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The Chase Sapphire Preferred® Card and the Bilt Obsidian Card are now the most interesting $95 card comparisons in travel rewards, primarily because both ecosystems are the only ones that can transfer to a beloved partner: World of Hyatt.
Chase is adding several practical benefits to the Sapphire Preferred in 2026, but the card is also losing 1:1 Hyatt transfers, which is exactly where Bilt becomes much more interesting.
This comparison is for people deciding whether the updated Sapphire Preferred is still the better starter travel card, or whether Bilt Obsidian makes more sense because of housing rewards and Hyatt transfer value.
| Feature | Chase Sapphire Preferred | Bilt Obsidian |
|---|---|---|
| Annual fee | $95 | $95 |
| Authorized user fee | $0 | $50 per user per year |
| Welcome offer | 75,000 points after $5,000 spend in 3 months | $200 of Bilt Cash when approved |
| Housing rewards | No dedicated rent/mortgage category | Up to 1.25x on rent and mortgage payments with no transaction fee |
| Dining | 3x points | 3x if dining is selected bonus category |
| Grocery | 3x online grocery* | 3x grocery if selected bonus category, up to $25,000/year |
| Travel | 5x Chase Travel, 2x other travel | 2x eligible travel |
| Gas/EV charging | 3x starting June 15, 2026 | 1x |
| Vacation rentals | 3x on brands like Airbnb and Vrbo starting June 15, 2026 | Generally depends on coding; no dedicated 3x vacation rental category |
| Hotel credit | Up to $100 through Chase Travel (starting June 15, 2026) | Up to $100 through Bilt Travel, split into two $50 credits |
| Trusted traveler credit | Up to $120 every four years (starting June 15, 2026) | N/A |
| Hyatt transfers | 4:3 for new cardmembers starting June 15, 2026; existing eligible cardholders keep 1:1 through October 1, 2026 | Bilt points transfer 1:1 to World of Hyatt |
| Best for | General travel, dining, gas, Airbnb, travel protections | Unlocking rent/mortgage rewards, Hyatt transfers |
*Online grocery is not as easy as it may seem to use. That means you can’t use your Sapphire Preferred inside a store like Safeway and earn 3x
**See chart for full breakdown on the Sapphire Preferred changes
Both cards have a $95 annual fee, but the credits work much differently.
The refreshed Sapphire Preferred gets a stronger “easy value” story because its Chase Travel hotel credit is increasing from up to $50 to up to $100 per account anniversary year. It also adds a trusted traveler credit of up to $120 every four years for Global Entry, TSA PreCheck, or NEXUS. Add in the new complimentary Apple TV subscription (when activated by Dec 31, 2026) alongside DashPass/monthly nonrestaurant credits (through Dec 31, 2027) and you have quite the bundle of credits for just $95.
Bilt Obsidian also has up to $100 in hotel credits, but the structure is more segmented: up to $50 from January 1 through June 30 and up to $50 from July 1 through December 31 for qualifying 2 night minimum Bilt Travel Portal hotel bookings. To be frank, that is a very difficult to work with restriction and renders the hotel credit useless for a lot of users.
The Sapphire Preferred also wins on authorized users. Chase lists a $0 authorized user fee, while Bilt Obsidian lists $50 per authorized user per year.
For this battle: the Sapphire Preferred takes the crown.
Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening
This is where the two cards start to separate.
The Sapphire Preferred is becoming a more rounded travel and everyday spending card. Starting June 15, 2026, it adds 3x points on gas, EV charging, and vacation rentals from brands like Airbnb and Vrbo. It also keeps 3x dining, 3x select streaming, 3x online grocery, 2x other travel, and 5x through Chase Travel.
Bilt Obsidian is more specialized. Its core advantage is housing: up to 1.25x points on rent and mortgage payments with no transaction fee. If you select to earn 4% Flexible Bilt Cash over Housing Only Rewards, you'll do quite well. For example, let's say you pay $2,500 per month in rent through Bilt and spend $1,000 per month on the card. Here's how your earnings shape up with Flexible Bilt Cash:
Compare those earnings to a Sapphire Preferred:
(note in the above screenshot, you'd earn enough points to earn $50 Bilt Cash)
Yeah. Bilt typically does very well on a pound for pound earning basis. Bilt also gives you a choice between 3x dining and 3x grocery. Dining is the default selected category, while grocery can be selected instead and earns 3x on up to $25,000 in combined grocery purchases per calendar year. The non-selected category earns 1x. Grocery is a powerful category to have access to.
(You can run these numbers in our Bilt Calculator to see how it plays out with your own spending)
If you go with dining, check out our Bilt Neighborhood Dining guide and the Bilt Mobile Checkout map to see where you can stack even more value.
For this battle, the Bilt Obsidian Card takes the crown.
Hyatt is the most important comparison point because the Sapphire Preferred is losing one of its best features.
Sapphire Preferred transfers to World of Hyatt are changing from 1:1 to 4:3.
Bilt’s advantage is that Bilt Points transfer to World of Hyatt at 1:1 (regardless of Bilt card btw). That makes Bilt Obsidian much more compelling for Hyatt loyalists, especially after the Sapphire Preferred change takes effect.
Here is the easiest 100,000-point example:
| Points transferred | Sapphire Preferred to Hyatt after 4:3 | Bilt Obsidian to Hyatt at 1:1 |
|---|---|---|
| 25,000 points | 18,750 Hyatt points | 25,000 Hyatt points |
| 50,000 points | 37,500 Hyatt points | 50,000 Hyatt points |
| 75,000 points | 56,250 Hyatt points | 75,000 Hyatt points |
| 100,000 points | 75,000 Hyatt points | 100,000 Hyatt points |
That means a Sapphire Preferred user transferring 100,000 points to Hyatt after the change is giving up 25,000 Hyatt points compared with a 1:1 program like Bilt.
There is another way to think about the opportunity cost. If you need 100,000 Hyatt points, you need about 133,334 Chase points from the Sapphire Preferred at a 4:3 ratio. With Bilt, you need 100,000 Bilt points. That is a difference of roughly 33,334 transferable points.
This does not mean Bilt Obsidian is automatically better overall. But for Hyatt redemptions specifically, Bilt becomes the cleaner $95 option once Sapphire Preferred loses 1:1 Hyatt transfers.
If you don’t care about Hyatt or don’t worry about points, then the Sapphire Preferred remains the winner.
$200 of Bilt Cash when you apply and get approved. At the end of each calendar year, any Bilt Cash balance over $100 will expire.
However, for people who value their points, Hyatt is a key transfer partner. The Obsidian’s 1:1 ratio takes the cake here.
The Sapphire Preferred has the stronger traditional sign up bonus: 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
But, the Bilt Obsidian’s welcome offer is completely different: $200 of Bilt Cash when you apply and get approved. The important caveat is that at the end of each calendar year, any Bilt Cash balance over $100 expires.
The easiest way to value the Bilt Cash bonus is by treating it as fake monopoly money until you redeem it. If you redeem it on your monthly housing payment, it can be worth 6,666 points.
That is useful, but it is still not in the same league as a 75,000 point welcome bonus (literally 11x larger). The Sapphire Preferred absolutely wins this matchup.
The updated Sapphire Preferred is the better pick for someone who wants one flexible travel card with practical everyday categories + a big welcome bonus right away. If Hyatt going to 4:3 doesn’t even cause you to blink, the Preferred is likely going to be a fantastic card.
It makes the most sense if you:
The card is also stronger for people who want simpler household card management because authorized users cost $0.
Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening
Bilt Obsidian is the better pick if you want to unlock more rewards on day to day spend and Hyatt is a major part of your travel strategy.
It makes the most sense if you:
The biggest thing Bilt has going for it is that it turns a major monthly expense into transferable points. That is a totally different value proposition than the Sapphire Preferred, at the expense of a large sign up bonus.
For most people, the updated Sapphire Preferred is still the better $95 travel card. The 2026 changes make it more practical for everyday spending, especially with 3x gas, 3x EV charging, 3x vacation rentals, the larger $100 hotel credit, the trusted traveler credit, and Apple TV+.
But Bilt Obsidian wins for a very specific and valuable audience: people who can generate a lot of points from housing payments and care deeply about Hyatt transfers. I would probably say to get the CSP first so you can get the welcome bonus and then add the Obsidian as your daily driver.
The real decision is not “Which card is better?” It is “do you value points, how do you expect to earn the most points, and how do you use your points?”
Chase Sapphire Preferred is better for most general travelers who don’t value Hyatt super highly after the 2026 changes because it adds 3x gas & EV charging, 3x vacation rentals, a $100 Chase Travel hotel credit, a $120 trusted traveler credit, Apple TV+, and expanded travel protections while keeping the annual fee at $95.
Bilt Obsidian is better for Hyatt transfer math because Bilt Points transfer to World of Hyatt at 1:1, while Sapphire Preferred transfers are changing to 4:3. After the Sapphire Preferred change, 100,000 Chase points will become 75,000 Hyatt points, while 100,000 Bilt points transferred at 1:1 would become 100,000 Hyatt points.
Chase Sapphire Preferred has the better welcome bonus full stop; it offers 75,000 points after $5,000 in purchases in the first 3 months from account opening. Bilt Obsidian offers $200 of Bilt Cash when approved, but that is only worth 6,666 Bilt Points when you redeem it on a housing payment.
Bilt Obsidian is better for rent or mortgage payments because it earns up to 1.25x points on housing payments with no transaction fee. The Sapphire Preferred does not have a way to unlock points on housing payments, so as a daily spending card, it performs considerably worse.
Chase Sapphire Preferred is better for Airbnb, Vrbo, and vacation rentals after June 15, 2026 because it adds 3x points on vacation homes at top brands. Bilt Obsidian does not have the same dedicated 3x vacation rental category. In fact, very few cards in general have a 3x rate on this category.
Getting both can actually make a lot of sense. We think adding the Chase Sapphire Preferred® Card first is a powerful play for both the welcome bonus and the various credits. Then, adding an Obsidian is relevant since it unlocks housing rewards and effectively outearns the Sapphire Preferred in several categories.
