Chase cuts Sapphire Preferred → Hyatt transfers from 1:1 to 4:3 (a ~25% haircut)

Hyatt has long been the sweet spot for Chase Ultimate Rewards. For Sapphire Preferred holders, that sweet spot is getting 25% smaller.

What changed

• The Sapphire Preferred → World of Hyatt transfer ratio drops from 1:1 to 4:3.
• In practice: transferring 40,000 Chase points yields 30,000 Hyatt points instead of 40,000.
• Existing Sapphire Preferred cardholders keep 1:1 until Oct 1, 2026.
• New applicants on/after June 15, 2026 get the reduced ratio immediately.
• The Sapphire Reserve keeps 1:1. Only the Reserve line is spared: the Ink Business Preferred, Ink Plus and Corporate Flex take the same 4:3 cut (details here).

Who's hit

Sapphire Preferred holders who rely on Hyatt transfers for outsized redemption value. Ink Business Preferred holders are hit by the same cut; only the Reserve line keeps 1:1.

Update, 1 September 2026: the deadline is a month out, and it is not the only one

Two separate Sapphire Preferred clocks stop on 1 October 2026, and both were part of the same June refresh. Chase's own press release of 15 June 2026 and FrequentMiler's coverage of the refresh agree on each:

The 10% anniversary bonus was discontinued for new applicants on 15 June 2026; existing cardmembers keep earning it through 1 October. Losing it is a quiet ongoing cut that never shows up as a rate change: on 60,000 points earned in a year it was 6,000 points, every year, for nothing.

Update, 12 September 2026: the 1 October cutover is now under three weeks away, and it is the harder of the two deadlines to reverse. If you hold Ultimate Rewards points earmarked for a Hyatt stay, the 1:1 window closes on 1 October, and points transferred out are stranded in Hyatt, so only move them once you have a specific booking in mind.

The refresh also gave things back, and the fee did not move

It is worth stating the other half plainly, because a devaluation post that only reports the cuts is as misleading as marketing copy that only reports the gains. From 15 June 2026, per Chase's press release:

• 3X points on gas and EV charging, a new category.
• 3X on vacation rental homes booked with Airbnb, Vrbo, Plum Guide, HomeAway, Homestay.com and Vacasa, also new.
• The Chase Travel hotel credit doubled from $50 to $100 per account anniversary.
• A new $120 credit every four years for Global Entry, TSA PreCheck or NEXUS.
• Emergency evacuation and transportation cover up to $100,000.
• One year of Apple TV when activated by 31 December 2026.
• The annual fee held at $95, which is the notable part: Chase added categories, doubled a credit and introduced two new ones without touching the price.

That restraint is worth naming, because the same issuer put the Sapphire Reserve up to $795 last year. The Preferred is the card that got more expensive by not getting more expensive.

Whether the refresh is net positive depends entirely on whether you were transferring to Hyatt. If you were, this is a devaluation with compensation attached. If you were not, it is a straightforwardly better card at the same price.

What to do

If you're a Preferred holder sitting on Ultimate Rewards points earmarked for Hyatt, transfer before 1 October 2026 to lock the 1:1 rate, and transfer only when you have a booking in mind, because points are worth more sitting in Chase than stranded in Hyatt. If you have an anniversary falling in September, the 10% bonus is worth timing spend around one last time.

See where transfer partners still pay off on the transfer-partner matrix, and run the numbers on the refreshed card with the points calculator.