Chase is quietly hiking the price of some of the best hotel redemptions in the points game. Effective October 1, 2026, Ultimate Rewards points transferred to World of Hyatt from Sapphire Preferred, Ink Business Preferred, and similar cards will move at a 4:3 ratio instead of the longstanding 1:1. That means 40,000 Chase points will get you 30,000 Hyatt points—a clean 25% devaluation.

Sapphire Reserve holders and those with the Reserve for Business keep the 1:1 transfer. If you hold one of the affected cards and have been sitting on a pile of Ultimate Rewards, this is the last month to move them at full value. The cutoff is firm. No last-minute extensions or timezone loopholes mentioned in the official announcements—just October 1.

Hyatt has always been the crown jewel of the Chase transfer partners. Even after the program’s May 2026 award chart tweak to five pricing tiers, it still delivers outsized value at Park Hyatts, Andaz properties, and lower-category gems where cash rates laugh at the points cost.

Top redemptions worth locking in at 1:1 right now

Park Hyatt Maldives Hadahaa. Often 30,000–45,000 Hyatt points on lower tiers against $900–$1,400+ cash nights. At the current ratio, you’re looking at genuine 3–4.7 cents per point. Book the overwater villas before your Chase points lose 25% of their buying power.

Park Hyatt Tokyo. The “Lost in Translation” icon. 30,000–55,000 points depending on the tier, cash rates routinely $700–$1,200. Still one of the strongest aspirational redemptions in Asia.

Park Hyatt Paris-Vendôme or Milan. Category 8 territory that can run 35,000–65,000+ points on peak dates, but when cash hits four figures, the effective value remains stupidly good. Transfer now, book later.

Don’t sleep on Category 1–4 properties either. Andaz Savannah, Thompson Savannah, Hyatt Regency Maui on lower tiers, or even Park Hyatt secondary markets like Saigon or Mendoza can deliver 2.5–4+ cents per point with almost no effort. These are the ones where a free-night certificate from a Hyatt card pairs beautifully with transferred points.

Amex Membership Rewards? Still no direct transfer to Hyatt. You’re stuck using them in the Amex Travel portal at a fixed 1 cent per point or transferring to other hotel programs. Bilt offers 1:1, but most high-earners aren’t churning Bilt at scale. Post-October, Sapphire Reserve remains the cleanest path to top-tier Hyatt stays from the Chase ecosystem.

Look, this isn’t the end of the world. Hyatt points are still among the most valuable in the hotel game, and availability is generally better than the dynamic pricing disasters at Marriott or Hilton. But a 25% tax on transfers is a tax. Chase didn’t exactly shout this change from the rooftops alongside the Sapphire Preferred refresh.

If you have a specific Park Hyatt, Andaz, or Category 1–4 stay in mind for the next 12–18 months, transfer those Ultimate Rewards points this week. Confirm the booking if possible, or at least have the dates locked so you’re not guessing on award inventory later. Points sitting in Chase earning 1x or 3x aren’t doing you any favors when they’re about to buy 25% less luxury.

Action item: Log into your Chase Ultimate Rewards dashboard today, move every point you plan to use for Hyatt to your World of Hyatt account at 1:1, then book the stays. Sapphire Reserve users can keep transferring as normal. Everyone else—act before October 1 or accept that your future overwater villas just got more expensive.

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