Happy Friday from Park City!

I was on the fence about flying to Utah this weekend. It’s been a rough winter for the local ski resorts, and the conditions don’t look much better right now.

Still, I believe that sometimes you just take the trip. That was my mindset when I boarded my flight from Newark last night. Even if the skiing disappoints, I’ll lean into the amenities at the luxe resort I’m staying at (more on that next time).

Speaking of resorts, this has been a brutal week for maximizers sitting on Chase points. I share thoughts below on a major devaluation, the next frontier of credit card competition, and much more.

As always, thanks for reading. (I can’t believe it’s basically been three months since I went independent.) If you’ve been enjoying the newsletter, now’s a great time to refer a friend. They can sign up for free at newsletter.fromthetraytable.com.

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Your Chase points are about to get less valuable, especially if you love aspirational hotel redemptions.

Hyatt, which is arguably my favorite Chase Ultimate Rewards transfer partner, is rolling out a fully revamped award chart in May.

The program will still have eight hotel categories, but instead of three pricing bands (off-peak, standard, peak), there will now be five. Hyatt's calling them: lowest, low, moderate, upper, top.

Here's the bad news: the new pricing bands are dramatically higher than today's rates. High-end properties are getting hit hardest, with increases of up to 67%.

For instance, I just stayed at the Park Hyatt Tokyo, arguably the most iconic redemption in the Hyatt portfolio. Today, a night there tops out at 45k points.

Under the new chart, that same night will cost as many as 75,000 points.

I appreciate the advance notice and transparency from Hyatt, but this is a tough pill to swallow.

There are new award charts for just about every Hyatt redemption you can make, and unfortunately, all of them are basically moving in the same direction.

Here’s the thing: I don’t entirely blame Hyatt for making this move.

The chain hasn’t updated award pricing since 2021, and the loyalty program needs to compensate hotel owners for redemptions (even if those reimbursement rates are typically far lower than the ones you and I pay online).

As average daily rates have surged and the supply of points has exploded, charging 45,000 points for the most expensive nights wasn’t sustainable forever.

Did Hyatt need to push the top rate all the way to 75,000 points? Maybe not yet. But the company is positioning this as a long-term chart rather than a temporary adjustment.

Personally, I would’ve preferred to see a phased rollout.

Instead of ripping off the band-aid, Hyatt could’ve introduced the new pricing bands gradually over the next few years. For example, it might’ve applied higher pricing to the top categories first, then expanded the changes across the portfolio over time.

That said, I’ll take a structured award chart over fully dynamic pricing without a published ceiling. (Just look at how aggressively Hilton and Marriott can price awards without fixed bands.)

The new chart doesn’t take effect until May, creating a lucrative short-term booking window.

If you’ve been eyeing a bucket-list redemption, I’d strongly consider locking it in now.

Both Chase and Bilt points transfer to Hyatt at a 1:1 ratio, so topping off your balance is relatively easy.

You can also combine points for free between Hyatt accounts by submitting a simple form, subject to some fairly liberal terms.

The latest battlefield for premium credit card issuers is your stomach.

Capital One just introduced Dinner Party, a new monthly dining series launching in NYC, D.C., and Chicago. The issuer is teaming up with the Michelin Guide, the James Beard Foundation, and Eater to offer special dinners featuring highly acclaimed local restaurants.

Capital One Venture X Rewards Credit Card cardholders get priority access to tickets (yet another reason to pick up the card), and all other Capital One cardholders can buy during the general sale window.

As banks look for new ways to compete beyond travel and airport lounges, dining feels like a logical next frontier, especially in major cities with strong demand for high-end experiences.

I'm curious: do any of the credit card dining tie-ups actually move the needle for you?

American Airlines is impressed by (at least) one particular tech feature that United pioneered in 2018.

When a United flight is delayed or canceled, the flight status tells you why, with an assist from generative AI. (This is part of the airline’s “each flight has a story” initiative.)

Now, American will do the same, albeit in a more limited way.

You'll see the delay reasoning when your particular itinerary is disrupted. (It won’t be available to anyone browsing the flight status, nor will it show up during minor delays.)

More information is always better, and I applaud American for the move. Hopefully, the team is already working on v2 of this feature.

I just received an email titled “Hertz just got better for you.”

If this were an airline (or hotel chain), I wouldn’t have been surprised if the email included some form of a devaluation.

Instead, Hertz says that “we believe loyalty should be a two-way street,” and as part of that, it’s lowering the requirements to earn Five Star status (just 3 rentals or $1,000 in qualifying spend).

Truth is, there’s a far easier and more rewarding way to earn Hertz status for free. Just pick up one of these two Capital One Venture cards.

Ever wondered what the inside of an airline headquarters looks like?

I just posted a behind-the-scenes tour of Cathay Pacific’s HQ, located just outside Hong Kong International Airport (HKG).

From mock galleys to full-scale testing rigs, there’s a lot happening inside Cathay City.

And if you’re an avgeek, keep your eyes peeled as you walk the halls. You never know what aviation Easter eggs you’ll spot along the way.

Question: What’s your favorite car rental agency?

Answer: I kinda love this question. I feel like car rental agencies don’t get enough coverage in our world, but I actually have a pretty strong preference for National.

I’ve enjoyed phenomenal upgrades thanks to my Executive Elite status. But even before I had status (matched from Hertz), I found National’s service and car selection to be quite good.

Plus, National’s rates are competitive in my experience.

Some friends recently recommended that I give Sixt a try. I’m a creature of habit, so unless you tell me otherwise, I’m sticking with National.

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