Can Chase Saphire claw back rewards points after I've already transferred them to one of its partner programs (such as Hyatt)?

The reason I ask is that I called Chase to see if I can be bumped up to the 70k bonus (I signed up for the 40k bonus an month ago, and just hit the $3k spend mark). The representative told me- and it seems a bit strange but I'll accept it for the time being- that I can get the new bonus by cancelling my current card and then re-applying.

Assuming this is true, my plan would be to wait until the 40k UR points hit my account, transfer them to a partner program, and then cancel and re-apply.