Something quietly shifted in the loyalty world four days ago, and the full impact is only just coming into focus.

Hyatt's new five-tier award pricing went live on May 20th. We flagged the change when it launched, but now there's actual data - 19 specific properties with before-and-after numbers. And for some hotels, the jump is significant enough to change whether a redemption even makes sense anymore.

That's our lead today. Plus: Citi's 48-month rule has a detail that trips up a surprising number of people, Hilton wants you to register for their summer promo, and there's a buy-points deal closing tomorrow that's worth a quick look.

Hyatt's new award pricing model introduced in May 2026 expanded from how many tiers to how many?

The answer is waiting near the bottom of today's newsletter... keep scrolling. 👇

Hyatt gave members months of warning before the May 20th switch from a 3-tier to a 5-tier award pricing model. The new structure adds 'Upper' and 'Top' date categories that sit above the old Standard and Peak buckets. In theory, you'd see these premium prices only on the most in-demand dates.

In practice? A look at 19 popular Hyatt properties shows the damage ranges from modest to painful. Some properties stayed flat on off-peak dates while Upper and Top dates climbed by 5,000 to 15,000 points per night. Others saw increases across the board.

The key takeaway: if you're booking a Hyatt property for a popular weekend, holiday, or major event, assume you're looking at Upper or Top pricing unless you search the calendar carefully. Off-peak dates at mid-tier properties often remain solid value - but you have to hunt for them.

If you want to stress-test a specific redemption, the Hyatt Points Calculator is your fastest starting point for working out whether cash or points wins on any given night.

Hilton Honors has opened registration for its Summer 2026 global promotion, branded 'More Nights, More Points.' The structure is straightforward: earn bonus points for qualifying stays during the promotional period.

The honest take? This promotion is fine but not exceptional. Hilton's global promos have gotten noticeably less generous over the past couple of years compared to their earlier stacking opportunities. That said, if you're planning Hilton stays this summer anyway, leaving points on the table by skipping registration makes no sense.

Register before your first qualifying stay - points won't be credited retroactively. The registration process takes under two minutes on Hilton's website or app.

One angle worth considering alongside this: Amex Membership Rewards is currently running a 20% transfer bonus to Hilton Honors through May 30th. And Hilton is offering a 100% buy-points bonus through May 29th at 0.5 cents per point. If you're topping up your Hilton balance ahead of summer stays, this week is the window to do it before both deals close.

If Etihad Guest miles are on your radar, this is the last call. The current buy-points offer runs until May 24th - that's tomorrow - giving you a 35% discount at roughly 2.08 cents per mile.

Etihad miles shine brightest for business and first class redemptions on Etihad metal, and they partner with some useful airlines for award space. If you have a specific redemption in mind and need to top up, don't wait until tonight.

You can check current award availability through the Etihad Award Seat Finder before committing to a purchase.

Citi's bonus eligibility rule is deceptively simple on the surface: you can't earn a welcome bonus on a card if you've received a bonus on the same card - or a card in the same family - within the past 48 months.

Here's the part that trips people up: the 48-month clock runs from the date you received the previous bonus, not from when you closed the account. So closing a card early doesn't reset your eligibility timer. You're still locked out until 48 months have passed from the bonus posting date.

The flip side: Citi doesn't have a hard cap on how many of their cards you can hold simultaneously. Unlike Chase's 5/24 rule, Citi's restrictions are primarily about bonus eligibility within card families rather than total card count. If you're planning around a Citi AAdvantage card or a Citi Premier application, pull up your records and check exactly when that last bonus hit your account.

Two transfer bonuses worth flagging before they disappear. Chase Ultimate Rewards to Air France KLM Flying Blue is offering a 20% bonus through May 27th - that's this Tuesday. If you're sitting on Chase points and have a redemption in mind through Flying Blue (Paris, Amsterdam, or any of their wide partner network), transferring now gets you 20% more miles for the same spend.

Also running: Capital One Miles to Qantas Frequent Flyer at 20% through May 31st. Qantas miles are useful for Oneworld redemptions including Qantas metal to Australia and partner awards. If you've been building Capital One miles, this is a reasonable window to move some over.

The full picture of active transfer bonuses is tracked at our Transfer Bonuses page if you want to see everything in one place.

Award Travel Finder has been spotting some strong Flying Blue redemption windows this week if you want to check availability before you transfer.

Air India officially opened its new Maharaja Lounge at San Francisco International Airport yesterday, May 23rd. It's the airline's first signature lounge outside India, and it's located near the A Gates in SFO's international terminal.

This is part of Air India's broader premium overhaul since the Tata Group takeover. SFO is one of Air India's key international gateways - it operates nonstop service to Delhi and Mumbai - so a dedicated lounge there makes strategic sense. The arrival of a purpose-built lounge beats the generic contract lounge experience that Air India passengers previously had to settle for at SFO.

If you're flying Air India through SFO and want to scope out what lounge access options look like before your trip, Airport Lounge List has the complete directory.

The answer is 🅱️ - 3 tiers to 5 tiers. Hyatt's original award chart had three pricing tiers (Standard, Peak, and Off-Peak). The new model introduced in May 2026 expanded to five tiers, adding Upper and Top date categories that carry the highest point costs. The biggest price jumps tend to appear on weekends, holidays, and high-demand travel periods at popular properties.

Hyatt's new pricing is live and the numbers are real now - are you still finding value in World of Hyatt redemptions under the new 5-tier model, or has this pushed you toward a different hotel program? Hit reply and tell me what you're seeing. I read every response.

That's it from me today. The Hyatt situation is one I'll keep watching - the actual impact on redemption value won't be fully clear until we see a full summer of booking data under the new structure. But the early numbers on those 19 properties give us something real to work with.

Don't forget: Etihad buy-points closes tomorrow, Hilton's 100% buy-points bonus closes May 29th, and the Chase to Flying Blue transfer bonus closes Tuesday. A few short windows worth acting on if any of those fit your plans.

- Jack

These are the top credit card welcome bonuses we're tracking. Offers change frequently - see all cards.

1. The Platinum Card: 175,000 points after spending $12,000 in 6 months ($8.95/yr)

2. Hilton Honors American Express Aspire Card: Earn 150,000 Hilton Honors Bonus Points after you spend $4,000 on purchases in y... ($5.5/yr)

3. Chase Sapphire Reserve: 150,000 points after spending $6,000 in 3 months ($7.95/yr)

The Award Travel Finder team has been tracking these redemptions - here's what stands out:

Hotels:

Status Matches & Challenges:

• Flying Blue Status Match - Air France / KLM | SkyTeam

• Flying Blue UK (BA Status Holders) - Air France / KLM | SkyTeam

• Flying Blue (Iberia) - Air France / KLM | SkyTeam

Live Transfer Bonuses:

Buy Points & Miles Deals:

Full live tracker → milesandpointsdaily.com/buy-points-promotions

Browse every award deal we track at AwardTravelFinder.com →

Friday Flight Deals finds the best flight deals when paying cash beats using points.

Browse all deals at FridayFlightDeals.com →