Wednesday, September 30 is the final day that Chase Sapphire Preferred and Ink Business Preferred cardholders can move Ultimate Rewards points to World of Hyatt at the classic 1:1 ratio. Starting October 1, transfers from those cards convert at 4:3 — 1,000 Chase points become 750 Hyatt points. That's a 25% haircut on what has long been the single most valuable transfer partnership in the Chase ecosystem.

The change dates back to Chase's June 15 announcement alongside the Sapphire Preferred refresh. New Preferred applicants have already been on the 4:3 ratio since that date; existing cardmembers were granted a four-month grace period that now expires tomorrow. Ink Business Preferred cardholders get no such phasing — everyone on that card shifts to 4:3 on October 1, regardless of when they applied.

Sapphire Reserve and Sapphire Reserve for Business cardholders are unaffected and keep 1:1 transfers to Hyatt. And because Chase lets you combine Ultimate Rewards balances across your own cards before transferring, a cardholder who holds both a Preferred and a Reserve can pool points into the Reserve account first and still send them to Hyatt at 1:1 — the one real workaround in this change.

The stakes are high precisely because Hyatt is the one transfer where Chase points routinely punch above their weight. World of Hyatt still prices awards off a fixed category chart, so a 25% transfer penalty compounds into real money on every hotel night. If Hyatt is your Chase endgame, tonight is decision night.

Exact offer and eligibility

• Deadline: 1:1 transfers to World of Hyatt from affected cards end September 30, 2026. The 4:3 ratio takes effect October 1, 2026.
• Affected cards: Chase Sapphire Preferred accounts opened before June 15, 2026, and all Chase Ink Business Preferred accounts.
• Already changed: Sapphire Preferred accounts opened on or after June 15, 2026 have been on the 4:3 ratio since account opening.
• Not affected: Chase Sapphire Reserve and Sapphire Reserve for Business keep 1:1 transfers to World of Hyatt, with no announced end date.
• The new math: 4:3 means every 1,000 Ultimate Rewards points convert to 750 Hyatt points. A transfer that yielded 100,000 Hyatt points yesterday yields 75,000 tomorrow.
• Transfer mechanics: Chase-to-Hyatt transfers move in 1,000-point increments, so the rounding always works against you — partial amounts don't carry over.
• The workaround: Ultimate Rewards points can be combined across your own Chase cards. Points pooled into a Sapphire Reserve (or Reserve for Business) account before transferring still convert to Hyatt at 1:1.

The math: what the 25% haircut really costs

Here's the devaluation stated the way Chase won't state it. A 4:3 ratio is a 25% cut in what each point buys — which is the same thing as a 33% price increase in Chase points for the same Hyatt stay. The two numbers describe the same tax; the second one is the one you'll feel.

Take a concrete night: 25,000 Hyatt points for a standard room at the Andaz Miami Beach. At the old 1:1 ratio, that's 25,000 Ultimate Rewards. From October 1, it's 25,000 ÷ 0.75 = 33,333 — rounded up to the next 1,000-point transfer increment, 34,000 points. One December Friday night just got 9,000 points more expensive.

Scale it to a big trip and it gets uglier. A week at a 30,000-point-per-night property (a Park Hyatt at category 7) costs 210,000 Hyatt points. Old price: 210,000 Ultimate Rewards. New price: 280,000. That's a 70,000-point surcharge on a single week — roughly a full welcome bonus on a mid-tier card, evaporated by a ratio change.

Now the central limitation, and the one every excited "transfer everything tonight" instinct misses: Hyatt transfers are one-way. Once Ultimate Rewards become Hyatt points, they can never come back. Hyatt's category chart is fixed today, but Hyatt can reprice categories without notice — parking six figures of points speculatively means paying the 25% conversion tax now and carrying the devaluation risk on top. The ratio change makes each transferred point 25% less valuable; a Hyatt repricing next year could make the pile itself worth less, too. That's two haircuts on one pile of points.

The comparison that matters is against Chase's own lineup. Ultimate Rewards kept 1:1 transfers to United, Southwest, and the airline partners. The Reserve keeps 1:1 to Hyatt. The message is blunt: Chase is walling off its best hotel transfer behind its $795 card, and everyone else eats the cut.

Who benefits—and who should skip it

Transfer tonight if: you have a Hyatt stay planned or likely within the next 12 months and can name the property; you're topping up an existing Hyatt balance to finish a specific booking; or you're a heavy Hyatt user who burns points steadily and knows the chart prices you're targeting.

Hold your points if: you have no Hyatt trip on the horizon — speculative transfers are the classic way to turn flexible currency into stranded currency; you rarely stay at Hyatts and only got here because the ratio used to be great (it no longer is, for you); or you hold a Sapphire Reserve alongside your Preferred or Ink card, in which case you should combine points into the Reserve account first and you don't need to do anything before the deadline at all.

One more profile: the Ink Business Preferred holder with no premium Chase card. Your ratio changes tomorrow no matter what — you never had the 4:3 grace period for new accounts, and you don't get a Reserve workaround. If Hyatt is in your plans, this is the last evening to move points at par.

Awardtrail analysis

This is one of the rare deadlines worth acting on before midnight — but only for points you'd spend on Hyatt anyway. Transfer tonight what covers your named, dated redemptions for the next year, then stop. Don't drain your Ultimate Rewards balance "just in case"; Chase points are at their most valuable precisely because they stay flexible until you need them, and Hyatt's chart can move under your feet after you've committed.

If you hold both a Preferred and a Reserve, log into the Chase portal and use the combine-points feature to shift your balance to the Reserve account before initiating the transfer — that keeps your 1:1 ratio permanently. If you're Reserve-only, ignore this entire story.

And while you're in transfer mode: three other bonuses die tomorrow, September 30 — Chase to Air Canada Aeroplan at 20%, Capital One to Japan Airlines at 30%, and Rove to Copa Airlines at 40%. Same rule applies to all of them: move points toward a booking, not toward a balance.

Primary source: Chase Sapphire Preferred — official card page (creditcards.chase.com)

Verified: September 29, 2026