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.

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.