Is the Chase Sapphire Preferred Still Worth It in 2026?

For more than a decade, the Chase Sapphire Preferred has been the “starter pack” of travel credit cards. It’s the card that introduced millions of people to free flights, hotel stays, transfer partners, and the thrill of turning everyday spending into vacations.

At just a $95 annual fee, it’s been one of the easiest cards to recommend.

But 2026 feels different.

Chase is quietly making changes to the Sapphire Preferred ecosystem, and some of the card’s biggest selling points are disappearing. Meanwhile, competitors are getting stronger, transfer partners are getting devalued, and earning points reliably is becoming more complicated.

So the real question is this:

Is the Sapphire Preferred still a must-have travel card — or is it slowly becoming outdated?

Let’s break it down.

The Biggest Change: Chase Is Killing the 10% Anniversary Bonus

One of the most overlooked perks on the Sapphire Preferred is disappearing on October 1, 2026.

Chase is ending the card’s 10% anniversary points bonus.

A lot of cardholders probably didn’t even realize they were getting it in the first place, but it was one of those “quiet value” perks that made the card better year after year.

And that’s not the only thing changing.

Chase also rewrote its bonus eligibility rules earlier this year, making approvals and signup timing more complicated. Add in the growing uncertainty around the value of transfer partners, and suddenly the Sapphire Preferred doesn’t feel quite as untouchable as it once did.

The Real Problem: Ultimate Rewards Aren’t as Easy to Use Anymore

For years, Chase Ultimate Rewards points were incredibly easy to maximize.

Why?

Because the Chase travel portal used to give Sapphire Preferred cardholders a fixed value of 1.25 cents per point.

That meant you always had a reliable floor value for your points.

Didn’t want to mess with transfer partners? No problem.

You could book flights, hotels, or rental cars through the Chase portal and still get solid value.

That made the card extremely beginner-friendly.

But after Chase refreshed the Sapphire Reserve, that boosted redemption value disappeared for Sapphire Preferred users.

And that changes the math dramatically.

Now, you’re relying much more heavily on transfer partners to extract value from your points.

The Transfer Partner Problem

The issue is that some of Chase’s best transfer partners are also getting weaker.

Hyatt Is Devaluing Points

Hyatt has long been the crown jewel of the Chase ecosystem.

Getting luxury hotels for 30,000–35,000 points per night used to feel incredible.

But award pricing is changing fast.

Some premium properties could soon require 60,000+ points per night, nearly doubling the cost of certain stays.

That hurts one of the biggest reasons people collect Ultimate Rewards points in the first place.

United Is Becoming Less Rewarding

United is also shifting how its points work.

Without a United co-branded credit card, redemption values can be surprisingly weak. In some cases, transferring Chase points to United may barely get you around 1 cent per point in value.

At that point, cashing out your points and simply buying the flight outright can actually make more sense.

That’s a major philosophical shift for the Chase ecosystem.

The Sapphire Preferred Still Has Strengths

Despite all the criticism, the card isn’t bad.

Far from it.

The Sapphire Preferred still has several things working in its favor.

Current Signup Bonus

Right now, the card is offering:

• 75,000 Ultimate Rewards points

• After spending $5,000 in the first 3 months

That’s still a valuable welcome bonus, even if it’s lower than the occasional 100,000-point offers we’ve seen in the past.

The catch?

The spending requirement is more aggressive than many people realize.

Spending $5,000 in 3 months means averaging close to $1,700 per month — not impossible, but definitely something to plan around carefully.

The Earning Categories Are Good… But Messy

The Sapphire Preferred earns:

• 5x points through Chase Travel

• 3x dining

• 3x online grocery

• 3x streaming

• 2x travel

• 1x everything else

On paper, that looks solid.

In practice, things are getting inconsistent.

For example, some purchases that used to code as online grocery no longer qualify. Certain app-based grocery purchases have reportedly stopped triggering bonus categories.

That creates frustration because people want simplicity.

Nobody wants to check their statement and discover that a purchase they expected to earn 3x only earned 1x.

And compared to newer cards entering the market, the Sapphire Preferred is starting to feel a little restrictive.

The Card That Changes Everything: Built Obsidian

Here’s where things get interesting.

The Sapphire Preferred becomes dramatically more compelling when paired with another card: the Built Obsidian.

And honestly, this might be one of the smartest two-card setups for 2026.

Why the Built Obsidian Works So Well

Like the Sapphire Preferred, the Built Obsidian has a $95 annual fee.

But its earning structure fills many of the gaps Chase currently has.

The card offers:

• 2x travel

• 3x in a category of your choice

  • Dining

  • Groceries

That flexibility matters.

You can use:

• Sapphire Preferred for dining

• Built Obsidian for groceries

Suddenly, you have reliable coverage across both categories without depending on Chase’s inconsistent coding rules.

The Sneaky Walmart and Target Advantage

One of the most interesting quirks of the Built Obsidian card is how certain purchases code.

In-store Walmart and Target purchases have reportedly triggered grocery multipliers in some cases.

That opens up huge opportunities.

Instead of earning elevated rewards only on traditional grocery runs, you could potentially earn bonus points on:

• Baby supplies

• Furniture

• Electronics

• Household items

• General shopping

That’s a massive advantage for everyday spending.

The Point Accelerator Makes It Even Better

The Built Obsidian gets more powerful if you unlock its point accelerator or housing-related spending bonuses.

Once boosted, the earning structure can become:

• 4x groceries

• 3x travel

• 2x catch-all spending

That suddenly creates one of the most versatile earning setups available at this price point.

The Secret Sauce: Shared Transfer Partners

The reason this combo works so well is because the two ecosystems overlap heavily.

Both cards transfer to:

• United

• Southwest

• Hyatt

And Built also adds access to Alaska/Hawaiian transfer options.

That means you’re earning points across two systems that can often be used toward similar travel goals.

Instead of choosing one ecosystem, you’re essentially supercharging both.

So… Is the Sapphire Preferred Still Worth It?

Honestly?

Yes — but with an asterisk.

The Chase Sapphire Preferred is no longer the automatic slam-dunk recommendation it used to be.

The loss of the anniversary bonus hurts.

The removal of boosted portal redemptions hurts.

Transfer partner devaluations hurt.

And category inconsistencies are becoming increasingly annoying.

But the card still has:

• Strong transfer partners

• Great beginner accessibility

• A relatively low annual fee

• Strong dining rewards

• Valuable travel protections

• A solid welcome bonus

The difference is that in 2026, the Sapphire Preferred feels less like a complete solution and more like a piece of a larger strategy.

Should You Get It Now or Wait?

This is where things get tricky.

There are growing rumors that Chase could refresh or rebrand the Sapphire Preferred in the near future.

If that happens, we could see:

• A higher annual fee

• New credits

• Changed earning categories

• A larger signup bonus

But there’s no guarantee.

And historically, Chase hasn’t always dramatically increased welcome offers during refreshes.

So the decision becomes:

Get It Now If:

• You want a proven beginner travel card

• You can comfortably hit the spending requirement

• You value transfer partners like Hyatt and Southwest

• You want to pair it with another strong ecosystem

Wait If:

• You think a refresh is imminent

• You’re hoping for a 100k+ offer

• You’re concerned about long-term value

• You prefer simpler cashback setups

Final Thoughts

The Chase Sapphire Preferred isn’t dead.

But it is evolving — and not necessarily in ways longtime fans are going to love.

In 2026, it’s no longer the undisputed king of beginner travel cards. Instead, it’s becoming a specialized tool that works best when paired with other cards that fill in its weaknesses.

And honestly, that’s the biggest takeaway here:

The Sapphire Preferred still belongs in many wallets… just probably not by itself anymore.