Chase just gave the Sapphire Preferred its biggest update in years, and the change that will hurt most cardholders is not in the headline. Starting June 15, 2026, new Chase Sapphire Preferred cardholders transfer Ultimate Rewards points to Hyatt at a 4:3 ratio instead of 1:1, a 25% cut in purchasing power for hotel nights. Existing cardholders have until October 1, 2026 before that same change applies to their accounts.
On the positive side, the refresh adds 3x earning on gas and vacation rentals, a larger hotel credit, and a new TSA PreCheck/Global Entry benefit. Here is everything that changed and what you should do before October.
New Benefits on the Chase Sapphire Preferred
New 3x earning categories (effective June 15, 2026)
- Gas stations and EV charging stations: 3x, up from 1x. One of the most-requested additions the CSP has been missing.
- Vacation home rentals: 3x, covers Airbnb, VRBO, Vacasa, Plum Guide, Homestay.com, and HomeAway. Up from 1x.
These join the existing bonus categories: 3x on dining, 3x on select streaming services, 3x on online groceries (excluding Target, Walmart, and wholesale clubs), and 2x on all other travel. The annual fee stays at $95.
New and updated credits
- Chase Travel hotel credit: $100/year, up from $50. Applies automatically to hotel stays booked through Chase Travel.
- TSA PreCheck or Global Entry credit: up to $120 every four years, new benefit, covers the full application fee for either program.
- One-year Apple TV+ subscription, new benefit, must be activated by December 31, 2026.
- Emergency evacuation and transportation coverage, new travel protection added to the card’s benefits.
Between the $100 annual hotel credit and the $120 TSA credit amortized over four years ($30/year), cardholders who use both credits will see the $95 annual fee effectively offset.
The Hyatt Transfer Cut: What Matters Most
This is the change that will affect points optimizers most. Chase Ultimate Rewards have always transferred to World of Hyatt at 1:1, the best ratio among Hyatt’s transfer partners. The Chase Sapphire Preferred is dropping that to 4:3, meaning you need more points to book the same award night.
Here is what the new ratio means in practice:
| Hyatt award night | UR needed at 1:1 (current) | UR needed at 4:3 (new) | Extra cost |
|---|---|---|---|
| 15,000-point night | 15,000 UR | 20,000 UR | 5,000 UR |
| 30,000-point night | 30,000 UR | 40,000 UR | 10,000 UR |
| 60,000-point night | 60,000 UR | 80,000 UR | 20,000 UR |
At a conservative Hyatt valuation of 1.5 cents per point, that 10,000-point premium on a 30,000-point night represents about $150 in lost value. For cardholders who redeem for Hyatt multiple times per year, the annual impact is real.
If you are a current CSP holder, you have a window. The 1:1 ratio stays in place for existing accounts until October 1, 2026. If you have Hyatt redemptions planned in the next 12 months, consider transferring the points now. Hyatt points remain valid as long as you have account activity every 24 months, so there is no downside to transferring early.
For the Hyatt award categories where your points go furthest right now, see our World of Hyatt best redemptions guide.
Note: The Ink Business Preferred is also moving to the 4:3 Hyatt ratio on the same timeline. The Chase Sapphire Reserve and Ink Business Reserve keep their 1:1 Hyatt ratio permanently.
CSP vs. CSR After the Refresh
The Hyatt ratio change makes the Chase Sapphire Reserve more attractive for one specific type of cardholder: the frequent Hyatt redeemer. Here is how the two cards compare after the refresh:
| Chase Sapphire Preferred | Chase Sapphire Reserve | |
|---|---|---|
| Annual fee | $95 | $795 |
| Hyatt transfer ratio | 4:3 (after Oct 1, 2026 for existing holders) | 1:1 (permanent) |
| Dining | 3x | 3x |
| Travel | 2x | 3x |
| Gas/EV charging | 3x (new) | 1x |
| Vacation rentals | 3x (new) | 2x (travel) |
| Hotel credit | $100/year via Chase Travel | $300 annual travel credit (applies broadly) |
| TSA PreCheck/Global Entry | $120 credit every 4 years (new) | Included |
For most cardholders, the $700 fee gap is hard to bridge. The CSR makes sense for heavy Hyatt users: if you transfer 60,000 or more UR points to Hyatt per year, the ratio difference costs roughly 20,000 extra UR points annually, about $300 in Hyatt redemption value at 1.5 cents per point. That starts to close the gap on the higher annual fee.
For a full breakdown of whether upgrading pencils out for your spending, see our Chase Sapphire Preferred vs. Reserve comparison.
Who the Refreshed CSP Is Best For
The new Chase Sapphire Preferred earns its keep if you:
- Drive regularly and want 3x on gas, a gap the card has had since launch
- Book vacation rentals through Airbnb or VRBO (3x is competitive with any card in this category)
- Want a TSA PreCheck or Global Entry credit without paying $450+ in annual fees
- Book hotels through Chase Travel at least once per year (the $100 credit now fully offsets the annual fee)
The CSP is not the right card if Hyatt is your primary hotel loyalty program and you redeem for multiple award nights per year. For those cardholders, the 4:3 ratio is a meaningful and ongoing cost. At that point, the CSR’s permanent 1:1 Hyatt ratio deserves a serious look.
Bottom Line
The June 2026 refresh makes the Chase Sapphire Preferred a meaningfully better everyday card: 3x on gas finally closes the biggest earning gap the CSP has had, and the TSA credit makes the $95 fee easier to justify. For travelers who spread points across multiple programs, these additions outweigh the Hyatt ratio cut.
For Hyatt-focused cardholders, the action item is clear: transfer any Hyatt-bound Ultimate Rewards points before October 1, 2026, while the 1:1 ratio is still active on existing accounts. After that date, every Hyatt transfer from a Chase Sapphire Preferred costs 25% more points.
New applicants should factor in the 4:3 Hyatt ratio from day one. If Hyatt is central to your strategy, the CSR’s $795 fee may be worth the math.
Frequently Asked Questions
Q: When do the Chase Sapphire Preferred changes take effect?
A: New cardholders see all changes on June 15, 2026. Existing cardholders keep the 1:1 Hyatt ratio until October 1, 2026. New earning categories and credits apply to existing cardholders starting June 15.
Q: Does the Chase Sapphire Reserve also change its Hyatt transfer ratio?
A: No. The CSR keeps its 1:1 Hyatt ratio permanently. Same for the Ink Business Reserve. Only the Chase Sapphire Preferred and Ink Business Preferred are moving to 4:3.
Q: What does the 4:3 Hyatt ratio mean in practice?
A: For every 4 Ultimate Rewards points you transfer, you receive 3 Hyatt points. A 30,000-point Hyatt night now requires 40,000 UR points from a CSP instead of 30,000, 10,000 extra points, worth roughly $125 to $150 at typical Hyatt valuations.
Q: Do other Chase transfer partners change?
A: No. All other Chase transfer partners, United, Southwest, British Airways, Singapore Airlines, Air France/KLM, and others, remain at 1:1. Only the Hyatt transfer ratio is changing on the CSP and Ink Business Preferred.
Q: Should I transfer my Hyatt-bound points before October 1?
A: If you are a current CSP holder with Hyatt stays planned in the next 12 months, transferring before October 1 locks in the 1:1 rate. Hyatt points stay valid for 24 months after any account activity, so early transfer carries no meaningful downside.