Chase is reducing what its points are worth at Hyatt. From 1 October, some cards transfer at 4:3 instead of 1:1, and the cheapest way to understand that is in nights rather than ratios.
What the new ratio actually does
At 1:1, a Chase point became a Hyatt point. At 4:3, four Chase points become three.
As of 22 September 2026, that means 100,000 Chase points arrive at Hyatt as 75,000 rather than 100,000. Running it the other way is more useful, because you book in Hyatt points: a night that costs 20,000 Hyatt points used to cost you 20,000 Chase points, and will now cost 27,000, since transfers move in blocks of 1,000.
That is 33 per cent more Chase points for exactly the same night. The Hyatt price did not change. Your ability to reach it did.
Which cards are affected
The new ratio applies to the Sapphire Preferred, the Ink Business Preferred, the Ink Plus and the Corporate Flex.
The Sapphire Reserve and the Sapphire Reserve for Business keep 1:1. If your points sit on one of those, nothing in this post changes anything for you, and that gap between the two Sapphire cards is now a real part of what the annual fee buys.
The two dates
If you applied for an affected card on or after 15 June 2026, you are already on the new ratio. This has been true since you opened the account.
Everyone else moves on 1 October, which makes 30 September the last day to transfer at 1:1.
Should you transfer before the deadline?
Only against a booking you actually intend to make.
Points that leave Chase for Hyatt cannot come back. They also sit exposed once they are there: Hyatt can reprice its own categories, and a balance parked in a hotel programme has no optionality left in it. The flexibility was the thing you were holding.
So the honest test is whether you have a specific stay in mind, at a property you have checked, on dates that exist. If you do, moving the points before 1 October is straightforward value. If you are transferring because a date is approaching, you are converting a flexible balance into an inflexible one to avoid a loss you have not yet actually taken.
Most people who regret a transfer regret it for this reason, not because they missed a deadline.
What it says about transfer partners generally
A transfer ratio is not a fixed property of your points. It is a term the bank sets and can reset, and it is not the only change this year to have landed with a date attached rather than a warning.
The practical response is not to hoard or to panic-transfer. It is to hold points where they still have somewhere to go, and to treat the programmes you can reach as the thing that matters, which is the argument in best credit cards for award flights. It is the same logic behind Flying Blue's Light awards, where the number held still and what it bought got smaller.
When you do reach for a balance, the question is still whether points or cash does more work on that particular trip, which we cover in points vs cash.
See what your points can still reach →