Chase Sapphire Preferred® (CSP) Review (2026.6 Update: 100k Offer! Hyatt Transfer Ratio Cut To 4:3; Hotel Credit Increased To $100; New Bonus Categories Added)

     2026-06-15     2026-06-16 181 Comments

Chase

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Chase Sapphire Preferred® Card Review

2026.6 Update: The new offer is 100k! Also, Chase announced the following changes starting from Jun 15:

  • UR->Hyatt Transfer Ratio Will Soon Be Cut To 4:3 with Chase Sapphire Preferred (CSP) and Chase Ink Preferred (CIP)!
  • The 10% anniversary bonus benefit will be discontinued.
  • The amount for the Annual Hotel Credit benefit will be increased from $50 to $100.
  • New bonus categories: Earn 3x UR points on gas and EV charging, vacation homes at top brands including Airbnb, Vrbo and more;
  • Credit for Global Entry, TSA PreCheck, or NEXUS every four years.
  • A one time benefit for 2026: Complimentary Apple TV subscription for one year when activated by December 31, 2026 – a value of $156. Terms apply.

The biggest piece of bad news is that Hyatt transfers are no longer 1:1. This issue can be worked around by upgrading to the CSR via product change. The hotel credit increasing to $100 is very nice, as this credit can basically offset the annual fee.

2025.6 Update: The new offer is 75k. At the same time, there are 2 important changes: the “Points Boost” benefit is introduced to replace the old 1.25 cpp fixed redemption rate; and the Chase pop up jail mechanism is introduced for welcome offer eligibility to replace the old 48 month rule + same family rule.

2025.4 Update: The new offer is 100k, and this is the best ever offer on this card! 2025.5 Update: Party is over. The 100k offer is expired as scheduled. Now there’s only a 60k offer.

Offer Link

Benefits

  1. 100k offer: earn 100,000 Ultimate Rewards (UR) points after spending $5,000 in the first 3 months. This is the best ever offer on this card!
  2. We estimate that Ultimate Rewards (UR) points are worth about 1.6 cents/point, see below for a brief introduction. So the 100k highest welcome offer is worth about $1,600!
  3. If you have this card, you can transfer your UR points to partner airlines miles and hotel points.
  4. Earning structure:
    • Earn 5x UR points on travel booked through Chase TravelSM;
    • Earn 3x UR points on dining, select streaming services, and online grocery (excluding Target, Walmart and wholesale clubs);
    • [New] Earn 3x UR points on gas and EV charging;
    • [New] Earn 3x UR points on vacation homes at top brands including Airbnb, Vrbo and more;
    • Earn 2x UR points on other travel purchases (Chase is known to be quite flexible with their definition of travel and includes merchants such as Uber and some public transportation);
    • Earn 1x UR point per dollar spent on all other purchases.
  5. [New] Up to $100 Annual Hotel Credit per cardmember year. Must be booked through Chase Travel. New cardmember can use this credit now. Existing cardmembers should be able to use it after their card anniversary.
  6. 10% anniversary bonus points per year. After card anniversary, you will be given 10% bonus points based on the total spend on your Sapphire Preferred card in the previous year. For example, if you spend $30k in total, you will get 3k bonus points. [Update] This benefit is discontinued since Jun 15, 2026.
  7. 「Points Boost」: you can redeem your UR points on Chase Travel, with value up to 1.5 cents/point for some flights and hotels (up to 1.75 cpp for premium cabin). (The default value is 1.0 cent/point.) This feature replaced the old 1.25 cents/point fixed value redemption feature. However, with CSR, the redemption rate is up to 2.0 cents/point, therefore it is more recommended to use CSR to redeem UR points in this way.
  8. Primary car rental insurance.
  9. [New] Credit for Global Entry, TSA PreCheck, or NEXUS every four years.
  10. No foreign transaction fee.
  11. Refer a friend: You can earn 15,000 bonus UR points for every approved account you refer, up to a maximum of 75,000 UR points per calendar year.

Disadvantages

  1. Annual fee $95, NOT waived for the first year.

Introduction to UR Points

Recommended Application Time

  1. [5/24 Rule] If you have 5 or more new accounts opened in the past 24 months, Chase will not approve your application on this card, no matter how high your credit score is. The number of new accounts includes all credit card accounts, not only Chase accounts. See this post for details about how to possibly bypass this rule.
  2. [New] Chase introduced a once-per-lifetime rule: The new cardmember bonus may not be available to you if (1) you currently have any other personal Sapphire cards open, (2) previously held this card, (3) or received a new cardmember bonus for this card. This rule replaced the old 48 month rule and same family rule for the Sapphire cards.
  3. [New] Chase introduced a pop up jail mechanism: They may consider the number of cards you have opened and closed, as well as other factors in determining your bonus eligibility.
  4. Don』t apply for more than 2 Chase credit cards within 30 days, it』s highly likely that you will get rejected.
  5. We recommend that you apply for this card after you have had other Chase credit cards for at least 3 months, or after you have had a credit history for more than a year.

Summary

This card』s welcome offer is very high, making it a must-apply card. After the revamps in August 2021 and June 2026, it added a $100 hotel credit, improved its earning structure, and kept the annual fee unchanged, making the card much more attractive for long-term holding. If you are interested in Chase』s Ultimate Rewards (UR) points ecosystem, then in order to transfer UR points to partners and maximize their value, either the CSP or CSR is an essential card in the UR family. Between the CSP and CSR, given the CSP』s lower annual fee, the CSP is probably the better choice for most people; however, if Hyatt is your main transfer target, then the CSP will no longer meet your needs.

Related Credit Cards

Recommended Downgrade Options

  • Chase Freedom. Even if you already have a Freedom, you are still able to downgrade your CSP to have a second Freedom.
  • Chase Freedom Unlimited (CFU).
  • Chase Sapphire. If you are not able to downgrade your card to the above good cards, you can downgrade it to this card and try to product change in the future.

After Applying

  • Call 800-436-7927 to check Chase application status. This is an automated telephone line, and the information has the following meanings: Receive decision in 2 weeks means your application is probably approved; Receive decision in 7-10 days means your application is probably rejected; Receive decision in 30 days simply means your application requires further review and there’s nothing to tell you for now.

Historical Offers Chart

Offer Link

Editorial disclosure: Opinions expressed here are author』s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

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