Chase Ultimate Rewards is devaluing its transfer ratio to World of Hyatt for two popular credit cards, dropping from 1:1 to 4:3 effective June 15, 2026 for new Sapphire Preferred cardholders and October 1, 2026 for existing Sapphire Preferred and all Ink Business Preferred cardholders. The change means transferring 1,000 Chase Ultimate Rewards points now yields only 750 World of Hyatt points instead of 1,000, a 25% reduction per transfer (per AwardWallet).
This devaluation affects only the Sapphire Preferred and Ink Business Preferred cards. Chase has explicitly preserved the 1:1 transfer ratio on its premium cards: the Sapphire Reserve and Sapphire Reserve for Business will continue offering 1:1 transfers to World of Hyatt at full value.
Cardholders who need to maintain 1:1 transfers have a narrow window to act. For the Sapphire Preferred, new applicants approved before June 15, 2026, and existing cardholders can lock in 1:1 transfers through October 1, 2026. For the Ink Business Preferred, all cardholders can transfer at 1:1 until October 1, 2026, though new applicants approved on or after that date will receive the 4:3 ratio immediately. Alternatively, upgrading to a premium Chase card (Sapphire Reserve or Reserve for Business) eliminates the devaluation entirely.
This move comes just months after World of Hyatt itself restructured its award chart in May 2026, raising point costs across multiple categories. The one-two punch of a higher Hyatt award chart combined with a worse transfer ratio significantly impacts the value proposition for Chase-to-Hyatt transfers on standard cards.