Obviously, we consider this as a major devaluation of this once dominating player in the high-end card market. It drops out of the Top 10 Best Card for Rewards (previously #9; our valuation of TY points earned from Citi Prestige has gone down from 1.6 cpp to 1.5 cpp, as the flexible feature that allows points to be transferred to frequent flyer programs such as Cathay Pacific, Singapore, Flying Blue, Etihad, etc. remains untouched). Citi Prestige's position on the Top 10 Best Cards for Perks also changes from #3 to #7. As a result, even the increased signup bonus doesn't prevent Citi Prestige from dropping one position on our Top 10 Best Credit Card list, surpassed by U.S. Bank Altitude Rewards.
At the same time, another Citi card - ThankYou Premier is gaining ground with the increased signup bonus from 30K to 50K. ThankYou Premier is now #4 Best Credit Card by Dr. Credit Card, right behind its big brother.
Here are the snap shots of our Top 10 list before and after the changes.
In the past, Chase Hyatt Visa's bonus was considered extremely lucrative, as you may redeem free night certificate toward the most expensive properties that are consistently retailed for at least $800 per night (Park Hyatt New York, Park Hyatt Paris-Vendôme, Park Hyatt Milan, Park Hyatt Maldives Hadahaa, Park Hyatt Sydney, and the soon opening Park Hyatt St. Kitts). The following hotels are also great alternatives and they mostly retail for at least $400-$700 per night: Park Hyatt Zurich, Park Hyatt Vienna, Ararat Park Hyatt Moscow, Park Hyatt Changbaishan, Palacio Duhau - Park Hyatt Buenos Aires, Park Hyatt Tokyo, Andaz Tokyo Toranomon Hills, Andaz New York 5th Avenue, Andaz Maui at Wailea Resort, Andaz Mayakoba Resort Riviera Maya, Hyatt Carmel Highlands, Hyatt Zilara Rose Hall, and Hyatt Ziva Rose Hall. These are either Hyatt's Category-7 (requiring 30,000 points per night) or Category-6 (requiring 25,000 points per night) hotels. So the previous signup bonus can be considered as worth 50,000 - 60,000 points with a caveat that the free night certificates expire after 12 months of issuance. The current signup bonus is obviously smaller at 40,000 points, but you do have the flexibility of using them at any time of your choice and also at any Hyatt hotel of your choice. The bottom line? The previous bonus of two free nights are obviously worth more when you redeem them towards aspirational properties within a year, and the current bonus of 40,000 points offers more flexibility.