Great question. Actually stay at Hyatt 25 nights per year. By spending $15,000 on the personal card I get 15,000 points and a 1-4 cert (12,000 points)

by spending $50,000 on the biz card most of it which is in a double points bonus category- I get 100,000 points. 10% back on award nights for up to 200,000 points is another 20,000 points. Category 1-4 cert at 30 nights is 12,000 points to me; 1-7 cert at 60 nights is 20,000 points; 20 night extra 2000 points for Hyatt place also redeemed.

so this is 154,000 points for spending $50k on the biz card and then 27,000 points for spending $15k on the personal. This is 181,000 points for spending $65k, or 2.78 cents per point.

If you value Hyatt points at 1.7 cents per point this is a 4.73% return- and I didn’t even impute the suite upgrade awards, late checkout, free parking, free breakfast, better rooms, waived resort fees. I typically redeem Hyatt points at 2.2 cents per point, so get even better value.

Only actually paid for two nights of the 25 stayed this year, rest are from ink points transferred over.

After hitting 60 nights, for every $20,000 spent I get 40,000 points (double category) and as a milestone reward (if calculated exactly) another 10,000 points. 50,000 points for spending $20k is 2.5 points per dollar, better than the ink unlimited at 1.5 points per dollar

BTW I’m also a churner and have been approved for about 10 new cards this year; hope this answers your question!