On June 15, 2026, Chase gave the Sapphire Preferred its biggest update in years. The annual fee stayed at $95, several benefits got noticeably better, and Chase paired the refresh with a welcome offer that matches the largest the card has ever had.

There is also one change that costs you real value if you transfer points to World of Hyatt, and Chase did not put it in the headline. This guide walks through everything that changed, what the math looks like now, and what to do if you already hold the card.

What changed on June 15, 2026

The refresh touched credits, perks, and earning rates at the same time. Here is what got better:

• The annual hotel credit for bookings through Chase Travel doubled from $50 to $100 per account anniversary year.

• A new statement credit of up to $120 every four years covers the application fee for TSA PreCheck, Global Entry, or NEXUS.

• Cardholders can activate a complimentary one-year Apple TV subscription by linking their Apple ID through the Benefits and Rewards section of their account. Activation is available through December 31, 2026.

• Two new 3x categories: gas stations and EV charging, plus vacation rentals booked with brands like Airbnb and Vrbo. These join the card's existing 3 points per dollar on dining, select streaming services, and online groceries (Target, Walmart, and wholesale clubs are excluded) and 2 points per dollar on travel booked outside the Chase portal.

One benefit is going away: the 10 percent anniversary points bonus. If you applied before June 15, 2026, purchases through October 1, 2026 still count toward a final anniversary bonus, which Chase deposits by January 2027.

None of the improvements came with a fee increase. On paper, a $95 card now carries a $100 annual credit plus a recurring airport security credit, which is unusual at this price point.

The Hyatt change is the real cost

Alongside the improvements, Chase changed the Sapphire Preferred's Ultimate Rewards transfer ratio to World of Hyatt from 1:1 to 4:3 (the Ink Business Preferred got the same cut). A hotel that costs 15,000 Hyatt points now requires 20,000 Chase points to book by transfer. Sapphire Reserve cardholders keep the 1:1 ratio.

The timing depends on when you got the card. New cardholders who applied on or after June 15, 2026 are on the 4:3 ratio immediately. Existing cardholders keep 1:1 until October 1, 2026.

This lands on top of a separate hit. In May 2026, Hyatt expanded its own award chart from three pricing tiers to five, which pushed its most expensive standard-room awards from 45,000 to 75,000 points per night. Hyatt says only a limited number of nights will price in the new top tiers in 2026, but the ceiling is now much higher. Hyatt transfers were widely considered the single most valuable use of Chase points, so the two changes together meaningfully lower the ceiling on what a Chase point can be worth.

If Hyatt was never part of your strategy, the refresh is close to a pure upgrade. If Hyatt is central to it, the Sapphire Reserve's untouched 1:1 ratio may now be the stronger home for your points.

The welcome offer

Chase launched the refresh with a limited-time offer of 100,000 bonus points after $5,000 in purchases in the first three months, matching the biggest headline number the card has ever carried (the 2021 version of the offer required less spending). Offers like this rotate, so check the current terms before you apply rather than assuming the launch number is still live.

Even at conservative valuations, a six-figure point haul on a $95 card is strong. Booked through the Chase portal at a fixed rate, 100,000 points cover roughly $1,250 in travel. Transfers to airline partners can beat that, and the 4:3 Hyatt ratio mostly matters for people who were squeezing top value out of Hyatt specifically.

The usual caution applies to the spending requirement. $5,000 in three months only makes sense if it is spending you would do anyway. Carrying a balance to hit a bonus generally costs more in interest than the points are worth.

Is it still worth $95 a year?

The honest answer depends on whether the credits match spending you already do.

A cardholder who books one hotel through Chase Travel each year effectively wipes out the fee before counting any points. That was not true before the refresh.

Credits that require specific behavior are worth less than cash in practice. If none of the credits fit how you already spend, a no-annual-fee cash back card may serve you better.

If you already have the card

Existing cardholders got the new benefits without doing anything, but two dates matter:

• October 1, 2026: two changes land at once. The Hyatt transfer ratio drops to 4:3, and purchases stop counting toward the 10 percent anniversary points bonus (any final bonus is deposited by January 2027). If you are holding Chase points with a specific Hyatt stay in mind, transferring before that date preserves the 1:1 ratio. Only transfer for a booking you actually plan to make, since points moved to Hyatt cannot come back.

• December 31, 2026: the deadline to activate the one-year Apple TV subscription.

The new 3x categories and the doubled hotel credit apply automatically, so there is nothing to opt into beyond those two items.