Are credit card points worth anything?
Yes — if you know how to redeem them. Chase Sapphire Reserve's 1:1 Hyatt transfer can still hit 2+ cpp on the right award; Chase cut the Sapphire Preferred's Hyatt ratio to 4:3 in June 2026, so that same path returns less unless you hold the Reserve. Cashback-redeemed UR is 1 cpp. Most points are worth what you make them worth.
The honest range for transferable-point currencies: 1.0 cpp (portal floor or cashback equivalent) to 2.0+ cpp (transfer-partner sweet spots) — but not every card in a family gets the same transfer terms. Chase cut Ultimate Rewards → Hyatt transfers from 1:1 to 4:3 for Sapphire Preferred and Ink Business Preferred cardholders (new applicants immediately from June 15, 2026; existing cardholders Oct. 1, 2026), while the Sapphire Reserve kept its 1:1 ratio (chase.com and Chase's official refresh announcement at media.chase.com, accessed 2026-07-14). ClearValue Cards uses conservative benchmarks (1.5 cpp Chase UR, 1.4 cpp Amex MR, 1.0 cpp Capital One Miles default). If you'll only redeem for cashback, a flat 2% cashback card returns more than most points cards.
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