MoneyJun 13, 2026
Chase Just Devalued Its Cheaper Sapphire Preferred Product (Again) — The Changes Open the Door For Challenger Bilt
Noah Weidner
It wasn’t even a month ago that we touched on one of the most contentious questions in personal finance: Is Chase still worth chasing? I came with a pretty hardline point of view — not unless you’re shopping for a quick sign-up bonus, with plans to close the card after year one.
Of course, what we didn’t know — aside from the fact that Chase has significantly diminished its attractiveness in recent years — is that they were about to make even more controversial changes. For some, the new changes might be good news. For others, it could be the last straw.
What’d they do this time? This week, Chase made some long-awaited changes to its Sapphire Preferred product. They’re hardly as seismic as the changes made to its more expensive Sapphire Reserve Card late last year, but they’re still a big deal for people who value this card. Buried in the new perks and category additions are two changes that meaningfully devalue Chase’s cheaper card.
Chase has historically made up for its shortcomings in other areas with strong credit card value, but these changes make its Ultimate Rewards (UR) points less of a hot commodity — unless you’re willing to shell out over $700/yr. If redemption value doesn’t matter to you, fine — but I think this encourages flight to programs like Bilt.
What’s $95 worth? For many people, I think the $95/yr Sapphire Preferred will still be fine, if not a little confusing, given its wide range of earning rates (and the controversial lack of a real grocery category). ****But for the cost-conscious or point-particular, it increasingly feels like Chase’s biggest remaining value is its sign-up bonuses — especially given the versatility of Bilt points, the advent of 3% cashback credit cards, and better options for those who like to optimize their rewards.
