Chase announced the launch of a new Hyatt small business card, which will offer an exclusive bonus for earning elite status. The card also offers a higher annual fee than most other cards in its category, but it comes with strong perks and benefits that make it worth the price.
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There is a new World of Hyatt Business Credit Card, as rumored. I’m a big fan of The World Of Hyatt Credit Card, so I was excited to see what they came up with for a small company card.
Although the Hyatt program is smaller than many of Chase’s co-brand partners, it punches above its weight since it is a strong program with loyal members. A tiny business card will be a small piece of the pie of a smaller program. However, Chase has been ready to take on smaller portfolios — the Air Canada U.S. credit card will be available shortly, and they are also launching an Instacart card.
It’s feasible to truly target what a tiny set of customers desire by narrowcasting, providing items that the group appreciates without having to invest money to create a card that works well for everyone. To put it another way, it should be able to provide more subjective value for less money. As I entered an event sponsored by Chase and Hyatt to introduce the card, such was my state of mind.
Amy Weinberg, Senior Vice President of Hyatt, and Ed Olebe, President of Chase Co-Brand Cards,
Bonus at the Start
The World of Hyatt Business Credit Card offers the largest points-based welcome bonus of any Hyatt card I’ve seen: 75,000 points after $7500 in spending within three months of account creation.
In addition, cardholders who apply before December 31, 2021 will get a one-year Headspace mindfulness and meditation membership for free ($69.99/year value). It’s not my thing (I last closed my eyes and sat for a few minutes in September 1996), but it may be useful to others.
Because small companies spend more, and acquiring a company that utilizes the card is important and worth the up front investment, small business cards typically offer larger up front incentives – with higher up front expenditure criteria to receive those bonuses. Ink Business Unlimited® Credit Card and Ink Business Cash® Credit Card offers 75,000 points, which is comparable to Chase’s offer.
The card provides 4 points per dollar spent at Hyatt hotels, 2 points for health club and gym memberships, and a “adaptive accelerator,” which changes every quarter to match where you spend the most.
Dining; airline tickets purchased directly with the airline; car rental agencies; local transit and commuting; gas stations; internet, cable, and phone services; social media and search engine advertising; and shipping are the top three of eight categories you spend the most in each quarter until December 31, 2022.
The card will begin awarding 2 points per dollar in the top two of those eight categories in 2023. As a result, you could consider the third bonus category to be a subset of the first bonus category, or an extra up-front investment they’re making to expand their client base from the ground up. As the third incentive category fades away, Hyatt Senior Vice President Amy Weinberg predicted that new promotions will be layered on top.
The “adaptive accelerator” is a first for Chase, and it comes on the heels of the American Express® Business Gold Card, which offers 4 Membership Rewards points on the two categories where your company spends the most each month: airfare purchased directly from airlines; U.S. purchases for advertising in select media; U.S. purchases at gas stations; U.S. purchases for shipping; U.S. computer hardware, software, and services.
In these areas, the Hyatt small business card gets two points per dollar vs four points with Amex, but there is no earning limit (Amex offers bonus points on the first $150,000 in qualifying expenditure).
Achieving Elite Status
The card does not immediately come with any elite nights. It does, however, provide the first tier of World of Hyatt status (Discoverist), as well as the option to give up to five Discoverist statuses (status recipients do not need to be authorized cardmembers on the account).
Discoverist level entitles you to a 10% bonus on Hyatt points earned; MGM M Life Pearl status match (free self-parking, buffet line); and late checkout outside of resorts until 2 p.m. In my opinion, one of Hyatt’s two main flaws is that, although its top tier Globalist status is the best widely accessible hotel elite status, its lower tiers aren’t competitive. Discoverist just refers to a check-out time that is a little later than usual.
However, spending on the card for elite status is more profitable than spending on the World Of Hyatt Credit Card (which gets two elite night credits for every $5000 spent).
Each $10,000 spent on the World of Hyatt Business Credit Card in a calendar year gets you two elite qualifying nights. That’s a 25% increase in elite credit every $10,000 spent, but you’ll have to spend more to get it than when elite nights are given in $5000 increments.
Additional Important Advantages
Cardmembers get $100 in Hyatt credit in the form of two $50 statement credits each anniversary year (spend $50 or more at a Hyatt hotel and receive a $50 statement credit up to two times per anniversary year).
Cardmembers who spend $50,000 or more on the card in a calendar year are eligible for a 10% refund on points redeemed for the remainder of that calendar year. Amy Weinberg confirmed that this refund would stack with Hyatt’s unofficial yearly redemption rebate offers, which have been running for the last half-decade. Additionally, don’t expect this to take the place of those, as she said that we’ll “continue to see yearly points back incentives.”
This will incentivize putting spend on the card early in the year, while it is typically more practical to put spend on a card for elite status later (after you know how many elite nights you need). That’s because the refund is only available after your $50,000 expenditure has posted, but before the end of the year. The refund, however, has no limit, and Chase Ultimate Rewards points move to Hyatt. You’ll receive 100,000 points back if you spend a million points on a stay before the end of the calendar year after qualifying for the refund.
The Hyatt Leverage program is a small business room discount program that offers legitimate savings on stays (often cheaper than the member advance purchase rate or the AAA rate without advance purchase). The program’s terms state that you must credit 50 nights per year to remain in the program, so having the card is a great way to access it at a lower volume because the 50 night requirement is waived for cardmembers.
Premium Chase cards, unlike many Citi and Barclays products, still come with robust safeguards, and this one does:
- Collision damage waiver and free roadside assistance are included in the rental vehicle price.
- Purchase protection as well as extended warranty protection are available.
- Insurance for trip cancellation and interruption, as well as travel and emergency support services
There are no international transaction costs, of course. Chase has known for a long time that when people go overseas, they don’t use credit cards with foreign transaction fees. When customers return to the United States, such cards are less likely to return to the top of their wallets.
This is a well-rounded, high-value little business card. Of course, the card is unquestionably worthwhile; the first bonus offer alone is well worth $1000.
Although I like to consider in terms of who this product is ideal for, and that is someone wanting to achieve Hyatt status via credit card spending, since the card awards elite nights quicker than the consumer co-brand.
The yearly cost for the card is $199. There are no yearly category 1-4 free nights to justify maintaining the card on its own. However, for Hyatt customers, the $100 in statement credits each anniversary year covers about half of the second year’s charge and beyond. Those who spend for status will almost certainly get the 10% rebate on redemptions, and if you redeem 71,000 Hyatt points and receive 7100 points back, you’ll cover the other half, according to my most recent Hyatt point valuation.
Small companies who utilize Hyatt may save money just by staying in the Leverage program. Chase’s own Ultimate Rewards cards can often give you more points for your spending, and points earned on their premium cards may be transferred to Hyatt or other program partners.
Expect Chase will only accept those who haven’t opened more than five new credit cards in the previous 24 months, but this card won’t go against your “5/24” total.
More From the Wing’s Perspective
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