From Onemileatatime

If you currently have The Hyatt Credit Card, you have the option of upgrading to this card, and they’ll even give you 2,000 points for doing so. That’s not a very generous upgrade offer, though at the same time the card’s perks are compelling, and a lot of people will want to upgrade.Existing Hyatt cardmembers aren’t eligible for this card. The terms state the following:

Earn up to 60,000 Bonus Points: The product is not available to either (i) current Cardmembers of any Hyatt Credit Card, or (ii) previous Cardmembers of any Hyatt Credit Card who received a new Cardmember bonus within the last 24 months.So you’re eligible as long as you don’t currently have a Hyatt Card, and haven’t received the new cardmember bonus on one in the past 24 months.