The Chase Sapphire Preferred has long been the default entry point into points and miles, and its June 2026 refresh has reshuffled the deck. At a $95 annual fee, the card now earns 3x points on gas stations, EV charging, and vacation home rentals (think Airbnb and Vrbo), alongside existing 3x categories on dining, select streaming, and online groceries. Travel booked through Chase Travel earns 5x, other travel 2x, and there are no category spending caps to track.
The welcome bonus is a hefty 75,000 Ultimate Rewards points after spending $5,000 in three months. Cashed out conservatively that's $750, but transferred to airline partners like Air France-KLM or Singapore Airlines, reviewers value it closer to $1,275. The perk list also grew: the hotel credit doubled to $100 with Chase Travel, there's up to $120 toward Global Entry or TSA PreCheck every four years, a free year of Apple TV, monthly DoorDash credits, free authorized users, and no foreign transaction fees. Travel protections are strong for this price bracket, including primary rental car coverage and up to $10,000 per person in trip cancellation coverage.
It's not all upside. The biggest hit is to Hyatt fans: the transfer ratio to World of Hyatt dropped from 1:1 to 4:3, meaning every four Chase points now become just three Hyatt points. The card also lost its 10% anniversary points bonus. That Hyatt change applied to existing cardholders as of October 1, 2026, though you can still pool points across Chase cards and use the best available ratio. There's no lounge access, either, but that's typical at this fee level.
Redemption value is where the card earns its keep. Fancy examples include Maldives park-hotel nights from 25,000 Hyatt points (about 33,400 Chase points at the new ratio) against cash rates topping $1,000 a night, or ANA first class to Japan for 72,500 Virgin Atlantic points. Less glamorous options include Chase Travel redemptions at one cent per point, or Points Boost bookings worth up to 1.75 cents each.
Before applying, know Chase's rules: this card's bonus is once per lifetime, Sapphire Preferred and Sapphire Reserve are treated independently for eligibility, but the bank-wide 5/24 rule (a likely denial if you've opened five or more cards in 24 months) and a two-cards-per-30-days limit apply. A credit score of 700 is the practical floor, with 740+ giving better odds.
Who's this for? Anyone in the United States starting out with travel rewards, or occasional travellers who want solid trip insurance and transferable points without a premium fee. Existing cardholders should note the Hyatt devaluation and decide whether the beefed-up categories and credits still outweigh it. Frequent flyers chasing lounge access or 1:1 Hyatt transfers may want to look upmarket instead.
Credit: One Mile at a Time
