Did Chase Just RUIN the Sapphire Preferred? HUGE Refresh

Well, we have expected that this was in the works for some time, but impressively, there were no leaks ahead of time, and today Chase issued a press release detailing changes they are bringing to the Sapphire Preferred credit card. This is their very popular mid-tier travel card. These changes are positive, and the annual fee is not increasing. There are, though, two negative changes coming to both the Sapphire Preferred and the Ink Preferred. I'll talk about all of that in this video, and also tell you when these new benefits are starting, because they're not starting right away. Hey credit warriors, welcome to the show. My name is Ben Hedges, aka The Credit Shifu, and on this channel, I cover US credit cards, personal finance, and luxury travel. If you like the sound of that, please subscribe, but let's get into it. And this video is brought to you by Away, but more on that later. So here is the press release that came out this morning. Meet the new Chase Sapphire Preferred. Earn more than ever, same $95 annual fee. And let's get right into talking about the new benefits. Point earning categories first. So Chase is adding three points per dollar on gas and EV charging, and also three points per dollar on vacation rentals such as Airbnb and Vrbo. It seems that all the other current categories are staying the same. And it's funny, I think when I did my recent gas video, someone even commented that they wish the Sapphire Preferred would add 3x on gas, and now they have. It's a shame though that grocery is still just online grocery. Making that in-store would really be a great positive change, even if there was a limit, like $12,000 a year, so $1,000 a month in spend. I think in general though, Chase is altering this card to better compete with the City Strata Premier. It covers a lot of the same categories now. They both have 3x on restaurants, 3x on gas, 3x on grocery. Even with Chase, it is online grocery only. But the Chase Sapphire Preferred does have other areas where it makes up for that by delivering more value. Let's check those out now. So we have four benefits that have either been updated or are brand new. First, they've doubled the annual hotel credit you get after each card anniversary from $50 to $100. This credit is for hotel stays booked through Chase Travel. $100 is significant since they are not raising the annual fee, so this credit alone now covers the annual fee and in fact, Chase is now effectively paying you $5 a year to have the card. I just hope it'll be $100 in one go, not $50 each half of the year or something stupid like that. Next, they have updated the travel insurance coverage. The most comprehensive suite of built-in travel protections in its class, now including emergency evacuation and transportation coverage. Now that's great, but the chances of you ever using emergency evacuation coverage are incredibly low, but I guess it can give you peace of mind now that you have it. All right, let's now look at two brand new benefits. But first, you guys know I love traveling, using credit card points for free flights and hotels. And on the trips that I take, having good quality, well-designed luggage really helps my overall travel experience, and that's why I've partnered with Away. I've been testing out the Medium, which is a mid-size checked suitcase. Yep, I'm not a carry-on kind of guy, I like to check a bag. I have tried a lot of other cases, and many of them are not that strong and tend to fall apart. This unidentified employee just throwing the luggage off the plane so forcefully, some of the bags bounce right off the metal carton. Well, maybe that was an extreme example, but you get the point. The Medium has a durable polycarbonate shell and is sturdy enough to withstand rough baggage handlers. It has some great features too. I love how smooth the wheels are, there is a quick-release handle with two height settings and a TSA-approved lock. I really like the smart interior design of the case with multiple pockets and this compression system to help you pack more in. I could fit one to two weeks' worth of clothing in here, no problem. And they even throw in this laundry bag for your dirty clothes too. The next most important thing for me while traveling is my toiletries bag, and I really love this hanging toiletry bag from Away. It has multiple well-thought-out pockets and can hang on any hook or towel rail with all of your toiletries neatly organized inside. So when you're ready to leave the hotel, just zip it up and go. The bag is also made of water-repellent material, so it isn't going to get affected in a moist environment. Guys, if you like what you see, do check out Away. You can actually get 10% off your first order through my link below or by scanning the QR code on screen now. And a big thank you to Away for sponsoring this video. So brand new benefits. We have a $120 Global Entry, TSA PreCheck, or Nexus credit every four years. Now this seems to be an easy credit for cards to add, all right? So many cards have this. It probably costs them like $30 or something buying loads of these memberships in bulk. I don't really view this as a major new benefit since most people will have Global Entry already from their premium travel cards like the Amex Platinum, Chase Reserve, et cetera. But this credit from Chase is also usable for Nexus, all right? Most other cards like the Amex Platinum, you can't use it for Nexus. So that's something unique with Chase. Now Nexus is a program just between the US and Canada. And with a Nexus card, you can actually use Global Entry kiosks. So you could say, why not just get Global Entry, right? But the major benefit over Global Entry is that when you enter Canada by road, you can use special Nexus lanes that Global Entry doesn't qualify you for. Just FYI, on the way back, entering the US by land, you can actually use your Global Entry card in the Nexus lane, but not going into Canada. So it might be useful for a niche group of people who live near Canada and drive over the border frequently, but that's about it. You get it? Okay. But anyway, just applying for Global Entry is probably going to be better for most people. But you know, you could use this Global Entry credit for your kids or other family members if you already have Global Entry yourself from another card. So it could still be useful. And actually, I'm thinking I might get this card and I could probably use the Global Entry credit for one of my two kids. All right, we have one brand new benefit, and that is a complimentary Apple TV subscription for one year when activated by December 31st, 2026. So Apple TV is a streaming service. For me, it's not really my go-to for shows and movies. I have Disney+, Amazon Prime Video, Netflix, and I think the selection on those is better. Like on Disney+, you've got all the Marvel movies, all the Star Wars movies. On Netflix, you've got a load of good shows. My kids are really excited about Avatar, The Last Airbender, live action season two coming in like just a few days now on Netflix. Anyway, what am I talking about? Like Apple TV. So Apple TV, though, the one major thing that some people might find good about it is that in addition to shows and movies, you get all the Formula One and all the Major League Soccer. So if you're into that, you might like it. Just remember, this is only for one year. So it's one of those benefits that's trying to get you hooked and then keep paying after the first year. But you might as well sign up, right? It's free. You might as well check it out. But if you don't plan on keeping it, I would recommend to set a reminder on your phone's calendar exactly like maybe 50 weeks, just under one year from the time you sign up. So that you remember to cancel. Now, you may wonder whether current card members also get the Apple TV benefit. And yes, they will do. All these benefits are applicable to both new and current card members. Current card members will just need to sign up for it before the end of 2026. Same as people who just applied for the card. Now, if you go to the Sapphire Preferred landing page right now, though, you will not see any of these new benefits on there. And that is because these benefits are not live just yet. So now let's look at when they're going to go live and also a couple of negative changes that are happening to this and one other Chase card. So Chase says new and existing card members will have access to these new benefits on June 15th, 2026. So on that date, you will be able to check your account and sign up for Apple TV. Also start using the card for gas and earning 3x points. Apply for global entry or Nexus or whatever you want to do. There's no word yet on whether there will be a special bonus on June 15th. I'm guessing there probably won't, since I think they would have mentioned that in the press release. They're also adding quite a lot of value without changing the annual fee. So I'm leaning towards no special bonus. But don't quote me on that. All right. The bonus on this card has been up to 100000 points before. Twice, I think, for short periods of time. So who knows? All right. Now let's look at a few negative changes. First, the 10% anniversary bonus will be discontinued. Here is exactly what will happen. The 10% anniversary bonus will be discontinued. Effective immediately for card members who apply on or after June 15th. For card members who apply before June 15th, 2026, eligible purchases made through October 1st, 2026 will continue to earn a 10% bonus. All eligible bonuses earned will be awarded by January 31st, 2027. Now, this one we actually knew was going to be happening. There was stuff on Reddit about this as much as a month ago or more. And that's one reason why we suspected a refresh may be in the works, too. In my view, though, this bonus was never that lucrative anyway. So it's not going to be a big deal if you lose it. Here's how it works. OK, so you spend $25,000 in a year. You get a 10% bonus on that spend in the form of points. So that would translate to 2500 points. So it doesn't count bonus categories or the welcome bonus or anything like that. So it really was never as good as it sounds, and I don't think people are really going to miss it. Next, we have a benefit change that is really going to sting, though. One-to-one transfers to Hyatt are going away. Oh, yeah, I had to give you time to process the shock there. Here's what's happening. Ultimate rewards points will transfer to World of Hyatt at a rate of 4 to 3. For example, card members who transfer 1000 Ultimate Rewards points will receive 750 points with World of Hyatt. For card members who applied before June 15th, 2026, this update is effective October 1st, 2026. Card members who apply on or after June 15th, 2026 will see updated transfer rate in Ultimate Rewards immediately. So basically, if you're sitting on a load of chase points and have a Hyatt redemption in mind, transfer them over now or before October 1st if you've already got this card. Do remember, though, that this applies only to the Chase Sapphire Preferred and the Ink Business Preferred. So if you have the Chase Sapphire Reserve, you're unaffected by this. You could even transfer your Sapphire Preferred points to your Sapphire Reserve and then be able to transfer to Hyatt at one-to-one. And even if you don't have it now, but you get the Reserve in the future, you could then transfer points from your Preferred to your Reserve in the future and then transfer to Hyatt at one-to-one as long as they don't make any future changes. Alright guys, so those are the changes to the Sapphire Preferred and the Ink Preferred as well, that one change. Let me know what you think in the comments. Are you going to apply for this card now? I will put a link to the press release and also to the card itself, the application page down below if you want to sign up. Also a big thank you to Away for sponsoring this video. My viewers can get 10% off their first order with my link down below or by scanning the QR code on screen now. Thank you so much for watching, please subscribe if you're new and we'll see you next time. Bye bye.