Chase is touting a new ‘Points Boost’ feature which will allow Sapphire Reserve cardholders to redeem Ultimate Rewards points through the Chase Travel Portal at a redemption rate of up to 2% (2 cents per point).
More notably, to me, is that the bank is also sunsetting the fixed 1.5% redemption rate that Sapphire Reserve cardholders enjoyed on all travel booked through the Chase Travel Portal. Starting late October 2025, you’ll be able to: 1) redeem for cash at 1%, 2) transfer to travel partners, or 3) book travel through the Chase Travel Portal at a redemption rate of somewhere between 1-2%. (PYB is discussed below.) There will no longer be a reliable 1.5% cashout method with the Sapphire Reserve card.
Similarly, Chase Sapphire Preferred will have its 1.25% fixed redemption rate removed. The Chase Sapphire Preferred, INK Preferred, and INK Plus cards will get a Points Boost redemption option with the value of up to 1.5% on select hotels flights, and up to 1.75% on select premium cabin flights.
These changes will go into effect as follows:
- For existing cardholders, which includes all who have the card on June 22, 2025 or prior:
- For points earned prior to October 26, 2025, you’ll keep the fixed 1.5% redemption value option for two years through October 25, 2027. (You’ll also get the better 2% Points Boost redemption option, when available. The system will automatically give you the better redemption rate. This feature will kick in immediately on June 23, 2025.)
- For points earned October 26, 2025 and onward you’ll only have 1-2% variable ‘Points Boost’ redemption rate.
- New cardholders who apply on June 23, 2025 or beyond won’t have the 1.5% feature at all. They will immediately have just the 1-2% Points Boost redemption option.
One point which people are asking about is how this related to points transferred and to product changes. My guess is that someone who product changes to the Sapphire Reserve before June 23, 2025 will get their entire points balance locked in through 2027 with the 1.5 redemption option. Likewise, someone who has an existing Sapphire Reserve card and they receive a points transfer from a household member by October 25, 2025, my guess is that they’ll keep the 1.5% redemption option through 2027 as it will be bucketed along with points earned. These are just guesses.
The other question I wonder about: what about the Pay Yourself Back feature? Chase basically already stripped away the 1.5% redemption via Pay Yourself Back a while ago. But they did leave us with some good options at 1.25%. Hopefully that feature will remain, and we’ll at least have a fairly reliable 1.25% cashout method as a floor on Ultimate Rewards points value.
