Today's newsletter covers a crisis unfolding at airports nationwide, a game-changing partnership extension that benefits Chase Sapphire Reserve cardholders, and the complete roadmap for Bilt's transformation into a three-card powerhouse. We're also tracking Qatar Airways' puzzling exit from Cathay Pacific, Alaska's incredible award sale to Hawaii, and a UPS cargo crash that marks the worst U.S. accident in decades.

The government shutdown just hit your travel plans. Starting today, the FAA is mandating a 10% reduction in flights at 40 of America's busiest airports as air traffic controller absences reach crisis levels. Some facilities are reporting up to 40% of controllers calling out, forcing systemwide capacity reductions that will ripple across every major carrier.

Transportation Secretary Sean Duffy warned this could escalate further if the shutdown continues. Airlines will begin implementing mass cancellations immediately, though specific affected flights haven't been announced yet. If you have travel planned in the coming days, check your flight status obsessively and consider booking earlier flights as backup options while award space is still available. This situation could deteriorate rapidly as the weekend approaches.

While travel chaos unfolds, there's genuinely good news for premium card holders. Chase and Hyatt just renewed their partnership with benefits that actually matter. Starting in 2026, Chase Sapphire Reserve cardholders who hit certain spending thresholds will earn Hyatt Explorist status — that's confirmed upgrades, club lounge access, and late checkout at Hyatt properties worldwide.

The partnership extension also brings more Hyatt properties into The Edit by Chase Travel portal and expands the luxury hotel credits that Reserve cardholders can use. While Chase hasn't revealed the exact spending requirement for Explorist status, this represents a significant value add for a card many consider keeping purely for the Priority Pass membership and travel credits. More details will emerge as we approach the 2026 rollout, but this positions the Reserve more competitively against the Amex Platinum's Marriott Gold status.

Bilt just mapped out exactly how its transition from Wells Fargo to Cardless will work, and it's more interesting than expected. Instead of one card, there will be three versions launching February 7: a no-fee card, a $95 mid-tier option, and a $495 premium card. The revolutionary part? All three will earn points on mortgage payments, not just rent.

Current cardholders can choose their new card with no hard credit pull — a huge relief for those managing their credit profiles carefully. While Bilt hasn't revealed the complete earning structures or benefits yet, the mortgage payments feature could be transformative for homeowners who've watched renters rack up points for years. The transition happens automatically, but you'll have input on which tier makes sense for your spending patterns.

Speaking of opportunities that offset bad news, Alaska Airlines just dropped an award sale that makes Hawaiian getaways shockingly affordable. One-way tickets to Hawaii start at 7,500 miles, while West Coast flights within the mainland go for as low as 4,000 miles. This is exclusively for Mileage Plan members and represents some of the best pricing we've seen for Hawaiian redemptions this year.

The sale applies to travel on Alaska and Hawaiian Airlines flights, and availability appears decent across multiple dates. With Alaska miles transferring from Marriott Bonvoy at a 3:1 ratio and Bilt at 1:1, this creates genuine value if you've been stockpiling points. Given the current flight cancellation chaos on the mainland, escaping to Hawaii might sound even more appealing than usual.

In a move that caught the aviation world off guard, Cathay Pacific is buying back the 9.57% stake that Qatar Airways has held since their partnership began. The deal values the stake at HK$6.97 billion (roughly $896 million), representing about a 4% discount to the previous closing price.

What makes this puzzling is Qatar Airways' usual strategy of accumulating airline stakes for long-term strategic value. The timing suggests either Cathay Pacific wanted more independence or Qatar Airways needs cash for other investments. For frequent flyers, both airlines remain in oneworld, so award availability and partnerships shouldn't change. But this does signal shifting dynamics in Asian aviation alliances that could affect future redemption opportunities.

Wednesday evening brought devastating news from Louisville as a UPS MD-11 cargo plane lost an engine on takeoff, caught fire, and crashed. This marks the largest cargo or passenger aircraft crash in the United States in decades. The aircraft experienced catastrophic engine failure shortly after departure, with witnesses reporting flames trailing from the plane before it went down.

The MD-11, a three-engine widebody that McDonnell Douglas manufactured in the 1990s, has been gradually phased out by most carriers but remains in cargo service. While investigations will take months, the incident reminds us that cargo operations face the same risks as passenger flights, often with older aircraft still in service. Our thoughts are with the crew members' families and everyone affected by this tragedy.

Ending on a more hopeful note, Marriott Bonvoy just added The Halcyon Private Isles Maldives to its Autograph Collection portfolio. This 38-villa luxury resort spans two private islands — one with beachfront villas, another with overwater accommodations. Award nights start at 112,000 points, making it accessible if you've been banking Bonvoy points from credit card bonuses or transfers.

This represents Marriott's first Autograph Collection property in the Maldives, adding another redemption option to a country that's traditionally been dominated by independent luxury resorts. With Chase Ultimate Rewards, Amex Membership Rewards, and Bilt all transferring to Marriott, you have multiple paths to earn enough points for a Maldives villa. The resort opening comes at perfect timing for those planning winter 2026 escapes from the current travel chaos.

Between the government shutdown affecting flights, major credit card improvements, and new redemption opportunities opening up, this week is testing both our flexibility and our points strategies. Stay alert on flight cancellations, take advantage of the Chase-Hyatt benefits when they launch, and keep building your points balances for opportunities like that Alaska Hawaii sale and the new Maldives resort.

Before we wrap up, I wanted to share some timely opportunities I've been tracking (courtesy of our friends at AwardTravelFinder). These deals won't last long, so let's dive in.

Active transfer bonuses worth considering:

Airline programs: