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Earlier this month, we broke the news that Hyatt would be devaluing its popular Points + Cash awards, a move that was confirmed by the program a few days later. This update is set to be implemented tomorrow, Thursday November 1, so today is your last chance to lock in stays using the current Points + Cash chart.

As a reminder, here’s what those award rates are today:

And here’s what they’ll be as of tomorrow:

This award option used to be terrific when revenue rates were high, since the cash copay was fixed. It didn’t matter if a Category 5 property was advertising rooms for $300 or $600 per night; you would spend 10,000 points + $125 in either scenario. Starting tomorrow, however, the cash amount for those stays will become 50% of the standard rate.

If you’re planning a Hyatt stay in the next year and were hoping to use Points + Cash, I’d go ahead and make a speculative booking, even if you haven’t finalized the details. These reservations should be completely refundable, so you won’t have to worry about losing your points if the trip falls through. And if you need to top up your account, remember that World of Hyatt is a transfer partner of Chase Ultimate Rewards.

Of course, after tomorrow I’d continue to watch the paid rates for any stays previously booked using Points + Cash. If the standard rate for that room drops below 2x the flat copay you’ve booked, you should be able to call and adjust the reservation to the lower cash amount, though in that case you might want to consider simply paying cash for the room and saving your points for a full award redemption.

Bottom Line

The changes to Hyatt’s Points + Cash awards hurt. Even though the program is opening up additional award options for premium suites, this particular redemption was a way to get outsized value from your Hyatt points. Today is your last day to book these award stays at the current rates, so act now before you’re forced to pony up more cash for your next trip.

Featured image courtesy of Park Hyatt Tokyo.

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