Hyatt launched a revamped World of Hyatt credit card Thursday morning. Among new perks and earning categories outlined earlier, new cardholders qualify for up to 60,000 bonus points after spending $6,000 on the card.
Existing cardholders don’t automatically qualify for the card, though, according to Chase President of Co-Brand Cards Leslie Gillin. Instead, they qualify for 2,000 bonus points if they upgrade to the new card, which costs an extra $25 per year.
Cardholders won’t be allowed to hold both cards, per Gillin, however those who cancel their original Hyatt card can re-apply for the new card, and would qualify for the bonus.
“If they close, they can re-apply, but it’s not a fait accompli that they would be approved again,” Gillin said.
Those who don’t want the new card (though it is, in most ways, a better card) can keep the old card and continue paying the $75 fee.
Chase’s restriction on five new cards in 24 months will apply to the new card, meaning those who have been approved for five new Chase card sign-ups in the past two years may get rejected, but Chase has not expanded the program as of card launch.
“We want to discourage gaming behavior. It prevents us from offering the bonuses and rewards to other cardholders,” Gillin said.
While 60,000 bonus points is an attractive lure to attempt a new application, existing cardholders will have to decide themselves whether they want to face losing their Hyatt card or having to negotiate with the bank to get one again.