If you have been stockpiling Chase Ultimate Rewards points for Singapore Airlines or Air France business class, that redemption just got 10% more expensive. Chase quietly cut the transfer ratios on KrisFlyer and Flying Blue to 1:0.9 in the first quarter of the year.
The Sapphire cards still pencil out for most travelers. If those two airlines were your whole strategy, the better card might now have Amex on it.
What Chase actually changed
Chase made two changes to its Ultimate Rewards transfer partner program in January and March of 2026. Neither was announced with fanfare. Both were disclosed via email to existing cardholders and updated on the transfer partner page with minimal visibility. That is the issuer’s bet: you would not read either one.
Change 1 (January 2026): The transfer ratio to Singapore Airlines KrisFlyer moved from 1:1 to 1:0.9. For every 10,000 Chase points transferred, cardholders now receive 9,000 KrisFlyer miles instead of 10,000.
Change 2 (March 2026): The transfer ratio to Air France/KLM Flying Blue also shifted from 1:1 to 1:0.9 under the same structure.
The other major airline partners, United MileagePlus, Southwest Rapid Rewards, British Airways Avios, Air Canada Aeroplan, Virgin Atlantic Flying Club, and Iberia Plus, remain at 1:1.
Hotel partners (Hyatt, IHG, Marriott Bonvoy) were not affected.
Recalculating your point values
If you were planning transfers built around Singapore Airlines or Flying Blue redemptions, you need to recalculate your cost basis.
Previously, booking a Singapore Airlines Saver award in business class from the US to Asia at 87,500 KrisFlyer miles required 87,500 Chase points. At the new 0.9 ratio, the same award requires approximately 97,222 Chase points to produce 87,500 KrisFlyer miles.
That is a meaningful difference on high-value redemptions. On a redemption where you were previously getting 5.5 cents per point, the effective value drops to about 4.95 cents per point.
| Redemption Type | Old Points Required | New Points Required | Value Change |
|---|---|---|---|
| SQ Biz JFK-SIN (87,500 KF miles) | 87,500 UR | 97,222 UR | -10% |
| AF Business CDG-JFK (50,000 FB miles) | 50,000 UR | 55,556 UR | -10% |
| SQ Economy SFO-NRT (35,000 KF miles) | 35,000 UR | 38,889 UR | -10% |
The percent impact is uniform at 10% across all Singapore and Flying Blue redemptions.
Which partners still offer top value
With Singapore and Flying Blue at reduced ratios, Air Canada Aeroplan has become the most compelling Chase transfer partner for transpacific and transatlantic business class redemptions.
Aeroplan prices partner redemptions on a mileage-based chart that often undercuts competitor programs. Business class from the US East Coast to Europe can price at 55,000-65,000 Aeroplan miles on Star Alliance carriers including Lufthansa, SWISS, and Turkish Airlines. At 1:1 from Chase, that remains an outstanding value.
United MileagePlus at 1:1 is still useful for Saver awards on Star Alliance metal where availability lines up, though United’s program has its own devaluation history.
Hyatt remains the standout hotel partner. The Hyatt program maintained its award chart longer than competitors, and transfers at 1:1 from Chase to Hyatt still produce some of the best cents-per-point values in hotel loyalty programs.
Does this change the math on which Sapphire card to hold?
The Preferred ($95 annual fee) versus Reserve ($550 annual fee) decision is largely unchanged. Both access the same transfer partners at the same ratios. The Reserve’s 1.5x redemption value through the travel portal and the $300 travel credit still drive its value proposition, not the transfer partners specifically.
What the change does affect is whether holding the Sapphire makes sense versus a competitor. The American Express Platinum and Gold cards transfer to Flying Blue at 1:1 with no ratio change, which makes them meaningfully better for Flying Blue accumulation than they were before.
If Singapore Airlines or Air France is your primary redemption target, the Amex Membership Rewards program is now the more efficient way to stockpile points. Chase still wins for Hyatt and Aeroplan-focused strategies.
The two signals that usually come before more changes
When a major issuer adjusts a transfer ratio once, a second adjustment usually follows within 12-18 months. Chase made similar incremental changes to Marriott and IHG hotel transfer ratios in 2022 and 2023 before eventually stabilizing.
The pattern to watch: if United MileagePlus, Chase’s original and most prominent airline partner, sees any ratio change, that signals a broader program restructuring. So far, United is untouched.
For now, the changes are real but not program-breaking. The Sapphire cards remain competitive. If you have been stockpiling points for Singapore Airlines, move them to KrisFlyer this month before the next adjustment. Lock in the current ratio while you still can.