If you're sitting on a pile of Chase Ultimate Rewards points, you'll want to pay attention.

Chase is about to change one of the most valuable redemptions, so I'm making an exception with this rare Sunday send.

The good news is that there’s a way to dodge it all, and it's not that hard.

Here's what's going on.

(One quick programming note: You won’t receive a newsletter tomorrow. It’s Yom Kippur, the holiest day on the Jewish calendar, and I’ll be fasting. A hangry Zach is not a fun Zach, so consider this your Monday reading too.)

Advertiser and Editorial Disclosure

Effective Oct. 1, Chase points transferred to World of Hyatt will transfer at a 4:3 ratio.

For example, that means transferring 40,000 Chase points to Hyatt will yield 30,000 Hyatt points, instead of 40,000 today.

This updated transfer ratio applies to those with the following cards:

If you applied for any of the aforementioned cards on or after June 15, 2026, the new 4:3 ratio is already live in your account.

If you’re sitting on Chase points, you might be wondering whether you should speculatively transfer some points to beat the looming devaluation.

In my mind, the answer is likely yes.

Even after Hyatt devalued its award chart this year, I’ve still found plenty of pockets of value.

For instance, I regularly stay at the Hyatt House in Cupertino, next to Apple Park, before the tech giant’s big events.

Paid rates skyrocket to north of $500 a night, but I routinely book award stays there for 20,000 (or fewer) points a night. This represents at least 2 cents per point in value.

You can’t guarantee award availability when you’re making a speculative transfer, but I’d feel comfortable transferring enough points for four to five nights at one of your bucket-list properties now before the devaluation.

Chase is making an exception for its most premium cards. Chase Sapphire Reserve® and Chase Sapphire Reserve for Business℠ cards will continue to let you transfer points 1:1 to World of Hyatt.

There are two ways to play this.

First, this could be a strong time to pick up the Reserve if you don’t have it already.

That’s because:

Second, if you have a partner, you might consider opening one Reserve card for both of you. That’s because Chase lets you transfer points between two accounts within the same household for free.

So if you or your partner has the Reserve, you can send points from the Preferred to their Reserve and then to Hyatt at a 1:1 ratio.

Of course, the Reserve is a strong card in and of itself, so doubling up on Reserves isn’t a bad idea either.

(Quick note: if you apply through my affiliate link, I'll earn a small commission that keeps this newsletter free. Thanks in advance.)

In my opinion, this move is coming from Hyatt’s side.

The hotel chain has been increasingly looking to further monetize its loyalty program, and one way to do that is by charging partners more for points.

Between the increased redemption rates and the new 4:3 transfer ratios, it’s clear to me that Hyatt is trying to grow its loyalty revenues. (The chain has also been under pressure from hotel owners to cut back on loyalty expenses.)

Devaluing transfer ratios is a move largely popularized by Emirates Skywards last year.

The airline has forced each major card issuer to lower the transfer ratio — or drop support altogether, as in the case of Chase — as it presumably tried to charge more for each point.

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