JPMorgan Chase might be one of the world’s largest banks and credit card companies, but while they might lead in deposits and spending, that’s about it.A year ago, JPMorgan rolled out a refreshed version of its Chase Sapphire Reserve credit card, raising the annual fee to $795/yr and overhauling perks and credits from the card in a bid to compete with American Express and its “coupon book”-heavy premium offering.The foreboding from the big overhaul was that changes were ahead for the cheaper $95/yr Chase Sapphire Preferred, too. Cardholders had hoped the changes might mean a dedicated category for groceries or wholesale clubs, but instead, the changes that landed have sparked controversy and reignited debate about Chase’s flagship cards.Ultimate Rewards aren’t feeling very ultimateIn the year since Chase remade the Reserve, it has also reshaped the pillars that made its Chase Ultimate Rewards (UR) program attractive. Its interior redecorating has arguably cheapened the space and potentially devalued its flagship Sapphire products.Chase capped off 2025 on a sour note after watering down the Points Boost feature on its refreshed Sapphire Reserve Card. That feature guaranteed at least 2 cents per point in value when shopping at the premium properties in its The Edit hotel program.The bad news didn’t stop coming, though: In February, key Chase partner Hyatt announced it would change its award chart, marking a significant devaluation by a fixture of the Chase ecosystem. The creditor’s appeal is undeniably tied to the hospitality giant, which has historically offered some of the best redemptions in the hotel biz.But it didn’t stop there. Remember those long-awaited changes to the Chase Sapphire Preferred? Well, they landed, and they weren’t pretty.Not feeling very PreferredLast month, as a sort of precursor to a refresh on the Chase Sapphire Preferred, the company announced it would retire one of the benefits that rewarded big spenders: the 10% Anniversary points boost.This oft-misunderstood feature offered cardholders a 10% bonus on their total spending for the year. If you spent $25,000 on the card, that meant you’d earn 2,500 bonus points on your anniversary. It was a sweet perk that increased the value of the card, and now it’ll be gone by year-end for existing cardholders.Then, the real changes came for the Sapphire Preferred. Chase kept the annual fee the same and added a new 3x points category for gas, EV charging, and vacation rentals. The company also doubled the annual Chase Travel Hotel Credit to $100, threw in a free year of Apple TV+, and added a reimbursement for Known Traveler Programs like TSA PreCheck, Global Entry, or NEXUS.But in an increasingly familiar case of “giving with one hand and taking with the other,” Chase announced it would reduce the value of Hyatt redemptions for cardholders who only have a Sapphire Preferred. Instead of the 1:1 value that cardholders have historically appreciated, they will now have to settle for a 4:3 rate at Hyatt, another devaluation.Chase has a message for Sapphire Preferred cardholdersSure, the changes to the Sapphire Preferred might not matter much to folks who haven’t been using their Ultimate Rewards in a highly optimized, super-intentional manner, like for Hyatt redemptions. However, I would argue that Chase removing key value propositions from the Preferred card is part of a larger trend that has watered down the attractiveness of the Ultimate Rewards ecosystem.The end of the 10% points boost and the weaker Hyatt redemption are, to be frank, a message to cardholders of the $95/yr Sapphire Preferred card: “You’re not valuable enough to deserve these features anymore.”I cannot say whether Chase’s changes are the result of growing complacency toward its leadership in the credit card marketplace or a need to further differentiate its $95/yr card and $795/yr card. If it’s the former, perhaps the company’s decision-makers think, “Our bank pays no interest, and people deposit trillions, so why would we need to make our cards more valuable?”Personally, I’m betting on both. The cost-cutting on the Preferred is likely an effort to push customers to get the Reserve, which will still boast a 1:1 redemption ratio at Chase’s most-desired transfer partner. These additions are likely additive too, since the Reserve and Preferred have vastly different earnings rate stacks.Is Chase still worth the chase?Chase has long been the envy of creditors because of its desirable redemption windows with Hyatt, United, and Southwest. I think that, between dynamic pricing and the Ultimate Rewards controversy, Chase is in the midst of a pretty dramatic identity crisis.Personal finance media folks have historically sworn by the value that Chase offers with its cards. However, while big sign-up bonuses (SUBs) and refreshed cards might sound great, it’s likely little consolation to existing cardholders who are spending money and arguably receiving less value than they have historically.There might be folks who come out ahead rather than behind from the recent changes to the Sapphire Preferred. There are also evidently people who are happy enough with the Sapphire Reserve’s changes and getting value that well exceeds the card’s annual fee. A lot of the appeal of Chase’s Sapphire cards comes down to whether you can juggle the wide array of cash back earnings rates, credits, and perks, and make the best use of the redemption partners.However, I’d be wary of anybody calling the recent pattern at Chase a “win.” By all accounts, the changes we’ve seen in recent months simply mean you’ll get less — I think it’s to each their own whether these changes merit a breakup.
Chase Sapphire cardholders face frustrating changes, devaluations
