For years, the Chase Sapphire Preferred has been the most frequently recommended travel credit card for those looking to start earning points and miles systematically. It also earned a reputation as a solid travel credit card that meets most travelers’ needs without a high annual fee.
When I first started earning points and miles in a serious way, the Chase Sapphire Preferred was the first card I opened. As the years ticked by, I opened and closed several other credit cards. However, the Sapphire Preferred remained a constant workhorse, earning a permanent place in my wallet.
Now, Chase is overhauling its Sapphire Preferred card, introducing some new benefits while removing others. Whether it still makes sense to hang on to the Sapphire Preferred or apply for one for the first time depends on how you use it.
Even the experts can’t agree on whether the refresh is a good thing. “Overall, [this is] a net negative for most people who are into the points and miles game,” Emily Jaeckel, chief marketing officer at 10xTravel, a travel and credit card advisory company, tells Afar, noting the significant reduction in the value of points when transferring to Hyatt, a favorite Chase transfer partner.
However, Jimmy Yoon, head of points intelligence at point.me, a points and travel reward search platform, has a different perspective. Because of the number of perks Chase added without raising the card’s annual fee, “the benefits are mostly net-positive,” he tells Afar.
Whether the changes are welcome or reviled depends heavily on individual cardholders’ approach to travel and loyalty points. Dave Grossman, founder of points- and rewards-focused site MilesTalk and credit card review site Your Best Credit Cards, sums it up this way: “If you don’t transfer to Hyatt, this refresh is great news. But if Hyatt is why you have the card, as is the case for me, personally, Chase is giving you a tough decision to make.”
What stays the same
Chase is keeping many of the benefits that made the Sapphire Preferred so popular in the first place. For starters, the card is maintaining its low $95 annual fee. The Sapphire Preferred also still gives cardholders triple points per dollar spent on dining, many online grocery orders, and select streaming services, as well as five points per dollar spent booking travel through Chase’s travel portal and double points on other travel bookings.
The new Chase Sapphire Preferred benefits
Chase introduced several new benefits that will take effect on June 15 for new cardholders who apply after that date and on October 15 for existing cardholders.
Triple points on Airbnb and Vrbo bookings
The most appealing change for most travelers is the ability to earn triple points on vacation rentals like Airbnb and Vrbo. In comparison, the Chase Sapphire Reserve, Chase’s premier travel credit card that comes with a hefty $795 annual fee, earns a single point per dollar in the same category.
“It’s a popular travel expense for many people who prefer to stay at vacation rentals instead of hotels,” Yoon tells Afar, adding that it opens up the possibility of earning a significant amount of additional points for some cardholders.
$100 annual hotel credit
Another appealing change is that Chase now offers a $100 annual credit for hotels booked via the Chase travel portal. This is double the $50 credit previously offered. “This is a positive update as it essentially covers the $95 annual fee if you use it,” Yoon says. Because many frequent travelers prefer to book hotels directly rather than through a third party, Yoon suggests using this benefit for a single overnight stay, such as when you need to stay near an airport to catch an early flight.
More points for gas and EV charging
Additionally, Sapphire Preferred cardholders can now earn triple points on gas and electric vehicle charging, which is a valuable change for those who spend heavily in these categories. Previously, cardholders earned one point per dollar for these charges. For those who prefer road trips to flying or have long commutes to work, this change offers an easy way to quickly rack up points. However, as someone who owns an electric vehicle and usually charges my car at home, I find this benefit practically useless.
Enhanced travel insurance
Another new benefit that many Sapphire Preferred cardholders are excited about is expanded travel insurance. Previously, qualified charges to the card triggered basic coverage, including some expenses incurred for lost luggage or canceled flights. However, travel insurance through the card now includes medical evacuation and transportation insurance. This is a positive update for travelers who previously purchased supplemental insurance. Even those who previously traveled without evacuation insurance may have peace of mind that they can call for help if they are seriously injured or become critically ill when they are away from home. “$100,000 in emergency evacuation coverage on a $95 card is great,” Grossman says.
$120 toward Global Entry or TSA PreCheck
Cardholders also now get a $120 statement credit toward Global Entry, TSA PreCheck, or NEXUS every four years. This is a good benefit for travelers who were planning to enroll in one of these programs or renew their membership anyway, but it won’t be useful for those who are already enrolled in these programs or don’t plan to do so. Moreover, Grossman notes that this benefit is available on many other travel credit cards, so many people who strategically earn points and miles likely already have this benefit on a different card, and it’s not necessarily a reason to choose the Sapphire Preferred over another card.
Free Apple TV subscription
Chase also introduced a complimentary Apple TV subscription for one year when activated by December 31, 2026. Yoon calls this new benefit “nothing special,” although those who already subscribe to Apple TV can use it to save some money over the next year.
Lost benefits of the Chase Sapphire Preferred
Despite several welcome changes, many Sapphire Preferred cardholders are despondent over one major change.
Devalued Hyatt transfers
Previously, cardholders could earn Chase Unlimited Rewards points by using the Sapphire Preferred, then transfer them to all of Chase’s travel partners, such as United, Marriott, Virgin Atlantic, and Hyatt, at a 1:1 ratio, then use the converted points or miles to get more favorable rates.
As of June 15 for new cardholders and October 1 for existing cardholders, that’s no longer the case. Ultimate Rewards points will now transfer to World of Hyatt at a rate of 4:3. That means that cardholders who could previously transfer 100,000 Ultimate Rewards points for 100,000 Hyatt points will now get 75,000 points for transferring the same number of points.
“The bad news is really bad if you, like me, use your Sapphire Preferred card as, essentially, a bank of Hyatt points,” Grossman says. “The 25 percent transfer devaluation changes things,” he says, especially because Hyatt recently restructured its award program so that many rooms now cost more points per night.
“If you were booking an aspirational hotel like the Park Hyatt in Tokyo that hits 75,000 points at peak times, you now need to transfer a whopping 100,000 points for a single night. That same hotel topped out at 45,000 points, and transfers were 1:1, just a few months ago. So, in some cases, the increase for a Sapphire Preferred cardholder is more than 100 percent,” Grossman explains.
No more annual bonus
The other negative change Chase made is that it will no longer award annual bonus points to cardholders. Under this popular benefit, Chase automatically awarded cardholders a 10 percent point bonus based on their spending throughout the year. The change is effective immediately for new cardholders who apply after June 15. Existing cardholders will continue to earn bonus points through October 1. Although the bonus is popular and encourages some cardholders like me to keep renewing the card year after year, Yoon notes that many cardholders won’t miss it. “You need to spend a lot to get a decent amount of points back, so losing this benefit won’t be a big deal for many cardholders,” he explains.
Who should keep the card?
The Sapphire Preferred is still a solid travel credit card. “Most people should keep the card, honestly. If Hyatt transfers aren’t how you use your points, this card just got better for the same $95. Use the $100 hotel credit once a year, and you’re already ahead,” Grossman says.
Yoon thinks that even people who favor transferring points to Hyatt should consider keeping the card. “Since they added more benefits to the card and kept the annual fee alone at $95, the changes aren’t enough to warrant a cancellation for many people,” he says, adding that “the earning rates on dining, gas, streaming, and groceries are very competitive.”
If, like Grossman, you primarily use your Sapphire Preferred to earn points for stays at Hyatt hotels and resorts, it may be time to consider opening a new card.
Chase’s newly introduced Chase Sapphire Reserve still offers a 1:1 ratio for transferring points to Hyatt. However, the card comes with a hefty $795 annual fee, so retaining access to the more favorable transfer rate will cost you.
Those who primarily use their Sapphire Preferred card to earn points to use at Hyatt should consider opening a World of Hyatt card, Yoon suggests. “The bonus categories are better, and the points are more flexible,” he explains. However, Yoon thinks that a Bilt Rewards card will be the best choice for most people who are loyal to Hyatt because Bilt still allows transfers at a 1:1 ratio without a high annual fee.
Should you do anything before these changes take effect?
Some Chase Sapphire Preferred cardholders may want to take action before June 15, but not all, Grossman explains.
“If you currently have a Sapphire Preferred and have never, or very rarely, transferred points to Hyatt before, there’s nothing you need to do. The card is improving for you,” Grossman says.
However, “if you currently have a Sapphire Preferred and often transfer to Hyatt, I advise considering speculatively transferring points to Hyatt. I rarely advise that since all programs change and devalue over time,” but it may make sense now, he explains. To get the current 1:1 transfer rate, points must be transferred before October 1. Before making the transfer, Grossman advises considering what you might want to book and how many points it will cost you. If you don’t transfer points to Hyatt, you can still use your Chase Ultimate Rewards to book travel elsewhere at a 1:1 transfer ratio.
If you would like to open the Sapphire Reserve to retain the 1:1 transfer ratio to Hyatt, “I would apply for the Sapphire Reserve right away while there is an elevated bonus offer to earn 150,000 bonus points after spending $6,000 on purchases in the first three months from account opening. The last full day of that offer is Sunday, June 14,” Grossman says.
The bottom line
It’s too soon to tell if these changes are a harbinger of more credit card updates that present a mixed bag for those who collect points and miles.
“This refresh makes it pretty clear that Chase is interested in pushing people toward its more premium cards,” Jaeckel says. “It’s frustrating that we’re at a point where we have to pay for access to better transfer rates.”
Grossman stresses that “Chase has always done 1:1 for all partners. If Chase introduces tiered transfer rates for other travel partners, this would not be a good trend,” he says.
