Chase Sapphire Preferred 2026 refresh: more perks, but a costly Hyatt trade-off

The Chase Sapphire Preferred has long been the card travel rewards beginners pick up first — and for good reason. At $95 a year, it gives you access to Chase Ultimate Rewards, widely considered one of the most valuable transferable points currencies available. Starting June 15, 2026, the card is getting a meaningful update: new earning categories, a beefed-up hotel credit, a free Global Entry or TSA PreCheck benefit, and even a bonus streaming credit. But buried in the announcement is a change that will frustrate Hyatt loyalists: the transfer ratio to World of Hyatt is dropping from 1:1 to 4:3 — effectively a 25% devaluation.

Here’s a full breakdown of what’s changing, what it means for you, and whether the Sapphire Preferred is still worth carrying.

What’s new: the wins

3x points on gas, EV charging, and vacation rentals

The Sapphire Preferred is adding two entirely new 3x earning categories beginning June 15. You’ll now earn 3 Ultimate Rewards points per dollar at gas stations and EV charging stations, and 3x on vacation home rentals booked through platforms like Airbnb and Vrbo.

Previously, gas spending earned just 1x on this card. The jump to 3x is significant. A family spending $300–$400 a month on gas will now earn 900–1,200 points per month on that spending, versus 300–400 at the old 1x rate — an extra 7,200–9,600 points per year just from filling up.

Hotel credit doubles to $100

The card’s annual hotel credit is increasing from $50 to $100. This credit applies to hotels booked through Chase Travel℠ (formerly the Chase Ultimate Rewards portal). If you book even one hotel stay through Chase Travel each year, this effectively cuts your net annual fee to $0 — less than nothing if you factor in the other credits too.

For Indian-Americans and frequent travelers who visit India or elsewhere annually, booking even a single night through Chase Travel will trigger the credit. It’s one of the easiest credits in the mid-tier travel card space to redeem.

Global Entry, TSA PreCheck, or NEXUS — up to $120 every four years

This is a new perk that didn’t exist on the Sapphire Preferred before. Starting with the refresh, cardholders will receive a statement credit of up to $120 toward trusted traveler program enrollment every four years. Global Entry currently costs $120 for a five-year membership, TSA PreCheck runs $78–$85 depending on the provider, and NEXUS is $50.

For immigrants and frequent international travelers, this is a significant addition. Global Entry grants expedited US Customs processing when returning from abroad, plus TSA PreCheck automatically. If you travel to India, Europe, or anywhere outside the US even once or twice a year, Global Entry pays for itself many times over. The $120 credit covers it entirely.

One note on reuse: if you already have an active Global Entry membership, whether you can use this credit for a renewal or another eligible fee depends on the specific benefit terms — check with Chase directly rather than assuming it won’t apply.

Apple TV for a year (limited time)

Chase is throwing in a complimentary Apple TV subscription for one year when activated by December 31, 2026. At $12.99/month, that’s roughly $156 in value — though how much you care about this depends on whether you’d otherwise pay for it. Still, it’s an easy win at no additional cost.

What’s staying the same

The core of the card remains intact:

• Annual fee: $95 — unchanged
• Welcome bonus: 75,000 Ultimate Rewards points after spending $5,000 in the first 3 months (redeemable for $750+ toward travel through Chase Travel)
• 3x on dining, select streaming, online groceries
• 2x on all other travel
• Points Boost through Chase Travel — the old fixed 1.25 cents per point redemption is being replaced by a variable Points Boost structure, where select flights and hotels can be worth 1.25x to 1.75x depending on the booking
• Travel and purchase protections including trip delay reimbursement, baggage delay insurance, and primary auto rental coverage

One thing that is going away: the 10% anniversary points bonus. Previously, at each account anniversary Chase would deposit a bonus equal to 10% of all points you earned during the year — so if you earned 50,000 points, you’d get 5,000 back. That benefit is being removed for new applicants starting June 15, and existing cardholders lose it for eligible purchases after October 1, 2026. It’s not a huge loss for most people (capped impact of a few thousand points per year), but worth factoring in.

The transfer partner roster also remains intact — United MileagePlus, Southwest, Air Canada Aeroplan, Singapore Airlines KrisFlyer, Virgin Atlantic Flying Club, Hyatt, Marriott, IHG, and more. You can still transfer to all of them; it’s just Hyatt’s ratio that’s changing.

The sting: Hyatt transfers are being cut 25%

This is the part that hurts. Chase and Hyatt have long had one of the best 1:1 transfer partnerships in the industry. Converting 10,000 Chase points into 10,000 Hyatt points has been a bedrock strategy for booking high-end hotels at a fraction of their cash price.

Starting with the June 2026 refresh, that ratio is changing to 4:3. Concretely: for every 4,000 Chase points you transfer, you’ll receive only 3,000 Hyatt points. That’s a 25% reduction in the value you get from transfers to Hyatt.

The timing differs depending on your situation:

• Existing cardholders (applied before June 15, 2026): The old 1:1 ratio holds until October 1, 2026. You have until then to transfer points at the full rate.
• New applicants (who apply on or after June 15, 2026): The 4:3 ratio applies immediately.

What this means in practice

If you’re eyeing a Hyatt redemption — say, a Hyatt stay in Bangalore or a Hyatt Regency night for a layover in Tokyo — and you’ve been sitting on Chase points, act before October 1 if you’re an existing cardholder. The math changes after that date.

Here’s a quick comparison:

Note that Hyatt also updated its award chart in May 2026, with Category 1–4 standard rooms now ranging roughly from 3,500 to 15,000 points per night depending on category and pricing tier (Hyatt uses five pricing levels: lowest, low, moderate, upper, and top). The transfer devaluation compounds any award chart increases — a double hit if your target hotel moved up in cost.

If Hyatt is your primary use case for Chase points, this is a significant change. If you spread your transfers across United, Aeroplan, and others, the impact is more limited.

Should you apply — or keep the card?

If you’re new to US credit rewards

For most people starting out with travel rewards, the Sapphire Preferred is a strong first choice. The 75,000-point welcome bonus, the broader 3x earning categories (now including gas and vacation rentals), the $100 hotel credit, and the new Global Entry perk all make the $95 annual fee straightforward to justify. For immigrants and newcomers to the US credit ecosystem, it offers access to a versatile points currency without the steep $550+ annual fee of premium cards.

One caveat: the Chase 5/24 rule applies. If you’ve opened 5 or more credit cards across any bank in the last 24 months, Chase will likely deny your application. Prioritize Sapphire Preferred early in your credit card journey if that’s a concern.

If you’re an existing cardholder eyeing Hyatt

If you’ve been accumulating Chase points specifically to transfer to Hyatt — for high-value stays in the US, India, or elsewhere — your window to do so at the full 1:1 ratio closes September 30, 2026. Consider whether a bulk transfer before that date makes sense for your upcoming travel plans.

You don’t have to close your account or abandon the card. The new perks (hotel credit, Global Entry, gas 3x) provide real value. But recalibrate your Hyatt strategy accordingly.

If you already have the Sapphire Reserve

The Reserve focuses its bonus earning on travel booked through Chase (8x) and directly with airlines and hotels (4x), plus 3x on dining — gas is not a bonus category on the Reserve. It also now uses Points Boost, with select Chase Travel redemptions worth up to 2x on some bookings. If you’re holding the Reserve, the Preferred refresh doesn’t change your calculus much, but it does make the Preferred more attractive for a second cardholder in your household.

Timing note for the Hyatt devaluation

If you have existing Chase points you intend to transfer to Hyatt, do it before October 1, 2026. After that date, all cardholders — existing and new — move to the 4:3 ratio. This is one of those rare cases where acting sooner has a measurable dollar value.

For example: if you plan to use 40,000 Chase points for Hyatt stays, transferring before October 1 gives you 40,000 Hyatt points. Waiting until October means you’d need 53,333 Chase points to get the same 40,000 Hyatt points. That gap is real money.

Bottom Line

The Chase Sapphire Preferred’s 2026 refresh is a net positive for most cardholders. New 3x categories on gas and vacation rentals, a doubled hotel credit, and a new Global Entry perk meaningfully strengthen an already solid $95 card. The Hyatt transfer devaluation is a genuine setback — a 25% cut to one of the most beloved transfer partnerships in travel rewards — but it won’t undermine the card’s core appeal for people who diversify their redemptions across multiple partners. If you’re an existing cardholder with Hyatt stays on the horizon, lock in your transfers at 1:1 before September 30.