[Update 5/15/12] There is a slightly better offer out there for the Hyatt Visa - two free nights plus $75 statement credit. Note that the 1st annual fee is still not waived, so essentially this credit offsets the annual fee.
The landing page (DEAD)
[Original Post 7/15/11] Chase Hyatt Card offers two free nights at any Hyatt hotels including the high-end Park Hyatt as the signup bonus. The nightly rate could be as high as $500 to $1,000. Bear in mind that you have to pay the $75 annual fee up front. The other way to look at this is that two nights means as much as 44,000 Hyatt points since the top-category Hyatt hotels require 22,000 points per night. Current Hyatt Platinum and Diamond members can get better signup offers. Please see our review on Chase Hyatt Visa for details.
The landing page
The application page