How Should I Adjust My Points Strategy After the Bilt and Chase Hyatt Devaluations?

The short answer: if you are a Hyatt loyalist, you now need to earn 33% more points for the same award night. Bilt's change takes effect January 1, 2027, so you have until the end of this year to transfer any existing Bilt points to Hyatt at the old 1:1 ratio. After that, 1,000 Bilt points will get you only 750 Hyatt points. The same 4:3 ratio already applies to many Chase cards (like the Sapphire Preferred and Ink Business Preferred) as of October 1, 2026, but Chase Sapphire Reserve holders still get 1:1. There is no similar carve-out for any Bilt card, including the top-tier Palladium card.

What you can do now: if you have a large Bilt balance and a Hyatt booking in mind, consider transferring before the deadline. But do not transfer speculatively—Hyatt points cannot be moved back to Bilt, and Bilt still transfers 1:1 to other partners like Alaska, Avios, and Virgin Atlantic. If you hold a Chase Sapphire Reserve, keep it as your transfer card for Hyatt; if you hold a Sapphire Preferred or Ink Business Preferred, you may want to consider whether the annual fee is worth it given the worse ratio.

Looking ahead, the sources note that Hyatt appears to be pushing for higher margins across its partnerships. This could mean more devaluations or changes. Diversifying your points across programs (e.g., Bilt's other 1:1 partners, or programs like American Express Membership Rewards that still transfer to Hyatt at 1:1) might reduce your risk. However, the sources do not indicate whether American Express or other transferable currencies will follow suit—so keep an eye out for future announcements.