Chase Sapphire Preferred cardholders are in for a double blow: the 10% anniversary points bonus is disappearing later this year, and a Hyatt devaluation is quietly buried in the upcoming card refresh launching June 15. While details are still emerging, these changes could significantly impact the value proposition for travelers who rely on Ultimate Rewards transfers to Hyatt.
Our Take
Bad news for Hyatt loyalists and Sapphire Preferred fans. The loss of the 10% anniversary bonus already stings, but a Hyatt devaluation layered on top makes this refresh a net negative for those who maximize Chase points with Hyatt. For anyone who values outsized hotel redemptions, this is a clear downgrade.
What Changed
- 10% anniversary bonus on Chase Sapphire Preferred: Discontinued (effective later this year)
- Larger card refresh set for June 15, with additional changes (details pending)
- Hyatt devaluation: Details not fully disclosed, but expect reduced value on Ultimate Rewards transfers to Hyatt
Who Benefits Most
- Chase Sapphire Preferred holders who redeem points for travel through Chase's portal: With the 10% bonus gone, portal redemptions at 1.25¢/point become relatively more attractive versus Hyatt transfers.
- Travelers who diversify across hotel programs: If you split redemptions between Hyatt, Marriott, and IHG, the impact of a Hyatt-specific devaluation is softened.
- New applicants chasing the all-time-high 100,000-point bonus: At our 2.05¢/point valuation, that's still worth ~$2,050, even as Hyatt redemptions become less lucrative.
Who Should Be Cautious
- Hyatt loyalists who transfer the bulk of their Chase points: With World of Hyatt points valued at 1.65¢ each, any devaluation means less value per transfer—potentially hundreds of dollars lost annually for heavy users.
- Cardholders who counted on the 10% anniversary bonus: If you spend $20,000/year, that's 2,000 points (worth ~$33) gone each year.
- Travelers who rely on premium Hyatt properties for outsized value: If category 7-8 redemptions are hit hardest, your aspirational stays just got pricier.
What To Do Right Now
- Redeem Chase points for Hyatt stays ASAP: If you have a big Hyatt booking in mind, lock it in before the devaluation details are finalized.
- Review your Sapphire Preferred anniversary date: If your bonus posts before the cutoff, maximize spend now to earn the last 10% boost.
- Monitor official Chase and Hyatt communications: Expect more details on the refresh and devaluation by June 15.
- Consider diversifying your points strategy: Evaluate Marriott, IHG, or direct cash bookings if Hyatt redemptions lose their edge.
