Chase has unveiled a major refresh to the Chase Sapphire Preferred® Card, effective June 15, 2026. The headline: new 3X earning on gas and vacation rentals, a doubled $100 annual hotel credit, improved travel protections, and—crucially—a devaluation of point transfers to World of Hyatt, all while keeping the $95 annual fee unchanged.
Our Take
Mixed. This is a win for everyday spenders and road trippers, but a blow to points maximizers who rely on Hyatt transfers. The new 3X categories and bigger hotel credit add real value, but the Hyatt transfer devaluation (now 1:0.8) erodes one of the card’s best sweet spots—by our valuation, that’s a 20% haircut on Hyatt redemptions, making this refresh a double-edged sword.
What Changed
- New bonus categories: Earn 3X on gas stations and vacation rentals (was 2X on travel broadly)
- Hotel credit: Annual hotel credit doubled from $50 to $100 (valid on Chase Travel bookings)
- Travel protections: New emergency evacuation coverage added
- Annual fee: Remains $95
- Hyatt transfers: Effective June 15, 2026, Ultimate Rewards transfer to World of Hyatt at 1:0.8 (was 1:1)
Who Benefits Most
- Road trippers and commuters: $4,000/year in gas now earns 12,000 UR points (
$246 by our 2.05¢/pt value), up from 8,000 points ($164)—a $82 boost. - Vacation rental fans: $3,000/year on Airbnb/VRBO earns 9,000 UR points (
$185), up from 6,000 points ($123)—$62 more value. - Occasional hotel bookers: The $100 hotel credit (vs. $50 before) covers the annual fee for those who use it, effectively making the card free.
- Travelers needing robust insurance: New emergency evacuation coverage can save thousands in rare emergencies.
Who Should Be Cautious
- Hyatt loyalists: Transferring 50,000 UR points now gets you only 40,000 Hyatt points (worth ~$660), down from $825—a $165 loss per 50k transferred.
- Points maximizers: If you primarily transfer to Hyatt for outsized value, the card’s core appeal is diminished.
- International travelers who don’t use Chase Travel: The hotel credit is only valid on Chase’s portal, which may have higher prices or less selection abroad.
What To Do Right Now
- Transfer UR points to Hyatt before June 15, 2026 to lock in the 1:1 rate.
- Review your annual spending on gas and vacation rentals to see if the new 3X categories justify keeping or applying for the card.
- Plan to use the $100 hotel credit each year via Chase Travel to offset the annual fee.
- Consider alternatives (like Chase Sapphire Reserve or Amex Gold) if Hyatt transfers are your main strategy.
