
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 will be 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 basically more than 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 will be getting 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 will be getting a 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 will be getting a new 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 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’re seeing 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 is undergoing some major changes, which apply for new cardmembers as of June 15, 2026, and for existing cardmembers as of October 1, 2026. The card’s $95 annual fee is staying the same, but a lot else is changing.
The card will get new 3x points categories for gas stations, EV charging, and vacation rentals, but it’ll also lose its 10% anniversary points. Meanwhile the card’s $50 hotel credit is being doubled, and a Global Entry or TSA PreCheck credit is being added as well. Then the card is also getting new travel coverage. On top of that, the Hyatt transfer ratio will be devalued, from 1:1 to 4:3.
What do you make of these Chase Sapphire Preferred changes?