Chase has just announced a major refresh for the Chase Sapphire Preferred® Card, effective June 15, 2026. The update brings new 3X earning categories, a doubled hotel credit, improved travel protections, and—most controversially—a devaluation of point transfers to Hyatt. The annual fee remains at $95.
Our Take
Mixed. This is a classic give-and-take refresh: the new 3X categories and bigger hotel credit are real wins for everyday spenders and road warriors, but the Hyatt transfer devaluation is a gut punch for points maximizers. If you loved using Ultimate Rewards for Hyatt stays, this is a downgrade—though the card remains a top pick for flexible travel rewards overall.
What Changed
- New 3X categories: Earn 3X points on gas and vacation rentals (previously 2X or not bonused)
- Hotel credit doubled: Annual hotel credit is now larger (exact amount not specified in source)
- Improved travel protections: Emergency evacuation coverage added
- Hyatt transfers devalued: Points now transfer to Hyatt at a less favorable rate
- Annual fee unchanged: Remains $95
- Effective date: June 15, 2026
Who Benefits Most
- Road trippers and commuters: Spend $3,000/year on gas—now earns 9,000 UR points, worth ~$185 by our valuation (up from $123 at 2X).
- Vacation rental fans: $2,000/year on Airbnb or Vrbo now nets 6,000 UR points (~$123), a 50% boost over non-bonused spend.
- Hotel bookers via Chase: The doubled hotel credit (amount TBA) could offset a big chunk of the $95 annual fee for anyone booking hotels through Chase Travel.
- Travelers wanting better coverage: Emergency evacuation protection adds peace of mind for adventure travelers and families.
Who Should Be Cautious
- Hyatt loyalists: If you transfer UR points to Hyatt for outsized value (up to 2¢/pt), the new transfer ratio means you’ll get less for your points—potentially hundreds of dollars less per year for heavy users.
- Points optimizers: Those who primarily leveraged the Sapphire Preferred for Hyatt sweet spots will see their favorite strategy weakened.
- Minimalists: If you don’t spend much on gas, vacation rentals, or hotels, these changes may not justify keeping the card.
What To Do Right Now
- Transfer UR points to Hyatt before June 15 if you want the old, better rate.
- Review your 2026 travel plans: If you’ll spend heavily on gas or vacation rentals, the new 3X categories could be lucrative.
- Check your hotel booking habits: The increased hotel credit may make booking through Chase more attractive.
- Compare with the Sapphire Reserve: If you want premium travel protections and better earning, consider if an upgrade makes sense.
