Chase Sapphire Preferred cardholders beware: Chase is now clawing back hotel credits on cancelled reservations and has quietly changed its Hyatt transfer ratio for new applicants — details you need before your next move. Japan Airlines has abruptly removed key award redemption options from its Mileage Bank program with zero warning, putting the prized US-to-Japan business class sweet spot in serious jeopardy. IHG's highest-ever bonus offers on the Premier and Traveler cards are expiring June 25th, with valuations topping $1,000 — but the clock is ticking fast. Delta just locked up Spirit's Atlanta gates in a $12 million bankruptcy deal, threatening to squeeze out competition at the world's busiest airport. Plus, United's brand-new Polaris suite aircraft is already heading back to Boeing for repairs, last-chance transfer bonuses from Chase and Citi are ending soon, and Marriott is welcoming 16 boutique Palisociety properties into Bonvoy.

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