I haven’t applied for a Chase card for myself in a while. 8 months to be exact. This is primarily due to the fact that I am well over 5 cards in the past 24 months. This means there are quite a few Chase cards that I am not eligible for. However, the Chase Hyatt card is one of the few cards that is not currently under the 5/24 rule.
Finding the Best Offer
I searched the Chase website and found this offer:
It’s basically 2 free nights + 5,000 Hyatt points for adding an authorized user.
I also got onto Hyatt’s website and pretended like I was going to book a hotel. On the reservation confirmation page, it provided the following credit card offer:
This signup bonus offer was for 2 free nights + $50 after your first purchase.
Now which one did I chose? I ended up going with the 2 free nights + $50. Now I realize that 5,000 Hyatt points are probably worth around $75 if you find the right redemption. However, I didn’t want to go through the hassle of adding an authorized user. I also liked the idea of offsetting the $75 annual fee with a $50 credit. Making this a net cost of $25.
There’s nothing quite like the moments after you hit the APPLY button. It’s kind of nerve-racking. I hit apply and it redirected me to this lovely screen:
I miss the days of auto-approval, but I guess this is what happens as you get more into the hobby.
Phone Call with Chase
I immediately picked up the phone and called Chase’s lending services department. A customer representative picked up right away and asked for some information so she could pull up my application. She noted that it was pending and asked to put me on hold while she reviewed it.
It took about 4 minutes before she came back on the line. She noted that at this time they couldn’t approve me for any additional credit. However, she offered to move some of my existing credit line on one of my other credit cards to open the new one. Of course I was happy to do this since there are a couple cards that I use sparingly since meeting the minimum spending requirements. She asked to put me on hold again while she processed it. After another 4-5 minute hold, she came back and said she was able to create the new account with the reallocated credit. Yay!
My plan for the free two nights is to use it at the Park Hyatt Tokyo, which would normally cost $500-600/night. This makes the signup bonus worth around approximately $1,000-1,200.
I will also probably keep this card for the long-term. Primarily due to the fact that it offers an annual free night at a category 1-4 hotel. These hotels can cost anywhere from $75-175/night so therefore the annual free night kind of pays for itself. There have also been some pretty good spending bonus offers on the Hyatt card. This will probably be my last Chase credit card application for a while.