This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.

We’re learning of some disappointing news from Chase and Hyatt today. Effective June 29, 2017, the Hyatt Credit Card sign-up bonus will be dropped from two free nights at any Hyatt property in the world to 40,000 points after meeting the required minimum spend.

The Hyatt Card currently has a sign-up bonus of two free nights after spending $2,000 in the first three months of account opening. That bonus has the potential to be extremely valuable, as the two nights can be used at any Hyatt hotel or resort in the world. When rates at some properties — like the Park Hyatt New York — exceed more than $1,000 per night, the two free nights bonus presents tremendous value.

However, as of June 29, that bonus will be changing to 40,000 World of Hyatt points after spending the same $2,000 within the first three months. Based on TPG’s most recent valuations, 40,000 points are worth $720. So, while the points you earn from signing up and bonus points you’ll earn from meeting the minimum spend will still put you well on your way to a Hyatt redemption, which start at 5,000 points per night, the two free nights offer potentially more value, since Hyatt’s top hotels require 30,000 points per night.

Other card features will remain intact, though. You’ll still earn 3x points on Hyatt purchases, 2x points at restaurants, airline tickets purchased directly from the airline and at car rental agencies and 1x points on all other purchases. In addition, you’ll continue to get a free night at any Category 1-4 property every year as long as you’re a cardholder, complimentary Discoverist status and there will continue to be no foreign transaction fees. Essentially, the only change with this news comes in the form of its sign-up bonus.

If you’ve been thinking about signing up for the Hyatt Card, it could be best to apply by next Wednesday, June 28, in order to take advantage of the two free night offer. Keep in mind that the Hyatt card doesn’t appear to fall under Chase’s 5/24 policy. Overall though, it’s nice of Chase and Hyatt to give potential new cardholders a bit of notice so you can plan in advance and ensure you’re able to get the two free nights if that’s what you’d prefer. Of course, if you think the 40,000 points present more value for your situation, it’ll be worth waiting a bit until that sign-up bonus becomes available on June 29.

Featured image of the Park Hyatt Aviara courtesy of Hyatt.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.