Chase has just announced a significant overhaul to the Chase Sapphire Preferred Card, effective July 1, 2026. The changes include new bonus categories, a revised annual fee, and updates to travel protections—some positive, some negative. For current and prospective cardholders, understanding these shifts is crucial to maximizing value.
Our Take
Mixed. While the new bonus categories and improved travel protections are a win for frequent travelers and foodies, the increased annual fee and removal of some perks mean not everyone comes out ahead. For those who maximize the new earning rates, the card remains a top contender, but casual users may want to reconsider.
What Changed
- Annual fee: $95 → $125 (effective July 1, 2026)
- Earning rate: 2x on travel → 3x on all travel (including transit)
- Earning rate: 2x on dining → 3x on dining (including delivery services)
- New category: 3x on streaming services (previously 1x)
- New category: 2x on grocery stores (previously 1x)
- Travel protections: Trip delay coverage improved from 6 hours to 3 hours
- Removed: No more 10% anniversary points bonus
Who Benefits Most
- Frequent travelers spending $5,000/year on travel: Now earn 15,000 Ultimate Rewards (UR) points vs. 10,000 before—worth ~$103 more per year at our 2.05¢/point valuation.
- Dining enthusiasts spending $4,000/year: Earn 12,000 UR points vs. 8,000 before—an extra ~$82 annually.
- Streaming service fans spending $1,200/year: Now earn 3,600 UR points (
$74), up from 1,200 points ($25)—a $49 gain. - Grocery shoppers spending $6,000/year: Earn 12,000 UR points (
$246), up from 6,000 points ($123)—a $123 increase.
Who Should Be Cautious
- Low spenders who don’t maximize bonus categories: The higher $125 fee and loss of the 10% anniversary bonus (worth ~$205 for a 100,000-point balance) may outweigh new perks.
- Cardholders who valued the anniversary bonus: Losing this perk means less value for those who hold large point balances.
- Occasional travelers: If you don’t use travel or dining categories heavily, the increased fee may not be justified.
What To Do Right Now
- Review your annual spending in travel, dining, streaming, and groceries to estimate your new earning potential.
- If you’re a current cardholder, decide before July 1 if the new $125 fee makes sense for your usage.
- Consider downgrading to a no-fee card like Chase Freedom Unlimited if the math doesn’t work out.
- If you’re new to Sapphire Preferred, note that the current 100,000-point bonus (~$2,050 value, all-time high) is still available—apply before any changes to the offer.
