Originally Posted by Boraxo

Not easy to do under any program.

But compares SPG v. Hyatt v. Marriott (old vs. new):
Under prior program 30k SPG = 30k Hyatt in the sense that 30k was enough for 1N at the top properties. So $1 charged on SPG had the same value as $1 charged on Hyatt (though I think Hyatt did not have the 25% discount on 5 nights). Marriott top properties were 45k points (70k if you count RC) so $1 charged on Marriott card had much less value - in fact made no sense to use a Marriott card once points could be freely transferred with SPG.

Under new program $30k on SPG Amex = 60k Marriott points, which won't be enough for top properties in 2019. But 30k still gets top level room on Hyatt.

Now compare $30k on 2% cash back card = $600. If your room rate (with tax) is <$600 you are better off buying the room (and earning the points). Obviously won't work in peak season in Aspen and Venice but there are many times when $500 will buy a room at Park Hyatt Tokyo or NYC properties. Just sayin...

I defer on valuing the option for airline transfer - just not of interest to me as I have plenty of miles and never enough hotel points.