I worry less about the value of the points but the amount of spend that is required to get the redemption. So if $100,000 of spend gets me 200,000 UR and that same spend only gets me 150,000 MR, but I can get the same redemption, then the programs are equal, even if the points aren’t. This is why I never cared that much for SPG points—sure you could get cents/point redemptions with SPG points but you could only earn 1 SPG point per dollar spent. A year’s worth of spend could not get me a week at at a great hotel or pay for the flights to get there. I can easily earn enough UR or MR in a year for two roundtrip flights anywhere, or an amazing week at a Hyatt.

That said, Hyatt is by far the best transfer partner for “normal” people of any of the transferable programs. You can almost always get 2cpp and pretty easy to get up to 4cpp for a redemption, and you can always earn at least 1.5 UR per $1 spent, so we’re looking at 3% to 20% return on spend with a Freedom Unlimited 1.5 UR/$ or Freedom/Ink Cash 5 UR/$.