The most heated discussions erupt over choices where the options are nearly equivalently valued. Personally, I value Hyatt points at 2c/point, and so 5k points = $100. I think it's right that you can find better redemptions and worse redemptions, depending on where you stay. And points or cash may be more useful, depending on how many points you already have. So having the choice is a fantastic perk where Hyatt may not actually care what people pick. I still think a noteworthy upside of the gift card is that you can use it for all Hyatt spending, whereas points can only be used for stays. So if you want to get dinner at the hotel, or go for a spa treatment, you have a good redemption option for the gift card.