I’ve long talked about the Chase Sapphire Preferred® Card being my favorite card for anyone who doesn’t have it yet. And that fact isn’t changing, but the card is getting a big refresh. Most of the Sapphire Preferred changes are good, but there’s one big change that’s a major bummer.

Here’s everything you need to know.

Card Information

First, let’s look at some basic card details.

One surprising thing about this card referesh is that the annual fee isn’t changing. Typically, when benefits are added to a card, the fee goes up. We got lucky that Chase is keeping the low $95 annual fee for now.

Sapphire Preferred Changes: The Good

Okay, let’s break down the Sapphire Preferred changes. As I said, overall, this refresh is actually a good thing, with multiple new benefits and perks in place.

• New earning rates: Additional spending categories include 3x at gas stations and EV charging, and 3x on vacation rentals, like VRBO and Airbnb
• Increased hotel credit: This annual credit is increasing from $50 to $100
• TSA PreCheck, Global Entry, or NEXUS credit: Get up to $120 back when you use your card to pay for one of these expedited airport services.
• AppleTV subscription: Receive a complimentary one-year subscription to AppleTV by linking your Apple ID to your card through the Benefits & Rewards section of your account and then activating it by Dec. 31, 2026.
• Additional Travel Benefits: In addition to trip cancellation coverage and trip delay reimbursement, travel coverage will also include emergency evacuation and transportation protections.

This is a pretty darn good list of additional benefits on this card, all for that low $95 annual fee. This card easily pays for itself with very little effort. It’s also now more of a go-to card for everyday spending, at least for gas and EV charging.

Sapphire Preferred Changes: The Bad

So here’s the bad news for the Sapphire Preferred changes — The Hyatt transfer ratio is moving down from 1:1 to 4:3, meaning you lose 25% of your Ultimate Rewards® when you transfer them from Chase to Hyatt. This is a HUGE bummer!

Hyatt has been our favorite hotel program for a long time because of the huge value you can find. Generally, points have been easy to earn through both Hyatt and Chase cards, and award nights cost relatively little compared to other hotel programs.

This change comes on the heels of Hyatt’s award chart changes, which devalued the World of Hyatt program overall. It added new tiers per category, allowing a big swing in how much award nights can cost.

There’s one other negative change that comes with this refresh. The 10% anniversary points bonus will end. This benefit awarded cardholders with a 10% points bonus on their spending each year. If you’re a current cardholder, your spending through October will still count toward a final points bonus payout in January 2027.

When Are These Changes Happening

If you are a current Sapphire Preferred cardholder, these changes won’t take effect until October 1st, 2026, so you have some time to make a plan.

If you apply on or after June 15th, these changes take effect immediately.

What To Do Moving Forward

So what should you do now that these Sapphire Preferred changes have been announced? There are a few things to think about.

If you’re a current cardholder and have an additional card, like the Chase Sapphire Reserve® or Sapphire Reserve for Business℠ Card, you’re in a good spot. As of now, nothing is changing with the transfer ratios on those cards. This means you can still use them to transfer your Ultimate Rewards® at a 1:1 ratio to Hyatt.

If you are not a current cardholder, you have a decision to make — apply now, before the changes go into effect, so that your Hyatt transfer ratio is protected until October 15th, or apply for the Sapphire Reserve and keep the 1:1 ratio long-term. Either way, grabbing one of these cards now would be a smart move!

Which one to get? Here are some thoughts:

• If you’re someone who only travels a few times a year, doesn’t transfer points often (or ever), or isn’t interested in premium benefits, applying for the Sapphire Preferred is the way to go.

• If you’re someone who travels regularly, takes advantage of hotel and airline transfer partners (or wants to learn how), or likes premium benefits such as hotel credits and lounge access, the Sapphire Reserve is the way to go. This is especially true right now since there’s a limited-time offer that’s ending soon! It actually ends June 15th at 9 am ET, the day these changes go into effect. So now is the perfect time to grab it.

If you are a current Sapphire Preferred cardholder but don’t have an additional card, it’s also worth considering applying for the Sapphire Reserve. You can have both cards at the same time. You’ll earn that huge, limited-time offer, protect your Hyatt transfer ratio, and get the windfall of fancy benefits that come with the card.

Wrapping Up

This is how the world of points, miles, and credit cards works. There are always changes happening. Overall, these Sapphire Preferred changes are good. New benefits without a higher fee is always a good thing! But the change to the Hyatt transfer ratio is a huge blow. The only thing to do is make a plan, pivot when necessary, and be grateful that we’re still able to travel so much more often and spend so much less out of pocket.