What happened
World of Hyatt is implementing significant changes to its program economics. First, the award chart has been devalued, with top-tier properties now costing up to 67% more points. Second, the transfer ratio from Chase Ultimate Rewards to World of Hyatt is changing from 1:1 to 4:3. This new ratio applies to all Chase cards except the Chase Sapphire Reserve (both personal and business versions). These moves are part of a broader strategy to increase EBITDA from its credit card partnership with Chase, aiming to more than double profits from $50 million to $105 million between 2025 and 2027