Chase is removing a long-standing perk from the Chase Sapphire Preferred® Card, signaling a broader shift in how credit card issuers are managing costs. Effective October 1, 2026, the card will no longer award 10% anniversary bonus points based on base spending.
While the card’s core rewards structure remains intact, this change marks the end of a unique benefit that distinguished the Sapphire Preferred from many competitors. For cardholders, this means a slight reduction in total annual point earnings, though the impact on the card’s overall value may be less significant than it appears.
What Is Changing?
Since 2021, Chase Sapphire Preferred holders have received a bonus of 10% of their base points earned during the previous calendar year. This bonus was credited to their account on their cardmember anniversary.
To clarify how this worked:
* Base Points Only: The 10% boost applied only to points earned at the standard 1x rate (e.g., $1 spent = 1 point).
* Exclusions: Points earned from welcome bonuses, category multipliers (like 3x on dining), or transfer partners were not eligible for the anniversary boost.
Example: If a cardholder spent $5,000 on non-bonus purchases in a year, they earned 5,000 base points. The anniversary bonus added 500 extra points (10% of 5,000).
As of October 1, 2026, this automatic boost will cease. All other aspects of the card—including its $95 annual fee and bonus categories—are currently expected to remain unchanged.
Why This Matters: The Trend of Cost Control
This change is part of a larger industry trend where banks are tightening rewards programs to protect profit margins. After years of aggressive competition for sign-up bonuses and premium perks, issuers like Chase are increasingly focused on cost containment.
Key Insight: While the 10% anniversary bonus was a popular marketing feature, it rarely altered the fundamental value proposition of the card. For most users, the decision to keep the Sapphire Preferred is driven by its strong category bonuses (3x on dining and online groceries, 5x on travel booked through Chase) and the ability to transfer points to airline and hotel partners.
The removal of this perk reflects a shift away from “add-on” benefits toward sustaining core reward structures. It raises questions about whether other legacy perks might follow, as issuers look for efficiencies in their loyalty programs.
Impact on Cardholders
For the average user, this change is likely to have a minimal financial impact. The anniversary bonus was relatively small compared to the total points earned through everyday spending and category multipliers.
However, the change may influence two groups:
1. Marginally Attached Users: Those who were already on the fence about renewing the card may view this as the final straw, especially if they perceive the $95 annual fee as high for the remaining benefits.
2. Maximizers: While the loss is noticeable, savvy users who already maximize category spending and travel redemptions will see only a slight dip in total yield.
Conclusion
The elimination of the 10% anniversary bonus is a negative development for Chase Sapphire Preferred holders, but it is unlikely to render the card obsolete. The card remains a strong contender for everyday spending due to its versatile rewards structure and low annual fee relative to its benefits. Cardholders should focus on maximizing category bonuses and travel redemptions to offset the loss of the anniversary perk.
