It's a paradox, but the best time to get an assured "deal" (discount) is when a program announces a devaluation. In 2008, I booked several UA international tickets in "C" for 2009, before the price went up from 80,000 to 105,000 on 1/1/09. In light of the oncoming train, I thought that that was the best I could do. Still no regrets.

I am impressed with how Hyatt is easing this one in. It's far from a "gotcha". We have until June to do a big burn with reservations that are as far as a year out at the new "old" rate, if we so choose, and until September to move those award stays all over the board. That means, if I'm not mistaken, that we can re-book what we have on the books for as late as August 2011. Unlike airline tickets, we can cancel the reservation without penalty (except those points becoming worth less).

I won't be thanking Hyatt for this one. If a devaluation was necessary, and I could still debate either side of that... But anyway, if one was coming, I can't think of too many gentler ways to implement it. For that, thank you Hyatt.

My point? To the extent this raises our angst, time to get to work.