For over six months the Chase Hyatt Visa held the top spot on my rankings of best travel credit cards. Patty and I practiced what I preached – we both obtained and held the card for over three years. However, we both canceled our cards recently. Find out why in this post!
We Had Obtained Chase Hyatt Visas for Four Reasons
We primarily got the card for its lucrative signup bonus – 2 free nights at any Hyatt. That bonus can be worth up to about $1,200!
Second, we got the card because of its reasonable spending requirement. Whereas the spending requirement for some cards has risen to $4k or even $5k, the Chase Hyatt Visa typically requires only $1k of spending to get the signup bonus. [Nov 2016 update: Chase has raised minimum spending requirement to $2k.]
Third, we really liked that the annual fee was waived for the first year. [Nov 2016 update: Chase’s public offer no longer includes waiver of annual fee for first year.]
The fourth major reason we got the card: Upon renewal each year the cardholder gets a free night award for use at any Category 1-4 hotel. This more than offsets the $75 annual fee.
Free Night Awards from Signup Used at the Andaz Maui
We wasted no time in putting our signup bonus to use. Redeeming the signup bonus free nights – four total between us – at the Andaz Maui worked out excellent.
Rooms were going for about $350/night so we got a total value of $1,400 from the two signup bonuses.
The hotel was a great first “home” on our around-the-world honeymoon, offering us a chic, relaxing scene to unwind from the stress of the wedding buildup. Though we didn’t have much trouble securing nights at the hotel then, there are recent reports that redeeming free night awards at the Andaz Maui is now more difficult.
Anniversary Nights Got Us Free Rooms in St. Louis and Chicago
After our first renewal of the card we used our anniversary free night award at the Hyatt Regency St. Louis at the Arch. Our room offered a direct and beautiful view of the arch! Going rate at the time was $320/night so we got $640 of lodging for $150. Not bad at all!
Click for video…
We redeemed an “anniversary award night” from renewal of our Chase Hyatt Visa card for a night at the Hyatt Regency St. Louis. We were given a room on the top (18th) floor of the hotel. Here’s a video view of the room. What’s that at the end? Oh, that’s the Gateway Arch! Not a bad view for an almost free room!! This room is going for $320 and we essentially got it for $75 as that is the renewal rate for the Chase Hyatt Visa. #gatewayarch #hyatt #hyattregencyatthearch #hyattregency #stlouis #thearch #freenight #thehoneymoonguy #honeymoon http://thehoneymoonguy.com
We redeemed the anniversary free night awards issued in August 2015 in July of this year. This time we turned them in for a two-night stay at the Hyatt Regency Chicago. What would have been a hotel bill of about $500 was covered by the awards, essentially costing us $150.
Canceling Took Less Than Two Minutes
I called the phone number on the back of my Chase Hyatt and told the agent I was looking to cancel the card. She asked only one question and then processed the cancellation (without mentioning any retention offer).
Wait…Why Did I Cancel?
So why in the world did I just cancel the card I consider the best travel credit card around? Well, in a nutshell, because the card and its signup bonus is so good, I want to get it all over again!
I have visions of re-obtaining the card in a month or so, meeting the spend requirement and reaping two free night awards for any Hyatt! Two free nights at any Hyatt of course trump one free night at a cat 1-4 Hyatt. In fact I may be able to even get a $50 statement credit with a new Chase Hyatt in addition to the two free night awards!
It’s Over 24 Months Since I Received the Signup Bonus
Chase generally applies a 24-month bonus eligibility policy on credit cards. If you haven’t received a signup bonus for a given card within the last 24 months (and you don’t have that card open), you’re eligible for a signup bonus for that card again. This language is present on most, if not all, Chase Hyatt application pages.
The 5/24 Rule Doesn’t Seem to Apply to the Chase Hyatt Currently
Though there are some Chase cards I am unlikely to get approved for due to the 5/24 rule, the Hyatt card doesn’t seem to have been included into that group by Chase as of writing.
I’m Compiling Ideas for Use of Free Nights
If I get another Chase Hyatt card, Patty and I will try to balance two elements in using the card’s signup bonus: 1) maximizing value by staying at a high-end Hyatt and 2) choosing a destination that aligns with our interests.
I previously wrote about great uses of the free night awards. I’ll be thrilled if we can align vacation plans such that we stay at one of the properties on that list.
Wrapping It Up
By canceling my Chase Hyatt Visa at this time I’ve foregone a Category 1-4 room at the effective price of $75 but opened up the possibility of getting two free nights at any Hyatt for
no direct cost that same $75 (the $1k $2k I spend to earn that signup bonus could instead go onto a 2% cash back card, earning me $20 $40).
So at first glance it looks like I’m trading up to the two free nights at any Hyatt for an opportunity cost of a mere
$20 $40! If I can get the Chase Hyatt Visa offer which includes a $50 statement credit I’ll actually be netting $30 $10in addition to the two free night awards!
I’ll report back soon on whether or not I am approved for another Chase Hyatt Visa! [Nov 2016 update: After Chase weakened the signup offer for the Chase Hyatt I put my plans to reapply on hold for the moment.]
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Do you have the Chase Hyatt Visa? Have you churned it? Share your thoughts in the comments below.