Big news for Chase Sapphire Preferred and Hyatt fans: Starting June 15, 2026, the Sapphire Preferred will lose its 10% anniversary points bonus—and, buried in the fine print, Hyatt redemptions via Chase Ultimate Rewards are getting devalued. If you rely on transferring Chase points to Hyatt for outsized value, this is a critical update.
Our Take
Bad news for Chase-Hyatt loyalists. This is a double blow: not only does the Sapphire Preferred lose a valuable 10% anniversary bonus (worth ~$205/year for a 100,000-point bonus earner), but the hidden Hyatt devaluation means your Ultimate Rewards won’t stretch as far. For years, Chase-to-Hyatt transfers have been the best value in the points world—by our 1.65¢/point valuation, often doubling the value of other hotel partners. This change erodes one of the last great sweet spots.
What Changed
- 10% anniversary bonus on Chase Sapphire Preferred: Discontinued effective June 15, 2026
- Hyatt redemptions via Chase Ultimate Rewards: Point transfer or redemption value reduced (details not fully public, but expect a drop from 1.65¢/point to closer to 1.3–1.4¢/point value)
- Other Sapphire Preferred refresh features (to be announced June 15)
Who Benefits Most
- New Sapphire Preferred applicants before June 15: Can still earn the 10% anniversary bonus for one more cycle—on a 100,000-point bonus, that’s an extra 10,000 points (~$205 value).
- Hyatt loyalists with large existing Ultimate Rewards balances: If you transfer points to Hyatt before the devaluation, you can lock in the higher value (1.65¢/point).
- Travelers redeeming for non-Hyatt partners: If you prefer United, Southwest, or cash back, these changes are less impactful.
- Big spenders who maximize category bonuses: If you earn most of your points from spend, the loss of the 10% bonus is less significant in the long run.
Who Should Be Cautious
- Chase-Hyatt enthusiasts: If you’ve been saving Ultimate Rewards for Hyatt stays, your points will soon be worth less—delaying transfers could cost you hundreds of dollars in lost value.
- Sapphire Preferred holders who rely on the 10% bonus: If you keep the card mainly for the anniversary boost, it may no longer justify the annual fee.
- Travelers who only redeem through Chase’s travel portal: The portal’s value for Hyatt bookings will likely drop, making direct transfers less lucrative.
What To Do Right Now
- Transfer Chase points to Hyatt ASAP if you have upcoming Hyatt stays—lock in the 1.65¢/point value before June 15.
- Apply for the Sapphire Preferred before June 15 if you want to snag the 10% anniversary bonus one last time.
- Review your travel plans and consider shifting redemptions to other partners if Hyatt is no longer the best value.
- Monitor Chase’s official announcement on June 15 for full details on the refresh and any new benefits.
- Reevaluate your wallet: If the Sapphire Preferred’s value drops for you, consider cards with stronger ongoing perks or bonuses.
