Bank rewards · By Patrick Karsh ·
Chase points now buy fewer Hyatt points for many cardholders. Since October 1, 2026, existing Chase Sapphire Preferred and Ink Business Preferred cardholders transfer Ultimate Rewards points to World of Hyatt at 4:3. That means 1,000 Chase points become 750 Hyatt points, down from 1,000 before.
Chase announced the change in its June 15 Sapphire Preferred release. The Sapphire Preferred card page now states that "Your Ultimate Rewards points will transfer to World of Hyatt at a rate of 4:3."
Who it affects
According to Chase:
- Sapphire Preferred, new cardholders. Anyone who applied on or after June 15, 2026, has had the 4:3 rate from the start.
- Sapphire Preferred, older accounts. Cardholders who applied before June 15 kept 1:1 through September 30, 2026. They moved to 4:3 on October 1.
- Ink Business Preferred. Existing cardholders, and new ones who apply on or after October 1, 2026, now transfer at 4:3.
- Ink Plus and Corporate Flex. Existing cardholders also moved to 4:3 on October 1.
Chase says its points still transfer to most travel partners at 1:1. If you hold a card not named above, check the rate on your own transfer screen before you move points.
What it costs you
The math is easy. You now need a third more Chase points for the same Hyatt award.
- A 15,000-point Hyatt night now needs 20,000 Chase points instead of 15,000.
- A 30,000-point night needs 40,000 Chase points.
- A 45,000-point night needs 60,000 Chase points.
For other amounts, divide the Hyatt price by 0.75 and round up to the amount Chase lets you send. Your transfer preview shows the Hyatt points you will get.
Hyatt was one of the best uses of Chase points, because Hyatt award prices are often low compared with cash rates. At 4:3, it can still be a good deal, but the gap is smaller. Compare the Hyatt price with what the same points would buy elsewhere, such as an airline award or a booking through Chase Travel.
Other Sapphire Preferred changes
The June release also brought new benefits. Chase added 3 points per dollar on gas and EV charging, and on vacation homes such as Airbnb and Vrbo. The Chase Travel hotel credit doubled to $100 each account year, for prepaid hotels booked through Chase Travel. The annual fee stayed at $95.
Chase also ended the 10% anniversary points bonus. Cardholders who applied before June 15 could earn it on purchases through October 1, 2026, with the points posting by January 31, 2027.
What to do now
If you have points with a card now at 4:3, there is no way to get the old rate back on those cards. Hyatt points can't be sent back to Chase, so do not move points early just in case. Wait until you have a stay to book.
Our Chase Ultimate Rewards page shows how we value Chase points. The transfer bonus page tracks offers that can soften cuts like this one.
My take
This cut hurts, because Hyatt was the cleanest way to get strong value from Chase points. I would still use Hyatt for pricey city or resort nights, where 4:3 can beat paying cash. For cheaper hotels, I would look at other ways to spend the points first.