Starting June 15, Chase is overhauling the Sapphire Preferred Card with a mix of new perks and benefit cuts that cardholders need to know about before the changes take effect. The credit card giant is making adjustments when it comes to reward points and how you can use them. While travelers may be excited about some of the changes, others may be disappointed to learn of one shift in particular.
The Sapphire Preferred carries a $95 annual fee — making the new $100 hotel credit alone nearly enough to offset the card's annual cost. Chase is making the following additions and changes to its Sapphire Preferred Card:
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Laura Picciano, General Manager of Chase Sapphire, says, “Sapphire Preferred has always been a favorite for travelers, and now we’ve made it even better, especially for those who want to earn valuable points quickly and prioritize simplicity and reliability.”
What Card Holders May Resent
While many travelers will likely welcome these changes, some will not like that Chase is dropping its World of Hyatt transfer rates from 1:1 to 4:3. Under the new plan, every 1000 Chase points converts to only 750 Hyatt points. For people who convert their points regularly, this means Hyatt stays will cost more points when transferred from Chase.
Chase is also eliminating its 10 percent anniversary bonus. This was an annual perk for cardholders, offering a 10 percent bonus on their total annual purchases.
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The Popularity of Travel Credit Cards
The changes from Chase come as more people are using their travel reward cards. According to Barclays U.S. Consumer Bank’s Travel Rewards and Loyalty Report, Americans with a rewards credit card are using their rewards to make trips feel more attainable. They’re also using their rewards to make smarter travel choices. Over three-quarters said they would be more likely to choose upgrades if they could use points or miles instead of cash.
Although many of these travel rewards cards come with annual fees, another survey found that 35% of Americans are willing to pay higher annual credit card fees in exchange for premium travel benefits.
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