Two loyalty programs quietly raised award prices this week. One gave you a date. One gave you less than five weeks. Both are worth acting on before the windows close.

There's a lot happening in the points world right now - and some of it is genuinely time-sensitive. Let's get into it.

Which World of Hyatt category will see the biggest percentage price increase under the new May 20th award chart?

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

Here's the number Hyatt doesn't want you to focus on: 67%. That's how much award prices are increasing at the high end of the new chart, which takes effect May 20th at 9am EDT. The program is moving from a three-tier to a five-tier structure within each category, and while Hyatt has framed this as adding "flexibility," the math tells a different story.

What makes this particularly painful is the timing. On the exact same day the new award chart kicks in, Hyatt is also reshuffling 136 hotel categories. So you're not just dealing with a new pricing structure - properties are moving tiers at the same moment. A hotel that looked like a Category 5 this week could effectively become a Category 6 or 7 under the new system by the time you try to book.

The "good news" Hyatt is spinning - that some properties are moving down in category - barely holds up under scrutiny. Many of the supposed price drops are marginal, and the overall direction is clearly upward. If you have Hyatt points sitting idle and have been eyeing a specific property, the time to lock in a booking is before May 20th.

Use the Hyatt Points Calculator to sense-check your redemptions before and after the change - the difference on a five-night stay could be substantial.

For all our Hyatt coverage and strategy, check out our dedicated Hyatt stories page.

While everyone has been focused on Hyatt, Air Canada's Aeroplan program slipped in its own devaluation announcement. Effective June 1st, long-haul business and first class partner awards are getting more expensive - and some of Aeroplan's most prized redemptions (think Star Alliance partners in business class across the Atlantic or Pacific) are taking a direct hit.

Here's where the timing gets critical. Chase Ultimate Rewards is currently running a 20% transfer bonus to Aeroplan, ending April 30th. That means if you transfer Chase points to Aeroplan before midnight on the 30th, you get 20% more Aeroplan points - AND you lock them in at pre-devaluation rates for any bookings you make before June 1st.

That's a double window: a bonus that boosts your balance, and a pricing structure that hasn't gone up yet. If you've been sitting on Chase points and have been eyeing a long-haul business class redemption through Aeroplan - this four-day window is genuinely worth acting on. Check all current transfer bonuses at the link below.

Also worth noting: Air Canada just took delivery of its first Airbus A321XLR, a new long-range narrowbody that will open up thinner transatlantic routes not previously possible. That's a separate story, but it's worth knowing that Aeroplan is the program you'd use to book on it - and those bookings will cost more after June 1st.

The best-ever welcome offer on the IHG One Rewards Premier Business card is in its last few days. We're talking 200,000 IHG points for meeting the spend requirement - one of the richest hotel card bonuses on the market right now, full stop.

At 200,000 points, you're looking at multiple free nights at IHG properties worldwide - including InterContinental, Kimpton, and Hotel Indigo. The $99 annual fee is more than offset by the card's annual free night benefit (valid at properties up to 40,000 points per night) and the fourth-night-free perk on award stays. This is one of those cards where the ongoing value genuinely justifies keeping it year after year.

On top of that, there's a 70% Chase Ultimate Rewards to IHG transfer bonus running right now. If you have UR points and want to stack more IHG points on top of a new card welcome offer, this is a rare moment where multiple levers are open at the same time. See all our IHG credit card coverage for more context.

Emirates President Tim Clark confirmed this week that the airline is actively developing first class suites with their own private en-suite bathrooms. Not shared lavatory access. Not a shower spa in a separate cabin. An actual private bathroom attached to your suite. For all our Emirates coverage, head to our Emirates stories page.

Tim Clark has a history of announcing ambitious future products that take a long time to materialize - or evolve significantly before they do. Emirates' current first class shower spa concept has been around for years and remains unique in the industry, but it's a shared amenity, not a suite feature. Adding a private bathroom to every first class suite is an enormous engineering challenge, and no timeline has been given.

That said, Clark is serious about luxury positioning and Emirates does have the resources to do this if they commit. If it happens, Emirates first class would enter a category of its own - and given that Etihad is simultaneously expanding to double-daily Chicago and launching daily Charlotte service, the Middle Eastern carrier rivalry is heating up in ways that could genuinely benefit passengers.

If you're dreaming about Emirates First Class redemptions, use our Emirates Miles Calculator to check current award pricing - and use Award Travel Finder to search for live availability before rates or availability shift.

American Express just confirmed something significant in their earnings: after raising the Platinum card's annual fee, retention held completely steady. Cardholders are not cancelling. In fact, they're spending more. And Amex is drawing a direct line from that result to what comes next - higher annual fees across more of their card portfolio.

If you hold any Amex card right now, this is worth paying attention to. The company sees a clear pattern: raise the fee, enhance the benefits enough to justify it, and customers stay. Net card fees are growing faster than other revenue lines. Amex is betting that consumers will keep tolerating higher prices as long as the value proposition holds up - and so far, they're right.

The practical implication: if you've been on the fence about whether the Amex Platinum is worth its current fee, the answer Amex is giving you is that it might get more expensive before it gets cheaper. Check our full breakdown of whether the Amex Platinum is worth it if you're weighing the math.

United CEO Scott Kirby confirmed this week that United is in active talks to purchase assets from another carrier. He didn't name the airline directly, but the context makes it fairly clear: United has been publicly interested in strengthening its position in Florida and New York, two markets where it's historically been weaker than competitors.

Whether this ends up being gates and slots from Spirit or JetBlue, the direction is consolidation. For points people, the implications are mostly downstream - more United routes and potentially more MileagePlus earning opportunities - but it's worth watching. We'll have more as it develops.

A few buy-points offers that are genuinely worth a look given today's stories - particularly if you're short on Aeroplan ahead of the June 1st price increases.

Air Canada Aeroplan is selling points at a 30% discount (1.9 cents per point) through May 13th. Given the June 1st award chart changes hitting long-haul business class, topping up your Aeroplan balance at a discount right now actually makes strategic sense - especially if you have a specific redemption in mind. Avianca LifeMiles has a 160% bonus running but expires April 28th - that's two days away. United MileagePlus has a 50% discount through April 30th.

See the full list of current buy-points promotions before you decide - some of these expire within 48 hours.

The answer is Category 8 - the top-tier luxury properties. Under Hyatt's new five-tier award chart structure, the highest end of the pricing scale sees increases of up to 67% compared to current rates. A hotel that previously cost 45,000 points per night could now cost as much as 75,000 points - a massive jump for a single night at a Park Hyatt or Alila property. If you were planning a luxury Hyatt redemption, booking before May 20th at 9am EDT is the move.

With Hyatt raising prices up to 67% on May 20th and Aeroplan following on June 1st - are you planning to book anything before the deadlines hit, or are you holding your points regardless? Hit reply and let me know your strategy - I read every response and genuinely want to know how you're thinking about this one.

That's all for today - two major devaluations with real deadlines, a first class pipe dream worth watching, and a business card offer that wraps up this week. See you tomorrow with more.

UK readers - Smart With Points has dedicated coverage of Avios, UK credit cards, and everything relevant to points collectors based in Britain. Worth bookmarking if you haven't already.

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

See all status matches →

Browse all award deals at AwardTravelFinder.com →

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.

Airline programs:

Hotel programs:

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

1. Business Platinum Card: 200,000 points after spending $20,000 in 3 months ($895/yr)

2. Chase Sapphire Reserve: 125,000 points after spending $6,000 in 3 months ($795/yr)

3. American Express Gold Card: 100,000 points after spending $6,000 in 6 months ($325/yr)

4. Ink Business Preferred: 100,000 points after spending $8,000 in 3 months ($95/yr)

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

Browse all deals at FridayFlightDeals.com →