Chase Sapphire Preferred Refresh: Here Are The Winners & Losers

June 11, 2026

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Winners And Losers
The Pundit’s Mantra

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Chase is making changes to the Sapphire Preferred Card and as someone who holds the card, I think this is a net positive overall. Starting June 15, 2026, the Sapphire Preferred card will add new earning categories and benefits while keeping the annual fee unchanged at $95. In a market where card issuers keep raising annual fees and stuffing cards with hard-to-use credits, Chase is improving the Sapphire Preferred without making it more expensive.

Chase Sapphire Preferred Refresh

The card will now earn 3x points on gas and EV charging. It will also earn 3x points on vacation homes through brands like Airbnb, Vrbo and more.

The annual Chase Travel hotel credit is increasing from $50 to $100 every account anniversary. Chase is also adding a $120 Global Entry, TSA PreCheck or NEXUS credit every four years, enhanced travel protections including Emergency Evacuation and Transportation coverage, and a complimentary one-year Apple TV subscription if activated by December 31, 2026.

The bad news is that Sapphire Preferred cardmembers’ Ultimate Rewards points will transfer to World of Hyatt at a 4:3 ratio. For cardholders who applied before June 15, 2026, this change takes effect October 1, 2026. For new applicants on or after June 15, 2026, the new transfer rate applies immediately.

Also, the old 1.25 cents per point Chase Travel redemption structure is going away and being replaced by Points Boost, which is variable.

Winners And Losers

Winners

I think most casual Sapphire Preferred cardholders come out ahead. The biggest win is the $100 hotel credit. Since the annual fee remains $95, this credit can effectively offset the entire cost of holding the card if you can use it through Chase Travel once per year. That makes the card easier to justify.

The new 3x categories also help. Gas, EV charging and vacation rentals are practical spending categories. They are not niche benefits that require mental gymnastics to use. The Global Entry, TSA PreCheck or NEXUS credit is another useful addition. Many premium cards already offer this, but adding it to a $95 card improves the Sapphire Preferred’s value proposition.

From my perspective, this refresh makes the card more useful for everyday travelers. I already hold the Sapphire Preferred and the combination of a doubled hotel credit and no annual fee increase makes these changes a net positive for how I use the card.

Losers

The biggest losers are cardholders who primarily collected Chase points to transfer them to Hyatt. That has long been the best Sapphire Preferred sweet spot. A 1:1 transfer to Hyatt made Ultimate Rewards incredibly valuable, especially for hotel redemptions where Hyatt often delivered far better value than Marriott, Hilton or IHG. A 4:3 transfer ratio changes that math.

Instead of 100,000 Chase points becoming 100,000 Hyatt points, they now become 75,000 Hyatt points. That is a 25% haircut.

The other losers are cardholders who liked redeeming points through Chase Travel at a simple 1.25 cents per point. That fixed value made the program easy to understand. You knew exactly what your points were worth when booking travel through the portal.

Points Boost may offer more value on select bookings, but it is variable. That means less certainty. Some redemptions may be better, but others may fall closer to 1 cent per point. That is worse for people who valued simplicity and a fixed redemption rate.

The Pundit’s Mantra

Overall, I think this Sapphire Preferred refresh is positive for the average cardholder, especially if Hyatt is not your go-to transfer partner. The annual fee stays at $95. The hotel credit doubles to $100. The card adds practical 3x categories, stronger protections and a trusted traveler credit. That is a strong package for a mid-tier travel card.

However, this is clearly worse for points maximizers who used the Sapphire Preferred mainly as a Hyatt transfer machine or relied on the old 1.25 cents per point portal redemption value. So the answer depends on how you use the card.

If you are a practical traveler who can use the $100 hotel credit, this refresh looks good.

If you are a Hyatt loyalist, this is a real devaluation.

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