I was for a Hyatt point earning credit card last time this topic came up, but I think I'm changing my stance this go round. With all the FF/hotel programs recent (or rumored upcoming) devaluations, frankly I'd rather not have all the big credit card spenders racking up huge Hyatt GP point balances and then cashing them in for free nights. The more I think about it, the more I figure this flooding the market with points has to be somewhat correlated to program devaluation. SPG is rumored (actually confirmed by Starwood Lurker) to be about to undergo a big time ~25% devaluation. I hafta believe that is somewhat due to everybody earning boatloads of points on their SPG Amex cards and then everybody wanting to cash in (although it doubly stings SPG that they have no capacity controls on their free hotel award nights, that could play a huge part in it). But frankly, I'd rather see my current ~300K GP points actually be worth something in 3 years and I'd like to be able to actually use them for a free room rather than have the opportunity to earn more points through CC spending and have to jump through hoops to redeem the GP points as is the case with most FF airline miles.