Chase Sapphire Preferred rolls out its most generous welcome bonus in years alongside a significant devaluation for Hyatt loyalists. New cardmembers now earn 100,000 Ultimate Rewards points on sign-up, paired with expanded 3x earning categories, a $100 Chase Travel hotel credit, and $100 annual trusted-traveler credit (TSA PreCheck or Global Entry).
The card redesign targets broader travel spending. The new 3x categories replace previous benefits, offering more flexibility for everyday travel purchases. Combined with the hotel credit, Chase positions this premium offering against competitors like American Express Platinum and Capital One Venture X.
However, existing Hyatt elites face a painful conversion rate change. New cardmembers can no longer transfer Ultimate Rewards points to World of Hyatt at the favorable 1:1 ratio. The new rate drops to 4:3, meaning 40,000 points now yield 30,000 Hyatt points instead of 40,000. This 25 percent devaluation effectively raises the cost of Category 1-2 Hyatt stays and free night certificates, which typically cost 5,000-10,000 Hyatt points.
For travelers considering the card, the 100,000-point bonus translates to roughly $1,000-$1,200 in redemption value across Chase's travel partners, offsetting the $250 annual fee. The expanded earning categories and hotel credit provide genuine value for frequent business travelers and vacation planners.
Hyatt transfer programs remain valuable for luxury stays at Park Hyatts and Andaz properties, where points stretch furthest. However, the worse conversion rate punishes ultimate rewards loyalty. Existing cardmembers should lock in Hyatt transfers before their annual renewal, when they may face the new 4: