Originally Posted by
conde
One can accumulate Hyatt points through stays and also the Hyatt CC. The Hyatt CC offers a competitive if not superior value proposition to the Chase Sapphire Reserve and other UR earning channels if redeeming for Hyatt. The Hyatt CC's annual Cat 4 free night cert, free Discoverist status, and MLife Pearl match (I am Explorist without the card, however the Hyatt card's status provides that additional value) more than makes up for better bonus earn on the Chase Sapphire Reserve. I have no desire to utilize any other of the Ultimate Rewards transfer partners.
I can't disagree with your assessment of your situation. Value can be extracted from the Hyatt CC or any other card but that's not the subject of this thread/side discussion - subject is UR value.
Also, holding a UR earning card slightly changes the value proposition of holding the Hyatt CC (ot sure if it even does but I suppose a case can be made).
The value of a flexible currency still lies in the redemption ability in the underlying partners. On a basis to state universal value, at best I would value the flexible currency at the value of the highest rated partner. To be conservative, perhaps the value could be aggregated. I would never rate the flexible currency's value higher than any single transfer partner because that redemption value would never be realized. In the case of Ultimate Rewards, I don't see the rationale to rate the value at ~2.1~2.2 cents per point. I would rate UR ~1.8 cents per point, about the same as I value Membership Rewards.
Oddly, your valuation of UR at ~1.8 is greater than your valuation of Hyatt at 1.6-1.7 despite your statement that you value the UR at the value of the highest rated partner, which in your case is Hyatt since you have no desire to transfer elsewhere.