Why only MC/Visa? Why won't you even consider the Starwood AMEX card. Hard to beat for hotel stays. They have a Cash & Points options that will allow you to get a ton of hotel visits.

In terms of redemptions, I find the new Hyatt card to be great. You'll get two free nights for signing up (at ANY Hyatt) and the points per night for Hyatt are among the lowest. I have so many Starwood points that I am switching to using the Hyatt card now but truly, the Starwood AMEX is the first choice of many knowledgeable people.