Chase cuts Sapphire Preferred → Hyatt transfers from 1:1 to 4:3 (a ~25% haircut)
Chase is reducing the Sapphire Preferred's World of Hyatt transfer ratio to 4:3. Existing holders keep 1:1 only until Oct 1, 2026, so transfer before the deadline if you're sitting on points.
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. This cut is Preferred-only.
Who's hit
Sapphire Preferred holders who rely on Hyatt transfers for outsized redemption value. The Reserve is unaffected.
What to do
If you're a Preferred holder sitting on Ultimate Rewards points earmarked for Hyatt, transfer before Oct 1, 2026 to lock the 1:1 rate (transfer only when you have a booking in mind; points are worth more in Chase than stranded in Hyatt). See where transfer partners still pay off on the transfer-partner matrix.
Cards affected
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