Agree that “not really a good SUB” and “Hyatt card never has a good SUB”.

Shouldn’t assume, makes an A-- out of U and ME . “Each Free Night Award is valid for one (1) night in any available standard room within 12 months from issuance at Hyatt hotels and resorts that are designated as Category 1 through 4 under the World of Hyatt program.”

But, for those chasing Hyatt status the card is desirable in that it earns more points on Hyatt purchases and earns other desirable Hyatt benefits. Personally, I’ll apply (again) in early September to meet all SUB minimum spends with an estimated tax payment or charitable donation. For my previous Hyatt personal card (April 2023 - July 2025), used only for SUB minimum spend and then Hyatt charges, I earned ~150k Hyatt points, ~30 TQN and 4 FNA. Fingers crossed that in a month Chase will approve my 3rd (personal) since COVID and 8th (2 biz) overall Hyatt CC.

Current offer is 2 FNA/$4k/3 months plus 25k/$12k/6 months, prior offer was 30k/$3k/3 months plus 30k/$15k/6 months (quote below from prior thread WikiPost). To me current offer is marginally better than prior offer in that total spend for all SUB is $3k lower and I don’t see the “normally earn 1 Bonus Point” limitation on 2nd tranche* SUB spend. 1st tranche SUB spend threshold is minimally different and I can easily leverage 2 Cat 1-4 to more than 30k. Most of my Cat 1-4 are redeemed at a ski resort @ 18k each so this SUB to me is effectively 61k vs prior 60k with $3k less overall spend.

(2 years ago I chose to spend an additional $1k on the card because even though a donation to Jewish War Veterans coded via Square as "Fitness Centers & Gyms" and thus earned 2x, it did not count toward 2nd SUB tranche and to me “it’s all about the SUB” and thus I invariably want to maximize a SUB.)
(* Dictionary, Definitions from Oxford Languages: “tranche”, noun, a portion of something, especially money.)