World of Hyatt transfer ratio cut 1:1 → 4:3 (25% devaluation), and the 10% anniversary points bonus discontinued. New applicants 2026-06-15; existing cardholders 2026-10-01.
Live figures on the Sapphire Preferred page always reflect what's true today — announced changes are flagged here, never silently pre-applied. Source: issuer / reporting.